The Income Tax Department is conducting extensive search operations at the residential and office premises of senior management of Hero MotoCorp, including its Chairman and MD&CEO Pawan Munjal over alleged tax evasion.
Confirming the development, a senior tax official told media about 25 locations have been covered since Wednesday morning in Delhi and Gurugram and other parts of north India.
Some more locations linked to the two-wheeler giant could be also searched, the official said, while refusing to give further details.
Sources in the department said that the action is based on the intelligence inputs it has received against the company and some senior officials of the company.
The searches are underway and may continue till Thursday, another person added.
Hero MotoCorp didn’t comment when contacted by the paper.
The two-wheeler maker is a dominant market leader in India with over 50 per cent share in the domestic motorcycle market.
According to its website Hero Moto Corp claimes it as India’s Leading Two Wheeler Company
It states Hero MotoCorp is India’s leading two wheeler company, which has been providing customers with an excellent range of two wheelers that ensure both style and comfort.
Also it adds Hero MotoCorp has made it its mission to become the best two wheeler company, not only in India but globally by setting benchmarks in style, performance and technology.
Hero MotoCorp has eight globally benchmarked manufacturing facilities, including six in India (Dharuhera, Chittoor, Gurugram, Haridwar, Neemrana, Gujarat) and one each in Colombia and Bangladesh.
In 2001, the company achieved the most sought-after recognition of being the largest and best bike manufacturer in India and also the ‘World No.1’ two-wheeler company in terms of unit volume sales in a calendar year.
