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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

<ul><li><keyword id="2665691" type="PERSON" weightage="20" keywordseo="Niti-Aayog">Niti Aayog</keyword> held meeting with chiefs Bajaj Auto and <keyword id="46156" type="CITY" weightage="20" keywordseo="TVS-Motor">TVS Motor</keyword> on Friday. </li></ul><ul><li>The government think tank wants two-wheeler and three-wheeler vehicles in India to go electric by 2023 and 2025 but the industry is protesting. </li></ul><ul><li>The meet was attended by Bajaj Auto MD, Rajiv Bajaj and TVS Motor Chairman, Venu Srinivasan, among others. Hero MotoCorp Chairman Pawan Munjal skipped the meeting. </li></ul>The Narendra Modi government in India is keen on electrifying as many vehicles on Indian roads as possible. However, the latest proposal to set a deadline of 2023 for two-wheeler makers and 2025 for three-wheeler makers has the companies up in arms. In a meeting with representatives of two and three wheeler manufacturing industries, the central think tank of India, the NITI Aayog on June 21, has asked the industry majors to draw up and present a plan to switch to <keyword id="6354973" type="UNKNOWN" weightage="20" keywordseo="electric-vehicles">electric vehicles</keyword> (EV’s) in the coming years, in two weeks. However manufacturers have shown disappointment with the plan sitting that they have already been forced to deal with an accelerated timeline for the new emission norms that are due to sweep in in 2020. While Rajiv Bajaj, the Managing Director of Bajaj Auto, reportedly called it ‘shock and awe’, Venu Srinivasan, Chairman, TVS Motor, told the <a href="https://economictimes.indiatimes.com/industry/auto/two-wheelers-three-wheelers/india-inc-wants-nitis-ev-juggernaut-to-move-out-of-the-fast-lane/articleshow/69920504.cms">Economic Times</a> that the government seemed to “negate in one stroke” the strides made by India in building the world’s largest <keyword id="411149" type="PERSON" weightage="20" keywordseo="two-wheeler-market">two wheeler market</keyword>. While Bajaj and TVS argued for more reasonable timelines, Pawan Munjal who heads India’s largest two-wheeler company, Hero Moto Corp, did not even attend the meeting on Friday. Further, the companies argued for fiscal incentives to promote manufacturing and sales of electric two-wheelers and three-wheelers. “I’m in awe of the apparent willingness to subsidise EVs — an approximate ₹1 lakh per vehicle — to help achieve reasonable price parity with ICE two- and three- wheelers for an estimated minimum industry size of 25 million by 2025,” Bajaj said. However, the Niti Aayog reportedly has the support from two-wheeler EV startups, represented by Tarun Mehta, founder of Alther Energy, and Sulajja Motwani of the Firodia group. However, the current manufacturing capacity of the startups is too low to meet the government’s target.

India’s top two-wheeler makers are on a collision course with the government over the deadline for electrification

