Sunil Munjal will pursue new business interests and lead Hero Corporate Services as its chairman.
Hero Corporate Service on Wednesday said it has identified two more employees who could have colluded with its former Associate Vice-President Sanjay Gupta and Citibank employees in the Rs 300-crore fraud.
The fraud is said to be the handiwork of Shivraj Puri.
Hero Corporate Service Ltd chairman Sunil Kant Munjal said the foray is a part of the company's plan to 'unlock opportunities and deliver value' in the country's booming service sector.
Police have so far registered two FIRs and received around 40 complaints from high net-worth clients.
Industry lobbies have begun pre-budget consultations with the Union finance ministry for 2010-11.
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.
Anand Mahindra, vice chairman and managing director of Mahindra and Mahindra, took over as the president of the Confederation of Indian Industry on Tuesday.
The Confederation of Indian Industry on Thursday elected Sunil Kant Munjal and Y C Deveshwar as the president and vice president, respectively, for 2004-05.
However, he will continue to hold 32,500 shares, 0.02 per cent of the paid-up capital, as an individual shareholder
Hero today sells its products in 19 countries across Asia, South and Central America and Africa.
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