The Ministry of of Corporate Affairs has initiated investigation against Hero Moto Corp, sources told CNBC-TV18. The Directorate General investigation under the Ministry of Corporate Affairs takes cognizance of Income Tax investigations to initiate action.

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MCA has issued investigation orders u/s 210 (1) (c) and 216 of Companies Act.

Meanwhile Hero MotoCorp has told CNBC-TV18 that they have not received any communication with this regard and hence cannot comment on the contents of the queries. The copy will be updated with the comments.

Earlier the income tax department in March last year collected evidences that revealed that Hero MotoCorp has booked bogus purchases, made huge unaccounted cash expenditures and obtained accommodation entries, aggregating to the tune of more than Rs 1,000 crore.

The department has also found over Rs 100-crore cash transactions for a farmhouse in Chhattarpur, Delhi, according to reports. Here’s what’s known so far: Search and Seizure Operations

During March 23-26, the department carried out a search and seizure operation on various premises of Hero Motocorp as part of a tax evasion investigation. The raids were also conducted on offices and residential properties of the company’s Chairman and Managing Director Pawan Munjal.

Also read: Stock Market Live: Hero MotoCorp shares fall 3%, Sensex, Nifty 50 near day’s low

First Published:Jun 15, 2023 3:21 PM IST