Pawan Munjal

Hero MotoCorp planning to invest Rs 900 cr in 3-wheeler startup Altigreen

If the transaction goes ahead, this will be the second largest investment by Hero in an electric vehicle (EV) maker

Delhi High Court quashes summons to Hero Motocorp chairman Pawan Munjal

The petition was filed by Munjal for setting aside a trial court's July 1, 2023, order by which the summons was issued to him for alleged offences under the Customs Act

Delhi HC quashes summons to Hero Group Chairman Pawan Munjal in DRI case

The Delhi High Court on Wednesday quashed a summons issued to Hero Motocorp chairman Pawan Kant Munjal in a case registered by the Directorate of Revenue Intelligence (DRI) relating to foreign currency. The high court passed the order on Munjal's plea seeking quashing and setting aside of a trial court's July 1, 2023 order by which the summons was issued against him for alleged offences under the Customs Act. "The petition is allowed. Summoning order is quashed," Justice Manoj Kumar Ohri said while pronouncing the order. In November last year, the high court had stayed the proceedings relating to foreign currency lodged against Munjal by the DRI. The high court, in its interim order, had noted that Munjal was exonerated by the Customs, Excise and Service Tax Appellate Tribunal (CESTAT) on the same set of facts and this was not disclosed before the trial court and that the petitioner had successfully made out a case for interim protection. It had stayed the operation of the July 1,

Ram Temple inauguration reflects India's unity, rich heritage: Munjal

The inauguration of the Ram Temple in Ayodhya reflects India's unity, rich cultural heritage and resilience, Hero MotoCorp Chairman Pawan Munjal said on Tuesday. Addressing the Hero World 2024 event here, he also said for any country aspiring to achieve new heights of development, upholding its heritage is crucial. "The inauguration of the Ram Mandir yesterday at Ayodhya, once in a lifetime and a monumental event, represents a historic moment. It not only signifies a cultural milestone but also reflects unity, rich cultural heritage and resilience of our great nation," Munjal said. He further said, "I am sure you all will agree that for any country aspiring to achieve new heights of development, upholding its heritage is crucial." Munjal said India's "rich heritage and unparalleled legacy not only inspires us but also provides guidance in the right direction". "Our present day Bharat is progressing by embracing both its profound history and best aspects of modernity," he added.

Pawan Munjal-backed Exponent raises $26.4 million in Series B round

The fund would help the firm to deploy 1,000 e-pumps (charging stations) and have 25,000 EVs powered by Exponent by 2025

Delhi HC stays proceedings in money laundering case against Pawan Munjal

The Delhi High Court on Friday stayed the proceedings against Hero Motocorp chairman Pawan Kant Munjal in a money laundering case being probed by the Enforcement Directorate (ED). Justice Saurabh Banerjee issued notice to the investigating agency on Munjal's petition against the ED case and granted it time to file its reply. While granting the interim relief, the judge observed that a similar stay order was recently passed on the predicate offence under the Customs Act and the petitioner has been exonerated by the Customs, Excise and Service Tax Appellate Tribunal (CESTAT) in that matter. "Accordingly, there shall be a stay of proceedings under the ECIR," the court ordered. The court clarified that the stay was in relation to the petitioner only and the ED was free to proceed further according to law. The Directorate of Revenue Intelligence (DRI) had filed a prosecution complaint last year on charges of allegedly "carrying, attempting to export and illicit export of prohibited ite

Money-laundering case: Rs 50 crore assets of Pawan Munjal attached

Federal agency seizes assets worth Rs 50 cr, including immovable properties worth Rs 25 cr, of businessman

Hero MotoCorp's Munjal used others' forex for self-expenditure abroad: ED

The Enforcement Directorate on Friday alleged that Hero MotoCorp executive chairperson Pawan Kant Munjal used foreign currency issued in the name of others for his personal expenditure abroad to "override" RBI rules and attached his assets worth Rs 24.95 crore as part of a money laundering investigation. Three immovable properties (in the form of lands) of Munjal located in Delhi have been provisionally attached under the provisions of the Prevention of Money Laundering Act (PMLA), the central agency said in a statement. Munjal (69) is also the CMD and Chairman of Hero MotoCorp Ltd and the assets are worth about Rs 24.95 crore. The ED said its probe found "Pawan Kant Munjal got issued foreign exchange/foreign currency in the name of other persons and thereafter utilised the same for his personal expenditure abroad." It claimed that the foreign currency/foreign exchange was drawn from authorised dealers by an event management company in the name of various employees and thereafter .

Delhi HC stays proceedings against Hero MotoCorp, chairman Pawan Munjal

The stay on the operation of the FIR as well as the trial court order will remain in force till December 6, the next date of the hearing

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No FIR filed against Chairman Pawan Munjal, says Hero MotoCorp

It may also be noted that while the complainant has mentioned company officials, however, no official has been named in the FIR, the company said

Top headlines: Tomato to hit Rs 300 in coming days, ED raids Pawan Munjal

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Hero Moto falls 7% from day's high amid report of PMLA case against Munjal

According to reports, a case has been registered against Chairman Pawan Munjal under the Prevention of Money Laundering Act (PMLA), 2002

ED raids Hero MotoCorp Chairman Munjal's residence; PMLA case registered

The DRI had recently apprehended a close aide of Pawan Munjal in possession of undeclared foreign currency

FAME investigations: Subsidy crunch hurting electric two-wheeler makers

Given the development, industry insiders say that the 1-million-unit target this fiscal year may not be achieved

Hero MotoCorp Chairman Munjal hails Budget; seeks GST cut on two-wheelers

Hero MotoCorp Chairman Pawan Munjal has called for a reduction in GST on two-wheelers to 18 per cent from current 28 per cent, while lauding the Union Budget 2023-24 as the dawn of a new high-growth economy, ensuring India's increased contribution to the global economy. The veteran auto industry leader noted that the two-wheeler segment, which has been witnessing subdued sales over the last few years, needs government support in terms of taxation. "There is a clear case for reducing the GST slab from 28 per cent to 18 per cent for the two-wheeler category, which has been adversely impacted over the past few years. This category is a means of mass mobility and should not be clubbed along with the luxury and sin goods category for GST slabs," Munjal said in a statement. He also said: "Further, now that the GST collections are buoyant, I urge the GST council to take this up since this segment is an income multiplier and its growth will boost the economy." Hero MotoCorp, the country's

I-T searches at Hero MotoCorp CMD Pawan Munjal's premises for 'tax evasion'

About 25 locations in Delhi, Gurugram and other parts of northern India.

Hero MotoCorp says visit by income tax officials was 'routine'

Offices and residential premises of the company including that of chairman and CEO of the group, Pawan Munjal, located in Gurugram, Delhi and few other locations were covered

Amid arbitration with Hero Electric, Hero Motocorp launches new EV brand

As part of its transition to the EV business, the company has started forming tie-ups and partnerships with other firms

Hero MotoCorp joins hands with BPCL to set up charging infra for 2W EVs

As part of the collaboration, the two entities will first establish a substantial charging infrastructure at the existing nationwide energy station network