The Enforcement Directorate on Tuesday conducted raids against Hero Motocorp executive chairperson Pawan Munjal and others as part of a money laundering investigation, official sources said. The searches were carried out at premises located in Delhi and neighbouring Gurugram in accordance with provisions of the Prevention of Money Laundering Act (PMLA).
Hero MotoCorp's promoter Pawan Munjal emerged as the highest paid director.
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.
'We are working on both electric scooters and motorcycles.'
BSE 200 companies together paid 5,819.75 crore as remuneration to their CEOs and directors in FY25, up from 5,352.8 crore a year earlier.
This partnership will help us improve our own capability, says Munjal.
Hero MotoCorp on Tuesday posted 24 per cent increase in consolidated profit after tax at Rs 1,169 crore for the fourth quarter ended March 31, 2025 riding on higher margins backed by better product mix, parts revenue and cost effectiveness. The company had reported a consolidated profit after tax (PAT) of Rs 943 crore in January-March FY24.
After Reliance Industries, Tata, Bharti and the AV Birla group, the Hero group is all set to enter the Indian retail sector.
Justice Swarana Kanta Sharma said 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 hearing. The trial court had directed registration of an FIR against them on a complaint alleging that Hero MotoCorp manufactured fake bills worth Rs 5.9 crore and obtained tax credit of over Rs 55 lakh. The company, its chairman and officials approached the high court challenging the trial court's order.
Industry watchers attribute a lot of the current successes of the $6 billion Hero Group to how B M Munjal planned and executed succession in HeroCorp, balancing the interests of other family-owned businesses.
Sunil Munjal will pursue new business interests and lead Hero Corporate Services as its chairman.
The Prayagraj airport in India is experiencing a surge in air traffic due to the Maha Kumbh, a major religious festival. The airport is handling an average of 40 non-scheduled charters and private jets daily, with figures reaching 70 on weekends. This is in addition to the average 148 scheduled commercial passenger aircraft operating daily. The airport recently received a contingent of about 180 politicians from Rajasthan and has seen corporate bigwigs like the Ambani brothers, Gautam Adani, and Pawan Munjal pass through. The airport has also hosted four international flights since the beginning of the Maha Kumbh, including a flight carrying Laurene Powell Jobs, the wife of Apple co-founder Steve Jobs. The airport is currently undergoing an upgrade and expansion, and officials are looking forward to the government's plans to integrate Prayagraj with the airports at Kashi and Ayodhya to promote tourism in the region.
Industry leaders on Thursday mourned the death of Ratan Tata saying with his demise India has lost a visionary who shaped its industrial and philanthropic landscape. Tata was a truly remarkable business leader who placed the country before business interests, and whose vision was truly transformational for a country and its people, TVS Motor Co Chairman Emeritus Venu Srinivasan said in a statement. "Mr Tata was a truly remarkable business leader, the likes of whom nations get only once in a century," he added.
Brijmohan Lall Munjal, 92, who recently became chairman emeritus of Hero MotoCorp, single-handedly rewrote the rules of the motorcycle business
India's second richest person Gautam Adani received a total remuneration of Rs 9.26 crore in the fiscal year ended March 31, 2024, lower than most industry peers as well as his own key executives.
The proposed exemption in customs duty on import of lithium, cobalt and other rare minerals in the Union Budget 2024-25 is likely to lower the battery production cost and help in making electric vehicles more affordable for the buyers, auto industry leaders said on Tuesday.
With a new chief executive officer (CEO) at the helm, the country's largest two-wheeler maker Hero MotoCorp is now looking to cut flab and move towards a leaner organisation. It has launched a voluntary retirement scheme (VRS) for its staff as it aims to make the organisation 'agile and future-ready'. Recently, the company's erstwhile chief financial officer (CFO) Niranjan Gupta was elevated as CEO.
Pawan Munjal, chairman and managing director of Hero MotoCorp, the country's biggest two-wheeler maker, leads the pack among automobile CEOs.
Pawan Munjal, MD & CEO, tells Business Standard that Hero Motor is firming up distributors abroad and considering assembly bases in some countries to sell a million units outside India by 2017.
Brijmohan Lall Munjal was a perfectionist, who empathised with people who worked for him.
Products and services targeted at socio-economic categories A and B may sell well during a boom; but for all-weather sales you must have products that sell in large numbers in small towns and villages.
B M Munjal positioned motorcycles as more fuel efficient than scooters, which struck a chord with the cost-conscious Indian buyers.
The country's largest two wheeler maker Hero Honda on Thursday said it is conducting a feasibility study in 10 states to find the best suitable location for its fourth manufacturing facility and the decision will be taken in the next six months.
We will continue with the same pace of product launches as we maintained in the past.
Japan's Honda Motor Company on Wednesday renewed its technical collaboration agreement with Hero Honda Motors for ten years.
The country's largest bike maker, Hero Honda, on Thursday said the launch of the Rs 1 lakh car 'Nano' will not have any impact on the two-wheeler industry.
Two-wheeler major Hero Honda on Wednesday announced launch of its first scooter 'Pleasure' which would hit the market by mid November.
Tiger Woods said the response to his maiden trip to India was nothing short of phenomenal.
Indicating willingness to take any of its competitors head-on for maintaining its leadership position in the motorcycle market, Hero Honda on Thursday said it could cut margin albeit as the last option if situation demanded.
Tata Sons chairman Natarajan Chandrasekaran was paid Rs. 113 crore as remuneration for 2022-23 (FY23), including Rs. 100 crore as commission on profit. Chandrasekaran, 60, often referred to as Chandra, received a remuneration of Rs. 109 crore in 2021-22 (FY22). With this, Chandra has emerged as one of the highest-paid chief executive officers (CEO) in Corporate India for FY23.
The country's largest two-wheeler manufacturer Hero Honda on Monday announced that it has hiked prices of its products between Rs 500 and Rs 1,000, owing to increase in input costs. Hero Honda Managing Director Pawan Munjal told reporters in New Delhi that the company had been trying to absorb rising commodity prices, but it has reached a stage where it needed to pass it to the customers. Models like Splendor Plus, Passion Plus, CBZ and Hunk will see price hike.
Hero Honda, the world's largest two-wheeler company, is scouting for a partner for its proposed foray into the four-wheeler segment.
Brijmohan Lall Munjal had business rivals but no enemies.
Ola commits to invest $100 mn in Vogo, to bring scooter-sharing to its app, reports Alnoor Peermohamed.
Legendary golfer Tiger Woods teed off during an exhibition match at a quiet, private event at the Delhi Golf Club (DGC) on Monday.
Mirroring the increase in the earnings of their companies, the chief executives and promoters of India's top listed firms gained handsomely from the boom last financial year. Their remuneration includes salaries, perquisites or perks, and profit-linked commissions.
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