Taxmen raid residence and offices of Hero MotoCorp CEO Pawan Munjal

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The Income Tax Department carried out raids at the residence and offices of Hero MotoCorp Chairman Pawan Munjal and other top executives of the company in a case of alleged tax evasion.</p>
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Over 20 premises linked to the two-wheeler giant and its chairman in Gurugram, Delhi were searched, sources in the Income Tax Department confirmed.</p>
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The search and seizure operation was based on information and tracking of the company and its officials by a team of the income tax department.</p>
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“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.</p>
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The statement said 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," it added.</p>
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