NEW DELHI: The Income Tax Department is conducting raids on multiple premises of Hero Motorcorp as part of a tax evasion investigation, officials said Wednesday morning. Searches are being conducted on 25 premises, according to reports.
Raids are being conducted at the offices and residential premises of promoters. This includes the chairman and CEO of the group, Pawan Munjal.
According to sources, the investigating team is in the process of seizing financial documents. The team is scanning the ledger accounts and looking into business transactions of the last three to four years. Statements of those present at the place where searches are being conducted will be recorded.
As of now, the IT department has not issued any official statement in this respect.
It's share price fell 4% on Wednesday on reports of search operations.
Hero MotoCorp became the world's largest two-wheeler manufacturer in 2001, in terms of unit volume sales in a calendar year. It has sold over 100 million units across domestic and international markets.
It holds a leading position in the two-wheeler segment in India.
It has a presence across 40 countries in Asia, Africa, South and Central America.
(With inputs from agencies)
