New Delhi: The Income Tax (I-T) Department on Wednesday conducted raids at the residence & office of Hero MotoCorp chairman & MD Pawan Munjal. The raids & searches were undertaken at multiple premises of the company in Delhi & Gurgaon, in relation to alleged financial irregularities linked to top officials of the company.
According to latest inputs, the searches by I-T department is currently underway at 25 locations and the sleuths are scanning financial documents and transactions of the company of last 3-4 years.
Following the I-T raids, the shares of the company saw a dip of about 2% today.
Who is Pawan Munjal?
Pawan Munjal is the owner of Hero MotoCorp, India’s largest two-wheeler manufacturer. Born in 1954 to the founder of Hero Group Brijmohan Lall Munjal, Pawan worked for many years before donning the mantle of Chairman, CEO & MD of Hero MotorCorp.
Having passed out of the Doon School and National Institute of Technology Kurushetra, he joined erstwhile Hero Honda Motors in the early 19080s as company’s director. Working his way through the ranks via hard work & perseverance, he was elevated to the role of Managing Director of the company.
It was under Pawan Munjal’s supervision that the company saw smooth transition as the two partners, Japan’s Honda & India’s Hero snapped ties in 2001.
Under Munjal’s stewardship, the company has increased its footprint to many countries across the globe and is currently world’s largest producer of two-wheelers. Till date, the company has sold over 100 million units and accounts for 50% production of two-wheelers in the country.
The company has 6 manufacturing facilities in the country while has 1 unit each in Colombia & Bangladesh.
Apart from leading flagship brand Hero Motocorp, he is also a businessmen of high repute across the globe. In 2017, he was voted among India’s 50 Most Powerful Person.
He lives in Delhi with his wife & three children.