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Hero MotoCorp refutes report of false expense claims; terms it speculative
The company said officials from the Income Tax department visited its offices in the previous week, and it has provided all support and cooperation, necessary documents and data to the authorities and will continue to do so if required.
Highlights
- Income Tax raids at Hero Motorcorp.
- Pawan Munjal's premises searched.
- Gurugram, Haryana, Delhi and few other locations are being covered.
New Delhi: Two-wheeler market leader Hero MotoCorp has denied the report of the IT Department finding Rs 1,000 crore false expense claims, saying it is speculative.
The company said officials from the Income Tax department visited its offices in the previous week, and it has provided all support and cooperation, necessary documents and data to the authorities and will continue to do so if required.
"The allegations made in the press report are not borne out of any documents that have been served on us or our internal documents. Therefore, we categorically deny the speculative press reports," the company said in a regulatory filing on Tuesday.
Hero MotoCorp was responding to clarification sought by stock exchanges NSE and BSE over news reports that stated "IT department finds (Rs) 1,000 crore false expenses claims by Hero MotoCorp".
"We wish to clarify that officials from the Income Tax department visited our offices in the previous week. The company has provided all support and cooperation, necessary documents and data to the authorities and will continue to do so if required. As and when the tax department concludes its findings and communicates to us, we will inform the exchanges suitably," the company said.
Asserting that it is a "law-abiding corporate, with robust internal financial controls", the company said its "financial statements are duly audited".