The Income Tax department continued search operations continue at Hero Motocorp for the third day on Friday, sources told CNBC-TV18. Officials had said that these searches were part of a tax evasion investigation against the country's largest two-wheeler automobiles manufacturer.
The searches were undertaken at multiple locations including offices and residences of senior management at Hero Motocorp. Search operations continued at Chairman and CEO Pawan Munjal's residence and office too, the sources said.
A team of officials of the department were looking at financial documents and other business transactions of the company and its promoters, the I-T department said.
Hero MotoCorp became the world's largest two-wheeler manufacturer in 2001, in terms of unit volume sales in a calendar year, and has maintained the title for the past 20 consecutive years.
To date, it has sold over 100 million units across domestic and international markets. The company has presence across 40 countries spanning Asia, Africa, and South and Central America.
With inputs from PTI
First Published: Mar 25, 2022 9:53 AM IST
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