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The ED said that the three properties belonging to <keyword id="6320" type="General" weightage="20" keywordseo="Munjal" source="Orion">Munjal</keyword> were attached under the Prevention of Money Laundering Act, 2002. The ED probe found that Munjal got issued "foreign exchange or foreign currency" in the name of other persons and thereafter utilised the same for his personal expenditure abroad. "The foreign currency or foreign exchange was drawn from authorised dealers by an event management company in the name of various employees and thereafter handed over to Munjal's relationship manager," the ED said. It said that the relationship manager carried such foreign currency or foreign exchange in cash or card secretly for the personal expenditure of Munjal during his personal or business trips. "The modus was adopted to override the limits of US$ 2.5 lakh per annum per person under the Liberalised Remittance Scheme," the ED said. The ED had earlier conducted search operations on August 1 with respect toMunjal and related entities or persons, and seized valuablesworth Rs 25 crore along with digital evidence and other incriminating documents. "The total value of seizure and attachment stands at about Rs 50 crore," the ED said. The ED case is on the basis of a charge sheet filed by Directorate of Revenue intelligence (DRI) against Munjal and others for taking foreign exchange or currency out of India illegally. The charge sheet alleges that foreign currency or foreign exchange equivalent to Rs 54 crore was illegally taken out of India.

ED attaches three properties of Hero Motocorp CMD & Chairman Pawan Munjal

New Delhi, <keyword id="6357252" type="General" weightage="20" keywordseo="hero-Motocorp" source="Orion">Hero Motocorp</keyword> share price slumped more than 4 per cent after the Enforcement Directorate carried out searches at the residence of company Chairman <keyword id="87849" type="General" weightage="20" keywordseo="Pawan-Munjal" source="Orion">Pawan Munjal</keyword>. <keyword id="7029" type="General" weightage="20" keywordseo="Hero" source="Orion">Hero</keyword> Motocorp share was trading at Rs 3,066, down 4.3 per cent on BSE. In troubles for Hero Motocorp chairman Pawan Munjal, the Enforcement Directorate (ED) on Tuesday carried out searches at his residence and several other locations. According to ED sources, the agency sleuths carried out searches at the premises of Munjal and 10 others. The source said that the financial probe agency action was based on the complaint by the Directorate of Revenue Intelligence (DRI) case against Munjal. The DRI team had found foreign currency from Munjal's premises, the source claimed. However, the officials of the ED remained tight-lipped on the case and searches against Hero Moto Corp chairman. san

Hero Motocorp stock slumps after ED searches at Pawan Munjal's residence

The High Court is also expected to hear the plea against Hero MotoCorp's forgery case on December 6. The <keyword id="66" type="General" weightage="20" keywordseo="Delhi" source="Orion">Delhi</keyword> Police filed an FIR against the company and its officials in connection with an old matter dating back before 2010. Regarding the FIR filed against the company and its officials, the company in its statement said: "This is to inform that it is an old matter pertaining to the year 2009-10 with a disgruntled service provider, Brains Logistics Pvt. Ltd. (Promoter - Roop Darshan Pandey)." It may also be noted that while the complainant has mentioned company officials in the complaint, no official has been named in the FIR. "In 2013, Hero MotoCorp also registered an FIR against Brains Logistics and the matter is ongoing before the competent court," the Hero MotoCorp statement added.

