Hero MotoCorp responds to IT raids, here's what the company has to say

The raids were conducted at offices and residential premises of Hero MotoCorp including that of the chairman and CEO of the group Pawan Munjal.

New Delhi: Responding to the Income Tax Department raids at multiple premises of Hero MotoCorp, on Wednesday (March 23), the country's largest two-wheeler automobiles manufacturer has now said that it was a “routine inquiry.”

According to the Income Tax Department department officials, the raids were conducted at offices and residential premises of the company including that of the chairman and CEO of the group Pawan Munjal. The searches were conducted at Gurugram (Haryana), Delhi and a few other locations. 

The raids were a "routine inquiry, which is not uncommon before the end of the financial year", Hero MotoCorp said in an official statement. The officials reportedly looked into the financial documents and other business transactions of the company and its promoters. 

"Officials from the Income Tax Department visited two of our offices in Delhi and Gurugram and the residence of our Chairman & CEO Dr. 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 a statement.

The company said that 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.

In the past 20 years, Hero MotoCorp has maintained its title of the world's largest two-wheeler manufacturer in terms of unit volume sales in a calendar year. So far, the company has sold more than 100 million units in India and global markets. Also Read: iPhone 14 Pro, iPhone 14 Pro Max may come with larger camera bump

Overall, the country has a presence in more than 40 countries spread across Asia, Africa, and South and Central America. Also Read: Amazon Fab TV Fest now live: Samsung, Sony, Redmi smart televisions selling at discounts