Hero MotoCorp has reacted to media reports alleging that the company made bogus expenses of over Rs. 1,000 crore, which were discovered during raids by officials of the Income Tax Department. Strongly refuting the allegations, Hero MotoCorp has released a press statement categorically denying what it says are "speculative press reports." Earlier today, some reports quoting sources in the IT Department stated that India's largest two-wheeler manufacturer made bogus expenses, as well as cash transactions of over Rs. 100 crore were made for a farm house in Delhi's Chattarpur area.
Also Read: Hero MotoCorp Made Bogus Expenses Of Over Rs. 1,000 Crore, Alleges IT Department
Hero MotoCorp has released an official statement categorically denying media reports alleging financial misconduct. Reports quoting sources in the IT Department said Hero MotoCorp carried out bogus expenses of over Rs. 1,000 crore.
Also Read: Hero MotoCorp Plays Down IT Raids As "Routine Enquiry"
"The allegations made in the press reports are not borne out of any document that have been served on us or our internal documents. Therefore, we categorically deny the speculative press reports. We wish to clarify that officials from the Income Tax department visited our offices in the previous week. The Company has provided all support and cooperation, necessary documents and data to the authorities and will continue to do so if required," a statement released by Hero MotoCorp said.
"As and when the tax department concludes its findings and communicates to us, we will inform the exchanges suitably. Hero MotoCorp is a law-abiding corporate, with robust internal financial controls and its financial statements are duly audited," the statement added.
Also Read: Income Tax Department Conducts Raids At Hero MotoCorp Chairman Pawan Munjal's Office & Resident
The reports of allegations of "bogus expenses" surfaced earlier today, following a series of raids by the Income Tax Department on Hero MotoCorp offices, and even the residence of Chairman and CEO Pawan Munjal. From March 23-26, 2022, officials of the Income Tax Department carried out a search and seizure operation, covering more than 40 locations in the Delhi-NCR region. The searches are believed to be part of a tax evasion investigation against Hero MotoCorp.
