The Indian government has set its eyes on Hero and taken note of the income tax report, the company said – we don’t know

New Delhi. The Ministry of Corporate Affairs has launched an investigation into Hero Moto Corp, the country’s largest two-wheeler manufacturer. The General Directorate of Investigations has taken note of this and launched an income tax investigation against the company. CNBC-TV18 announced this information, citing sources.

MCA has issued investigative orders under Sections 210(1)(c) and 216 of the Companies Act. Meanwhile, Hero MotoCorp has told CNBC-TV18 that they have not received any information regarding this and therefore cannot comment on the matter. Earlier in March last year, the Income Tax Agency collected evidence showing Hero MotoCorp had made sham purchases, which were unaccounted cash expenditures by the company, totaling more than Rs 1,000 crore.

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Search and Caesar
According to the report, the department has also obtained a cash transaction of more than 100 crore rupees for a farmhouse in Chhatarpur, Delhi, in a search and seizure operation.
From March 23-26, the department conducted seizures on several of Hero MotoCorp’s properties as part of its tax evasion investigation. Raids were also carried out on the office and residential properties of the company’s Chairman and CEO Pawan Munjal.

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The company said no information
However, the company denied having any information on this, which is why the two-wheeler brand has not yet commented on the matter. We will notify you of any comment from the company.

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