The Delhi High Court has put a stay on proceedings related to undisclosed foreign currency against Hero MotoCorp Chairman Pawan Munjal. The Court has said that the stay will apply to all cases emanating from the matter till the next date of hearing in February next year.

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The matter dates back to 2018 when Amit Bali, an alleged close aide of Pawan Munjal was detained at the airport for carrying ₹81 lakh in undisclosed foreign exchange. Directorate of Revenue Intelligence had launched a probe that according to reports revealed that between 2014-2019 Amit Bali and Salt Experience and Management Private Limited had illegally sent ₹54 crores in foreign currency to different countries for the personal use of Pawan Munjal. The Enforcement Directorate, the IT department and the Ministry of Corporate Affairs had launched separate probes on the basis of the DRI case. During searches carried out, the ED had seized assets worth ₹25 crores belonging to Pawan Munjal.

The Delhi High Court noted that the Commissioner Excise and Service Tax Tribunal had in March 2022 exonerated Pawan Munjal in a related case due to legal infirmities but the same fact had not been revealed by DRI to the trial court. The High Court said that since the trial court had issued a summoning order without giving reasons for the same, the matter requires further consideration and the petitioner has been able to make a case for interim protection.

The High Court has stayed all proceedings in the DRI case before the trial court and all proceedings emanating from the matter till the 21st of February, 2024. The Court order is also likely to apply to all other probes launched by other agencies in the same matter.