Mumbai: There were reports on Monday that the Delhi Police have registered an FIR against Hero Motocorp chairman, managing director and CEO Pawan Munjal, and three others, on allegations of forgery, cheating, and falsifying the books of accounts valued at Rs 5.96 crore.
Share price of Hero MotoCorp thereafter plunged 3% in Monday’s trading.
However, Hero Motocorp, India’s largest maker of two-wheelers, released a statement denying the news of FIR against Miunjal.
“This is with reference to the recent news item regarding an FIR against the company/officials. This is to inform that it is an old matter pertaining to the year 2009-10 with a disgruntled service provider, Brains Logistics Pvt Ltd (Promoter – Roop Darshan Pandey),” said the statement released on the stock exchanges.
“It may also be noted that while the complainant has mentioned company officials in the complaint, however, no official has been named in the FIR. In 2013, Hero MotoCorp also registered an FIR against them and the matter is ongoing before the competent court,” the company stated.
In August, Enforcement Directorate (ED) carried out raids at Munjal’s residence and two of the company’s offices in Delhi and Gurugram.