Delhi HC stays cheating case filed against Hero MotoCorp CEO Pawan Munjal

New Delhi, The Enforcement Directorate on Tuesday conducted raids against <keyword id="6357252" type="General" weightage="80" keywordseo="hero-motocorp" source="Orion">Hero Motocorp</keyword> executive chairperson <keyword id="87849" type="General" weightage="80" keywordseo="pawan-munjal" source="Orion">Pawan Munjal</keyword> 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). The investigation stems from a Directorate of Revenue Intelligence (DRI) complaint against a person, allegedly close to Munjal, who was investigated on charges of carrying undeclared foreign currency. The <keyword id="65338" type="General" weightage="50" keywordseo="income-tax-department" source="Orion">Income Tax Department</keyword> in March last year raided Munjal and his company <keyword id="734729" type="General" weightage="80" keywordseo="hero-motorcorp" source="Orion">Hero Motorcorp</keyword>, the country's largest two-wheeler automobiles manufacturer, as part of a tax evasion investigation. Hero MotoCorp became the world's largest two-wheeler manufacturer in 2001, in terms of unit volume sales in a calendar year, and has maintained the title for the past 20 consecutive years. The company has presence across 40 countries spanning Asia, Africa, and South and Central America. PTI NES http://ptinews.com/images/pti.jpg "We bring the World to you" Disclaimer : This e-mail message may contain proprietary, confidential or legally privileged information for the sole use of the person or entity to whom this message was originally addressed. Please delete this e-mail, if it is not meant for you. MIN MIN

ED conducts raids against Hero Motors' Pawan Munjal

Two-wheeler major <keyword id="6357252" type="DOMAIN" weightage="20" keywordseo="Hero-MotoCorp">Hero MotoCorp</keyword> has surpassed the significant milestone of 100 million (10 crore) units in <keyword id="10631540" type="UNKNOWN" weightage="20" keywordseo="cumulative-production">cumulative production</keyword>. The 100 millionth bike, the Xtreme 160R, was rolled-out of the Company's manufacturing facility in Uttarakhand's Haridwar. This is the 20th consecutive year that Hero MotoCorp has retained the title of the world's largest manufacturer of two-wheelers. According to the two-wheeler major, this is one of the fastest global achievements of the 100 million cumulative production mark, with the last 50 million units coming in a span of just seven years. "This significant landmark is also an affirmation of the inherent capabilities in India and Hero's Brand appeal. We have been making in India, for the world - and this milestone is an acknowledgment of the customers' preference for Hero across geographies, demographics and generations," said <keyword id="87849" type="PERSON" weightage="20" keywordseo="Pawan-Munjal">Pawan Munjal</keyword>, Chairman &amp; CEO, Hero MotoCorp. "We are going to continue to ride our growth journey. In keeping with our vision to 'Be the Future of Mobility', we will be launching a host of new motorcycles &amp; scooters over the next five years, in addition to expanding our global footprint. We will also continue to invest in R&amp;D and focus on new mobility solutions." Besides, <keyword id="6320" type="DOMAIN" weightage="20" keywordseo="Munjal">Munjal</keyword> outlined Hero MotoCorp's plans and vision for the next five years. As part of the next five-year plan, Hero MotoCorp will introduce over 10 products - including variants, refreshes and upgrades - every year. In addition, the company will continue to grow its operations in markets outside India and also enter new geographies. SEE ALSO: <a href="https://www.businessinsider.in/defense/news/us-new-president-joe-biden-will-oppose-new-delhis-5-5-billion-deal-with-russia-for-the-s-400-missile-as-per-washington-d-c-based-expert/articleshow/80382062.cms" data-type="tilCustomLink">INTERVIEW: Joe Biden may be as harsh as Donald Trump if India insists on buying S-400 missiles from Russia, says a Washington D.C-based expert</a> <a href="https://www.businessinsider.in/stock-market/news/home-first-finances-1153-crore-ipo-has-opened-as-markets-hope-budget-will-push-for-affordable-housing/articleshow/80381788.cms" data-type="tilCustomLink">Warburg Pincus-backed Home First Finance’s ₹1,153 crore IPO has opened as markets hope budget will push for affordable housing</a>

