ED attaches three properties worth Rs 24.95 cr belonging to Hero MotoCorp CMD & Chairman Pawan Kant Munjal
ED on Friday stated that it has attached three immovable properties located at Delhi worth Rs 24.95 crore (approx) under the provisions of Prevention of Money Laundering Act, 2002 belonging to Hero MotoCorp CMD and chairperson, Pawan Kant Munjal
- Nov 10, 2023,
- Updated Nov 10, 2023 1:32 PM IST
The Enforcement Directorate (ED) on Friday stated that it has attached three immovable properties located at Delhi worth Rs 24.95 crore (approx) under the provisions of Prevention of Money Laundering Act, 2002 belonging to Hero MotoCorp CMD and chairperson, Pawan Kant Munjal.
The investigation was initiated by ED on the basis of prosecution complaint filed by Directorate of Revenue intelligence (DRI) u/s 135 of the Customs Act, 1962 against Munjal and others for taking foreign exchange/currency out of India illegally. The prosecution complaint alleges that foreign currency/foreign exchange equivalent to Rs 54 crore was illegally taken out of India.
In August, the ED had carried out raids against Munjal and his companies after filing a PMLA case against him, taking cognisance of the DRI charge sheet against accusing him.
Hero MotoCorp, the world’s largest two-wheeler manufacturer, reported a net profit of Rs 1,054 crore, which is 47 per cent increase year-on year. Its net profit was at Rs 716 crore in the year-ago period. Revenue from operations increased 4 per cent in Q2 FY24 to Rs Rs 9445.42 crore. The net profit growth in Q2FY24 was driven by higher prices and easing commodity costs.
Hero MotoCorp sold 1.42 million units in the September quarter, compared to 1.35 million units a quarter ago. The Profit Before Tax was Rs 1,397 crore in Q2 FY24, a surge of 45 per cent.
Earnings before interest, taxes, depreciation and amortization or EBITDA for the quarter increased by 28 per cent on year to Rs 1,328.29 crore. This saw a surge on the back of easing input costs, price hikes, and a favourable product mix.
"A healthy festive demand across most categories and specifically in the auto sector has demonstrated the underlying propensity of the robustness of the market. The consumer confidence is coming back, which augurs well for the growth momentum moving forward," Niranjan Gupta, Chief Executive Officer (CEO), Hero MotoCorp, said in an exchange filing.
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The Enforcement Directorate (ED) on Friday stated that it has attached three immovable properties located at Delhi worth Rs 24.95 crore (approx) under the provisions of Prevention of Money Laundering Act, 2002 belonging to Hero MotoCorp CMD and chairperson, Pawan Kant Munjal.
The investigation was initiated by ED on the basis of prosecution complaint filed by Directorate of Revenue intelligence (DRI) u/s 135 of the Customs Act, 1962 against Munjal and others for taking foreign exchange/currency out of India illegally. The prosecution complaint alleges that foreign currency/foreign exchange equivalent to Rs 54 crore was illegally taken out of India.
In August, the ED had carried out raids against Munjal and his companies after filing a PMLA case against him, taking cognisance of the DRI charge sheet against accusing him.
Hero MotoCorp, the world’s largest two-wheeler manufacturer, reported a net profit of Rs 1,054 crore, which is 47 per cent increase year-on year. Its net profit was at Rs 716 crore in the year-ago period. Revenue from operations increased 4 per cent in Q2 FY24 to Rs Rs 9445.42 crore. The net profit growth in Q2FY24 was driven by higher prices and easing commodity costs.
Hero MotoCorp sold 1.42 million units in the September quarter, compared to 1.35 million units a quarter ago. The Profit Before Tax was Rs 1,397 crore in Q2 FY24, a surge of 45 per cent.
Earnings before interest, taxes, depreciation and amortization or EBITDA for the quarter increased by 28 per cent on year to Rs 1,328.29 crore. This saw a surge on the back of easing input costs, price hikes, and a favourable product mix.
"A healthy festive demand across most categories and specifically in the auto sector has demonstrated the underlying propensity of the robustness of the market. The consumer confidence is coming back, which augurs well for the growth momentum moving forward," Niranjan Gupta, Chief Executive Officer (CEO), Hero MotoCorp, said in an exchange filing.
Also Read: Dabur’s Burmans now seek probe into Religare Chairperson Rashmi Saluja’s share sale
Also Read: Zee Entertainment is in ‘active engagement’ with Sony over merger, says Punit Goenka