Hero Motocorp says visit by Indian tax authorities was ''routine''
A visit by India`s income tax authorities to the offices of motorcycle maker Hero Motocorp Ltd and the home of its chief executive, Pawan Munjal, on Wednesday was part of a "routine inquiry", the company said.
A visit by India`s income tax authorities to the offices of motorcycle maker Hero Motocorp Ltd and the home of its chief executive, Pawan Munjal, on Wednesday was part of a "routine inquiry", the company said.
"We reassure all our stakeholders that it continues to be business as usual," it said in a statement. "We at Hero MotoCorp are an ethical and law-abiding corporate, and maintain the highest standards of impeccable corporate governance."
The company, the largest two-wheeler manufacturer in the world, said it was cooperating with the tax authorities.
Its shares closed down more than 1% in a largely weak broader market.
Local media reported the visits were made as part of an investigation into possible tax evasion.
See Zee Business Live TV Streaming Below:
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Retirement Planning: SIP+SWP combination; Rs 15,000 monthly SIP for 25 years and then Rs 1,52,000 monthly income for 30 years
EPF vs SIP vs PPF Calculator: Rs 12,000 monthly investment for 30 years; which can create highest retirement corpus
Retirement Calculator: 40 years of age, Rs 50,000 monthly expenses; what should be retirement corpus and monthly investment
SBI 444-day FD vs Union Bank of India 333-day FD: Know maturity amount on Rs 4 lakh and Rs 8 lakh investments for general and senior citizens
Home loan EMI vs Mutual Fund SIP Calculator: Rs 70 lakh home loan EMI for 20 years or SIP equal to EMI for 10 years; which can be easier route to buy home; know maths
06:33 PM IST