Hero Motorcorp's Chairman, Pawan Munjal, responds to Enforcement Directorate's asset seizure by offering to deposit Rs 25 crore amid ongoing legal challenges
On November 30, Hero MotoCorp's Chairman and Managing Director, Pawan Kant Munjal, informed the Delhi High Court that he is willing to deposit Rs 25 crore as a provisional measure against his assets, which were seized by the Enforcement Directorate earlier this month, as per a report by moneycontrol.
During a hearing in the high court regarding an application by the Enforcement Directorate seeking status quo on the assets seized on November 10, Munjal's lawyers, Mukul Rohatgi and Dayan Krishnan, stated that they were willing to provide a demand draft or deposit the money in a fixed deposit.
ED's lawyer Zoheb Hossain informed the court about taking instructions regarding Pawan Kant Munjal's offer to deposit Rs 25 crore. The court has deferred the hearing as per the report. The Delhi High Court has already stayed ED's proceedings against Munjal.
In addition to this, ED's application seeks the court's permission to file a complaint against Munjal under section 5(5) of the Prevention of Money Laundering Act (PMLA), 2002, within thirty days of provisional property attachment.
Earlier, Hero MotoCorp, India's largest two-wheeler manufacturer, found itself entangled in a legal matter as the Delhi police registered an FIR (first information report). The allegations revolve around the issuance of fake bills. The complaint also accused Hero MotoCorp of "cheating the income tax department" by securing tax credit based on these forged bills.
Over the past months, the two-wheeler manufacturer has faced various authorities and legal proceedings, involving accusations of money laundering and tax evasion.