Hero Motocorp hits the 100 million cumulative production milestone

<ul><li><keyword id="6357252" type="UNKNOWN" weightage="20" keywordseo="Hero-MotoCorp">Hero Motocorp</keyword> announced its Q1 FY20 earnings, where the company saw a net profit of ₹1257 crores, up by 38%. </li><li>However, Hero has seen a decline in sales by 12.2% from the same quarter in FY19.</li><li>The company’s CFO appealed to the government to reduce the GST on two-wheelers from the current 28% to 18%.</li></ul>Hero Motocorp posted a net profit of ₹1,257 crore for the quarter ending June 2019, up 38% from last year’s ₹925 crore. Yet, the company is not happy. The slowing auto market has affected it sales too, which declined by 12.2% to 616,526, just for the month of June, as compared to the 704,562 units sold in the same month last year. "The overall economic and customer sentiments continued to be soft during the first quarter of this fiscal and their impact is clearly visible in the performance of the Auto sector, The outlook for the rest of the year will be dependent on multiple factors, including the progress of monsoon and festive season offtake, as well as improvement in liquidity,” said Niranjan Gupta, Chief Financial Officer, Hero MotoCorp. In the Q1, Hero has sold over 1.8 million motorcycles and scooters. In the same quarter of the previous year, Hero had announced its highest ever sales in a single quarter at – 2.1 million. 
 
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 Hero Motocorp had recently announced its foray into the electric vehicle segment. However, according to reports, the Pawan Munjal-led company will not be able to use its legacy brand name of Hero for EVs as his brother Naveen Munjal has the <a href="https://www.livemint.com/auto-news/family-pact-may-not-give-pawan-munjal-the-hero-brand-name-for-evs-1564079431571.html">rights </a>for the brand name Hero for Hero Electric. Gupta also said that it is important for the government to take urgent steps to boost consumption. “We would, therefore, reiterate our appeal to the government to bring down the GST on two-wheelers to 18% from the current level of 28%, in order to provide the much-needed relief to the sector. A reduction in GST will lower the cost of the two-wheeler and spur demand, with the consequent growth in volumes offsetting any impact on the government revenue,” said Gupta.

Hero Motocorp wants government to take ‘urgent steps’ to help recover falling sales

Beating market estimates, India’s largest two-wheeler maker <keyword id="685322" type="ORGANIZATION" weightage="20" keywordseo="Hero-MotoCorp-Ltd">Hero MotoCorp Ltd</keyword> on Thursday posted a 58.62% jump in the net profit to Rs 763 crore for the second-quarter ended September 30.  Hero had recorded a net profit of Rs.481 crore a year ago. 
 
The company’s turnover rose 20.76% to Rs 6,915 crore for the reported quarter as compared to Rs 5,726 crore during the year ago period. 
 
The company's total sales during the quarter stood at 16,92,593 units in terms of volumes. 
 <keyword id="87849" type="PERSON" weightage="20" keywordseo="Pawan-Munjal">Pawan Munjal</keyword>, vice-chairman and managing director, <keyword id="6357252" type="COMPANY" weightage="20" keywordseo="Hero-MotoCorp">Hero MotoCorp</keyword>, said, “We are only beginning to see how strong an impact we can make on the market with our innovation and technological improvements. A concerted focus on costs has enabled us to have good margins.” 
 
"These numbers bode well for the festive season and we are looking at leveraging this momentum to ensure record retail sales in the month of October," he added. 
 
According to Munjal, with the new stable government at the Centre, the sentiment in the entire country has turned positive. 
 
"The rupee depreciation, which had adversely impacted several sectors, and pulled up the costs of essential commodities, has also more or less stabilised. We will continue to be innovative in tackling any extraneous pressures to protect our margins," he added. 
(Image: Hero MotoCorp)

Hero MotoCorp Q2 Net Profit Rises To Rs 763 Crore

Homegrown two-wheeler major <a href="http://www.businessinsider.in/searchresult.cms?query=Hero+MotoCorp+">Hero MotoCorp</a> is going to set up manufacturing units in Mexico, Argentina and <keyword id="6355226" type="COUNTRY" weightage="60" keywordseo="Brazil">Brazil</keyword> as part of the company’s global expansion plan. 
 
The company wants to make use of its new plant in <a href="http://www.businessinsider.in/searchresult.cms?query=Colombia+">Colombia</a> as a hub to export to nearby countries. Its first global manufacturing facility at Villa Rica, entailing a project investment of $70 million, became operational this week. 
 The New Delhi-headquartered <keyword id="6357252" type="COMPANY" weightage="80" keywordseo="Hero-MotoCorp">Hero MotoCorp</keyword> has now become the first Indian two-wheeler manufacturer to set-up a production unit in <a href="http://www.businessinsider.in/searchresult.cms?query=Latin+America+">Latin America</a> after setting up the plant in <keyword id="15385" type="COUNTRY" weightage="40" keywordseo="Colombia">Colombia</keyword>. 
 "Going forward in terms of manufacturing facility, we are looking at some other countries in the region like Mexico, Argentina and Brazil," Hero MotoCorp's Chairman, Managing Director and CEO <keyword id="87849" type="PERSON" weightage="80" keywordseo="Pawan-Munjal">Pawan Munjal</keyword> told PTI. 
 