<ul><li>With their sales being hit, the Indian business community which has so far been an active supporter of the Indian government, has been raising its voices.</li><li><keyword id="6359432" type="UNKNOWN" weightage="20" keywordseo="britannia">Britannia</keyword>’s MD Varun Berry said there is some serious issue in the economy.</li><li>He’s not alone, leaders from the auto industry have raised their concerns as the segment is witnessing its worst sales slowdown.</li></ul>Questions are being raised by top Indian businessmen about the economic health of the country. The latest one to cry foul is fast moving consumer goods company Britannia. In the <a href="https://www.dnaindia.com/business/report-consumers-thinking-twice-before-buying-a-rs-5-pack-britannia-2781047">latest earnings call</a> of Britannia, the company’s MD Varun Berry raised some serious concerns about the <keyword id="6356076" type="DEFINITION" weightage="20" keywordseo="indian-economy">Indian economy</keyword>. "We've grown only 6% and the market is growing slower than that. And that's a little bit of a worry, because even for a ₹5 product if the consumer is thinking twice before buying it, then there is some serious issue in the economy,” he said. This comes in even though Britannia holds one-third of market share in the Indian biscuit industry. With their sales hit, the Indian business community which has so far been an active supporter of the Indian government, has been raising its voices. India’s GDP has slumped to 6.8% in FY19, whereas <a href="https://www.businesstoday.in/current/economy-politics/india-economy-9-per-cent-gdp-growth-pm-modi-5-trillion-dollar-economy-target-ey/story/370433.html">analysts </a>say that for India to reach its dream of being a $5 trillion economy, the country’s GDP needs to grow steadily at 9%. The industry that has been worst hit has the auto industry which has seen a massive slowdown in sales has seen. Auto industry leaders like Pawan Munjal of HeroCorp, RC Bhargava of Maruti, Anand Mahindra of Mahindra &amp; Mahindra, have all been rallying for reduction of GST to boost growth in sales. Rahul Bajaj, the chairman of Indian conglomerate Bajaj Group. During his company’s Annual General Meeting, he spoke of the government’s role in the weak sales of the auto industry. “There is no demand and no private investment, so where will growth come from? It doesn’t fall from the heavens. The auto industry is going through a very difficult period. Cars, commercial vehicles and two-wheelers are going through a rough patch,” Bajaj added. Earlier, Adi Godrej, chairman of the Godrej group, too <a href="https://www.firstpost.com/business/industry-leaders-reaction-on-budget-2019-adi-godrej-says-budget-is-not-growth-oriented-stock-market-comes-down-considerably-6940161.html">said</a> that the Budget presented by Finance Minister Nirmala Sitharaman is not “growth-oriented”. <a href="https://www.ndtv.com/india-news/adi-godrej-rising-intolerance-hate-crimes-can-seriously-damage-growth-2068996">Godrej also touched upon a sensitive subject </a>saying that rising intolerance in the country is also affecting growth. However, there are also some who believe this is just a phase. HDFC Chairman <a href="https://www.businesstoday.in/current/economy-politics/indias-economic-slowdown-driven-by-lower-consumption-temporary-in-nature-says-hdfcs-deepak-parekh/story/370229.html">Deepak Parekh</a> in the recent annual general meeting of the bank said, “While there has been an across-the-board slowdown in consumption, given the inherent demand and low penetration levels, I believe this is temporary in nature.”

Forget cars, Indian consumers are wary of buying a ₹5 biscuit packet

India is home to Asia’s second richest billionaire, the world’s costliest home and a bunch of millionaires. It is also home to some of the most well paid executives. 
 <keyword id="6355515" type="ORGANIZATION" weightage="80" keywordseo="Business">Business</keyword> Insider compiles a list of the highest paid <keyword id="6407546" type="COMPANY" weightage="80" keywordseo="CEOs">CEOs</keyword> across India. 
 
Kalanithi Maran 
 
Annual Salary: Rs 59.89 Crores 
 
It’s obvious that the most profitable television network in Asia would fill the pockets of its bosses. While the group’s TV channels and news publications are concentrated in South India, its FM channels and DTH services and enjoyed pan India. 
 
Kavery Kalanithi 
 
Annual Salary: Rs 59.89 Crores 
 
The wife of Kalanidhi Maran and Executive Director of Sun TV Network is the second highest paid executive. According to Fortune she is also the highest paid woman executive in India. 
 
Image credit: The Mint 
 
Naveen Jindal 
 
Annual Salary: Rs 54.98 Crores 
 
The Chairman of Jindal Steel and Power Ltd claims the third spot with an annual salary of around Rs. 55 Crores. Mr. Jindal is also well known for his efforts that led to the revision of the Flag Code of India which allows every Indian citizen the right to fly the National Flag 365 days a year. 
 
Kumar Mangalam Birla 
 
Annual Salary: Rs 49.62 Crores 
 
The current Chairman of the Aditya Birla Group is next in line. Kumar Mangalam Birla took over in 1995 at the tender age of 28 years after his father’s death. He then led the company to around 26 acquisitions in 17 yrs - the highest by an Indian company. 
 
Pawan Munjal 
 
Annual Salary: Rs 32.80 Crores 
 
The MD and CEO of Hero Moto Corp is the fifth member on the list. Pawan Munjal is the man behind the growth and success of the group. He is also a board member of the Indian Institute of Management, Lucknow. 
 
