Pawan Munjal: The Income Tax department has conducted raids at the residence and office of Pawan Munjal, Hero MotoCorp Chairperson and MD, news agency ANI tweeted citing sources. Searches are underway since Wednesday morning at around 25 locations in Delhi, Gurugram and a few other areas in the country linked to the top officials of the company over financial irregularities.
The raids by IT Department follows an intelligence input received against the company and some of its senior officials. The IT Department officials are going through the financial documents and transactions of India's largest two-wheeler manufacturer and its promoters. Following this, Hero Motocorps shares have dipped 1.65 per cent today to Rs. 2,383.70.
Income Tax department conducting searches at multiple premises of Hero Motocorp. The office and residence of promoter Pawan Munjal and premises linked to the top officials of the company are covered in this search. More details awaited: Sources
— ANI (@ANI) March 23, 2022
Who is Pawan Munjal?
Born in 1954 to the founder of Hero Group Brijmohan Lall Munjal and Santosh, Pawan Munjal is the Chairman, CEO and MD of Hero MotoCrop. He is also a member of the World Economic Forum.
An alumnus of The Doon School, and National Institute of Technology Kurukshetra, Munjal joined Hero Honda Motors in the early 1980s as director. He was elevated to the role of Managing Director of the company in 2001 through his hard work, dedication, and perseverance.
Japan's Honda and India's Hero parted ways in 2011. Munjal has seen this transition successfully. Under his leadership, the company has expanded in 40 countries across the world and is currently the world's largest producer of two-wheelers by volume, having sold over 100 million units to date. The company has 8 globally benchmarked manufacturing facilities. Of these, 6 are in India and 1 each in Colombia and Bangladesh.
The 68-year-old was ranked at 49th position by India Today magazine on India's 50 Most powerful people of 2017 list. Pawan Munjal is married, has three children and lives in Delhi.
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