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Income tax raid on hero company

 

new Delhi, The Income Tax Department has raided Hero MotoCorp, the country’s largest manufacturer of cycles and motorcycles. The Income Tax Department on Wednesday morning raided several places including the house and office of the company’s chairman and managing director Pawan Munjal. It is being told that apart from his house and office in Gurgaon, investigation is going on in Delhi and some other places since morning. It is being told that there is an allegation against Munjal that he has shown bogus expenses in his account.

It is being told that some of the suspicious expenses received by the Income Tax team are also from inhouse companies. After the raids came to light, the company’s shares fell by up to two per cent. Hero MotoCorp is the world’s largest two wheeler manufacturer. It does its business in more than 40 countries.

The company has eight manufacturing units with global standards. Of these, six are in India. Apart from this, there is one unit each in Colombia and Bangladesh. Hero MotoCorp holds more than half of the Indian two-wheeler market. Earlier its partnership was with Honda Company of Japan. It is also reported that the company is also working on the project of electric car.

Shubham Bangwal

Shubham Bangwal is a Senior Journalist at Youthistaan.com You can follow him on Twitter @sb_0fficial
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