The income Tax Department on Wednesday conducted search operations on multiple premises of two-wheeler manufacturer Hero MotoCorp. Tax officials said the search operations were part of a tax evasion investigation against the company. The operations started in the morning hours.
The company, however, issued a statement later in the day, terming the exercise a “routine inquiry, which is not uncommon before the end of the financial year”.
Offices and residential premises of the company, including that of chairman and CEO Pawan Munjal located in Gurgaon,
Delhi and a few other locations, were being covered, the tax officials said.
“Officials from the income tax department visited two of our offices in Delhi and Gurugram and the residence of our chairman & CEO Pawan Munjal on Wednesday. We have been informed that this is a routine inquiry, which is not uncommon before the end of the financial year,” the company said in its statement.
It further said Hero MotoCorp is an ethical and law-abiding corporate, and maintains the highest standards of impeccable corporate governance. “In keeping with this philosophy, we are extending our full cooperation to the authorities. We reassure all our stakeholders that it continues to be business as usual,” the statement said. FE