After being asked about other geographic locations that Hero was looking at for investment, especially in the US and Europe, Munjal said: "Right now there are no <a href="http://www.businessinsider.in/searchresult.cms?query=manufacturing+">manufacturing</a> plans there, but we could look at <keyword id="12925" type="ENTERTAINMENT" weightage="80" keywordseo="Africa">Africa</keyword> as a region where <keyword id="6354767" type="COUNTRY" weightage="40" keywordseo="Nigeria">Nigeria</keyword> is one possibility." 
 
Nigeria is the largest <a href="http://www.businessinsider.in/searchresult.cms?query=two-wheeler+">two-wheeler</a> market in Africa. 
 
When Munjal was asked about products that his company would make at the Colombian facility, he said: "It is starting with our entry-level product to the current biggest engine that we produce -- the Karizma. So it's a range from entry to (top-end)..." 
 
The company has set a target of selling 1.2 million two-wheelers in global markets by the year 2020. To meet this target, Hero is aiming to be present in 50 countries by that time. 
 
When asked whether there could be any impact of bankruptcy of Eric Buell Racing (EBR), Munjal said, "We are not changing our targets for 2020." 
 
The company CEO also said that the products Hero was developing together with EBR would now be completed by itself in India. 
 Hero MotoCorp sells its products in 24 countries including Sri Lanka, Nepal, Bangladesh, Egypt and <keyword id="6372909" type="COUNTRY" weightage="40" keywordseo="Turkey">Turkey</keyword>, as also in Peru, Ecuador and Colombia in <keyword id="26945" type="ENTERTAINMENT" weightage="60" keywordseo="South-America">South America</keyword>, among others. 
 
(Image: Indiatimes)

Hero MotoCorp is going global in speed!

NEW DELHI: As it charts out a solo journey after the split from long-time partner <keyword id="20630" type="CITY" weightage="100" keywordseo="Honda">Honda</keyword>, the Munjal-family run two-wheeler company <keyword id="6357252" type="COMPANY" weightage="80" keywordseo="Hero-MotoCorp">Hero MotoCorp</keyword> has appointed a top automobile designer from <keyword id="87" type="COUNTRY" weightage="100" keywordseo="Germany">Germany</keyword>’s <keyword id="6355119" type="CITY" weightage="100" keywordseo="BMW">BMW</keyword> as the head of its R&amp;D division. 
 
Markus Braunsperger has been associated with the German auto major for a long time, heading the R&amp;D function for BMW’s Motorcycle division for several years. A biking enthusiast, Braunsperger has worked at senior positions across BMW’s R&amp;D, production and strategy divisions. 
 
He has also been associated with the company’s car division, being responsible for project management for BMW’s key product lines such as the 5/6/7 series as well as X3, X5 and X7 models. 
 Braunsperger will report to Hero vice chairman <keyword id="87849" type="PERSON" weightage="100" keywordseo="Pawan-Munjal">Pawan Munjal</keyword> as the company works on developing new models for the Indian as well as international markets. While the split with Honda happened in early 2011, the Japanese auto major had brand and technology with Honda till the end of June this year. 
 
Munjal has been making efforts to beef up the R&amp;D capability of Hero Moto as the company builds up the crucial function from scratch. Last year, he had hired Markus Feichtner from the globally-renowned engine specialists, Austrian firm AVL to lead the “Engine Design &amp; Development” division within Hero’s R&amp;D function. 
 Braunsperger will join Hero in the first week of October and will take charge of the company’s design and product development functions. He is expected to drive in synergy between all of Hero’s technology partners — Erik Buell Racing (EBR) of the US, Engines Engineering of <keyword id="21474" type="COUNTRY" weightage="100" keywordseo="Italy">Italy</keyword> and AVL of <keyword id="21177" type="COUNTRY" weightage="100" keywordseo="Austria">Austria</keyword>. 
 
