The Income Tax (IT) department has raided the house and office of Pawan Munjal, chairman and managing director (MD) of two-wheeler maker Hero MotoCorp. The Income Tax Department is running a search operation at his home and office in Gurugram since morning. It is being told that the Income Tax Department has found a mistake in the expenditure shown by Pawan Munjal, in view of this the raids are going on.
It is being told that some of the doubtful expenses received by the IT team are also from inhouse companies. However, no official statement has been issued on this yet. But when the search operation of the Income Tax Department is over, the details will become clear.
company’s shares fell
After the raid, the company’s stock changed. The company’s shares have fallen up to 2%, while the stock of Hero MotoCorp has registered a fall of 1% in the last one week. At the same time, the stock has fallen by 11% in 1 month. Let us tell you that Hero MotoCorp has more than 50% market share in the two-wheeler segment in India and the company’s business is in more than 40 countries.
dispute with nephews
Hero Electric CEO Naveen Munjal was having a dispute with his uncle Pawan Munjal. Because in a family agreement it was said that Hero Motocop and Hero Electric can never compete with each other. But when Hero Motocop talked about foraying into the electric segment, a controversy arose. After the controversy erupted, Hero Motocop changed the name of its electric company to ‘Vida’.
Pawan Munjal net worth
According to the Forbes report, the net worth of 68-year-old Pawan Munjal is $ 3.2 billion (about Rs 24.39 thousand crore). Munjal was ranked 54th in the list of the country’s richest businessman in 2021. Munjal has three children Vasudha Munjal, Annubrata Munjal and Supriya Munjal.
