Hero MotoCorp refutes report of false expense claims; terms it speculative

Officials from the Income Tax department visited offices of Hero MotoCorp in the previous week to probe 1,000 crore false expense claims.
By :
| Updated on: 30 Mar 2022, 03:56 PM
Hero MotoCorp logo
Hero MotoCorp logo
Hero MotoCorp logo
Hero MotoCorp logo

Two-wheeler market leader Hero MotoCorp has denied the report of the IT Department finding 1,000 crore false expense claims, saying it is speculative.

The company said officials from the Income Tax department visited its offices in the previous week, and it has provided all support and cooperation, necessary documents and data to the authorities and will continue to do so if required.

Similar Bikes

Find More Bikes
Hero 450 Adv (HT Auto photo)
UPCOMING
Hero 450 Adv
450 cc | Petrol
₹ 2.2 Lakhs Expected Price*
Hero Emaestro (HT Auto photo)
UPCOMING
Hero Emaestro
₹ 1 Lakhs Expected Price*
Hero Xtreme200r (HT Auto photo)
UPCOMING
Hero Xtreme200r
199.6 cc | Petrol | Manual
₹ 0.9 Lakhs Expected Price*
Hero Xtreme 200s (HT Auto photo)
Hero Xtreme 200s
199.6 cc
₹1Lakhs*Onwards
Hero Electric Nyx (HT Auto photo)
Hero Electric Nyx
₹1,350*Onwards

"The allegations made in the press report are not borne out of any documents that have been served on us or our internal documents. Therefore, we categorically deny the speculative press reports," the company said in a regulatory filing on Tuesday.

Hero MotoCorp was responding to clarification sought by stock exchanges NSE and BSE over news reports that stated "IT department finds (Rs) 1,000 crore false expenses claims by Hero MotoCorp".

"We wish to clarify that officials from the Income Tax department visited our offices in the previous week. The company has provided all support and cooperation, necessary documents and data to the authorities and will continue to do so if required. As and when the tax department concludes its findings and communicates to us, we will inform the exchanges suitably," the company said.

Asserting that it is a "law-abiding corporate, with robust internal financial controls", the company said its "financial statements are duly audited".

First Published Date: 30 Mar 2022, 03:55 PM IST
Recommended For You
View All
NEXT ARTICLE BEGINS

Please provide your details to get Personalized Offers on

Choose city
+91 | Choose city
Choose city
Choose city
By clicking VIEW OFFERS you Agree to our Terms and Privacy Policy

Dear Name

Please verify your mobile number.

+91 | Choose city