Hero, which holds 49.2% stake in EBR, will be launching the first of its completely new products — the HX 250R and the hybrid scooter Leap in the second half of this financial year. 
 
Braunsperger is expected to engage closely with the Hero team to work on the future product line of the company. He will lead the 500-strong team of engineers at Hero’s R&amp;D function. 
 
This R&amp;D function will be based out of the company’s upcoming “Hero Centre for Global Innovation and Research &amp; Design” at Kukas near Jaipur. 
 
Hero has developed three new engines to be fitted into its new products — 100cc, 110cc and 250cc engines. The 250cc engine will be with new Hero HX250R, expected to hit Indian roads in the second half of this fiscal. The 100cc and 110cc engines — with higher fuel efficiency and better overall performance — are likely to be fitted in the new commuter range of bikes that Hero is planning to launch.

Hero India Ropes In Top BMW Tech Honcho As R&D Head

The salaries of CEOs in India’s top companies have increased up to Rs 10 crore per annum. However, it is still less than one-tenth of the remuneration paid to their peers in the US. 
 
Senior executives of the country’s top blue-chip companies, forming part of the stock market’s 30-share benchmark index Sensex, were paid an average remuneration of Rs 9.9 crore in FY2013-14. It was about Rs 8.5 crore in the last financial year. 
 
In comparison, the average pay of CEOs in the US, for the companies forming part of the US stock market’s 30-share benchmark index, was Rs 105 crore. 
 
The corresponding figures for the UK and Germany were about Rs 60 crore and Rs 50 crore, respectively. 
 
The average pay for the Sensex companies would reduce even further if the figures for the six PSU companies are considered, as their annual packages are much lower, owing to government regulations. 
 Only four companies showed a decline in their CEO compensation, while the annual package remained unchanged in one case — Reliance Industries’ <keyword id="3820" type="PERSON" weightage="100" keywordseo="Mukesh-Ambani">Mukesh Ambani</keyword> — at Rs 15 crore. 
 Among those with higher packages, Hero MotoCorp’s managing director and CEO <keyword id="87849" type="PERSON" weightage="100" keywordseo="Pawan-Munjal">Pawan Munjal</keyword> received a total remuneration of Rs 37.9 crore in FY2013-14. 
Image: Thinkstock

CEOs In India Earn Rs 10 Crore Annually, But It’s Just A Tenth Of Their US Peers

New Delhi, India's top billionaires, including Gautam Adani and Sunil Bharti Mittal, mega stars from film industry such as Amitabh Bachchan and Shahrukh Khan and cricketing icons from Sachin Tendulkar to M S Dhoni are among those invited for pre-wedding celebrations of Mukesh Ambani's youngest son, Anant early next month. Ahead of the wedding ceremony in July, guests from around the world have been invited to three-day pre-wedding festivities beginning March 1, at Gujarat's Jamnagar, which houses Ambani's mega oil refineries. Anant Ambani, the youngest of the three children Mukesh Ambani and Nita Ambani have, is set to marry Radhika Merchant - the younger daughter of <keyword id="20720133" type="General" weightage="20" keywordseo="viren-merchant" source="keywords">Viren Merchant</keyword>, CEO of Encore Healthcare, and entrepreneur Shaila Merchant. With Jamnagar not having five-star hotels, ultra-luxury tents housing best of facilities, including tiled bathrooms are being erected for the guests. The guest list includes international business leaders like Meta CEO Mark Zuckerberg, Microsoft founder Bill Gates, Alphabet CEO Sundar Pichai, Adobe CEO Shantanu Narayen, Walt Disney CEO Bob Iger, BlackRock CEO Larry Fink, Adnoc CEO Sultan Ahmed Al Jaber, and EL Rothschild chair Lynn Forester de Rothschild, sources said. Indian business magnates invited include Gautam Adani and family, Tata Sons chairman Natarajan Chandrasekaran , Aditya Birla Group Chairperson Kumar Mangalam Birla, and his family, Godrej family, Infosys chairman Nandan Nilekani, RPSG Group head Sanjiv Goenka, Wipro's Rishad Premji, banker <keyword id="19998917" type="General" weightage="20" keywordseo="uday-kotak" source="keywords">Uday Kotak</keyword>, vaccine maker Serum Institute of India CEO Adar Poonawalla, Airtel chairman Sunil Mittal, Hero's Pawan Munjal, Roshni Nadar of HCL, Zerodha co-founder Nikhil Kamath, entrepreneur Ronnie Screwvala and Sun Pharma's Dilip Sanghi. Top cricketers, including Sachin Tendulkar and family, MS Dhoni and family, Rohit Sharma, K L Rahul, Hardik and Krunal Pandya and Ishan Kishan too are on the invitee list. <keyword id="19897820" type="General" weightage="20" keywordseo="bollywood" source="keywords">Bollywood</keyword> will be represented by mega stars Amitabh Bachchan and family, Abhishek and Aishwarya Rai Bachchan, Shahrukh Khan and family, Amir Khan, Salman Khan, Akshay Kumar and Twinkle Khanna, Ajay Devgn and Kajol, Saif Ali Khan and family, Chunky Pandey, Ranveer Singh and Deepika Padukone, Ranbir Kapoor and Alia Bhatt and <keyword id="19895145" type="General" weightage="20" keywordseo="vicky-kaushal" source="keywords">Vicky Kaushal</keyword> and Katrina Kaif. Madhuri Dikshit and Sriram Nene, Aditya and Rani Chopra, Karan Johar, Boney Kapoor and family, Anil Kapoor and family, <keyword id="19946417" type="General" weightage="20" keywordseo="varun-dhawan" source="keywords">Varun Dhawan</keyword>, Sidharth Malhotra, Shraddha Kapoor and Karisma Kapoor, Rajnikanth and family are are on the invitee list. The three-day-long event will be themed, according to 'Event Guide' sent to the invitees. Chartered flights have been arranged to ferry guests from Delhi and Mumbai to Jamnagar and back. Guests are expected to arrive by mid-day on March 1. Hollywood pop-icon Rihanna, along with Diljit Dosanjh and others, will enthrall the guests with their performances. Day 1 celebrations are called 'An Evening in Everland' where guests are expected to wear elegant cocktail attire. Day 2 will host 'A Walk on the Wildside' with 'jungle fever' being the suggested dress code. It is set to be held outdoors in the Ambanis' animal rescue centre in Jamnagar. The guests will then proceed to 'Mela Rouge' which will be a potpourri of desi activities and the guests will wear their favourite south Asian attires. For Day 3, two events - 'Tusker Trails' and 'Hashtakshar' are planned. The first event will be an outdoor affair where the guests will enjoy the natural beauty of Jamnagar and for the last and final event, they'll be dressed in 'heritage Indian Wear'. All the guests will be provided with personal laundry services, saree drapers and other custom assistance, the nine-page event guide said.

You Searched For "pawan munjal" and got 11 results

ED attaches three properties of Hero Motocorp CMD & Chairman Pawan Munjal

IANS

Hero Motocorp stock slumps after ED searches at Pawan Munjal's residence

IANS

Delhi HC stays cheating case filed against Hero MotoCorp CEO Pawan Munjal

IANS

ED conducts raids against Hero Motors' Pawan Munjal

PTI

Hero Motocorp hits the 100 million cumulative production milestone

IANS

Hero Motocorp wants government to take ‘urgent steps’ to help recover falling sales

Sanchita Dash

Hero MotoCorp Q2 Net Profit Rises To Rs 763 Crore

BI India Bureau

Hero MotoCorp is going global in speed!

BI India Bureau

Hero India Ropes In Top BMW Tech Honcho As R&D Head

Pankaj Doval

CEOs In India Earn Rs 10 Crore Annually, But It’s Just A Tenth Of Their US Peers

BI India Bureau

Billionaires to Bollywood: All invited to Anant Ambani's pre-wedding festivities

PTI

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