Brijmohan Lall Munjal 
 
Annual Salary: Rs 32.73 Crores 
 
The founder and Chairman of the Hero Group can also claim to be the president of Confederation of Indian Industries, the Society of Automobile Manufacturers in the past, and a member of RBI board. 
 The founder of the $32 billion <keyword id="6356323" type="UNKNOWN" weightage="80" keywordseo="Enterprise">enterprise</keyword> has been awarded with the Padma Bhushan. 
 
Sunil Kant Munjal 
 
Annual Salary: Rs 31.51 Crores 
 
Sunil Kant Munjal was appointed Joint Managing Director of Hero MotoCorp on Aug 17, 2011 for a period of 5 years. He was appointed on the board of directors in 2006 as a non-executive director. 
 
P R Ramasubrahmaneya Rajha 
 
Annual Salary: Rs 30.96 Crores 
 
While the name maybe Ramco Cement, the company has its hands into cement, mortar and wind power generation, all thanks to the Chairman and MD P R Ramasubrahmaneya Rajha who leads the company. Rajha has been associated with the group since its foundation in 1938. 
 
Image credit: Thynkfeed 
 
Shinzo Nakanishi 
 
Annual Salary: Rs 30.90 Crores 
 
Shinzo Nakanishi has been leading India’s largest auto manufacturer Maruti Suzuki since 2007. He was made the Director by Suzuki in 1999. 
 
 
Murali K Divi 
 
Annual Salary: Rs 26.46 crore 
 
Chairman and Managing Director of Divi's Laboratories Dr. Murali K Divi has 30 years+ of experience in the pharmaceutical industry. He is a member of several important medical associations like the American Pharmaceutical Association, American Cosmetic Society, American Chemical Society and American Institute of Chemical Engineers. 
 
Image credit: Forbes 
 
(Image credit: Indiatimes)

Top 10 highest paid CEOs of India

It is true that <a href="http://www.businessinsider.in/searchresult.cms?query=raghuram+rajan">RBI Governor Raghuram Rajan</a> exceeded expectations by <a href="http://www.businessinsider.in/BREAKING-NEWS-RBI-cuts-repo-rates-by-50-basis-points-CRR-unchanged/articleshow/49148486.cms">announcing key rate cut by 50 basis points</a>. 
 
This news also brought cheers to the Auto sector as automobile manufacturers said it was a festival gift for them. 
 
<a href="http://www.businessinsider.in/Raghuram-Rajans-reasons-for-the-huge-unexpected-rate-cuts/articleshow/49149054.cms">The rate cut</a> will help the <a href="http://www.businessinsider.in/searchresult.cms?query=auto+sector">Auto sector</a> to meet 15-20% sales growth during the upcoming festive season. 
 "This is a festival gift. Traditionally, during the festive season, the auto industry witnesses sales growth of 15-20%, which was missed in the last couple of years. This reduction in rate by the RBI has assured that the growth will be achieved," said <keyword id="103788" type="CITY" weightage="20" keywordseo="Hyundai-Motor-India-Ltd">Hyundai Motor India Ltd</keyword> (HMIL) Senior Vice President (Marketing and Sales) Rakesh Srivastava. 
 
The reduction in interest rates will reduce cost of ownership and help the automakers get more customers. Automakers generally expect higher sales during the months of October and November when Durga Puja, Diwali and other festivals are celebrated. 
 
<a href="http://www.businessinsider.in/searchresult.cms?query=maruti+suzuki">Maruti Suzuki India</a> Executive Director Marketing and Sales R S Kalsi also echoed the same sentiments. 
 
“The market so far has been moving very slowly but with this (rate cut) sentiments will improve. It gives the much-needed boost to the market in the pre-festive season,” said Kalsi. 
 
<a href="http://www.businessinsider.in/searchresult.cms?query=hero+motocorp">Hero MotoCorp Chairman and MD Pawan Munjal</a> also lauded the rate cut and said it came at an opportune time as it will help in raising customer sentiment during the festival season. 
 
The RBI cut its policy rate from 7.25% to 6.75% -- the lowest in four-and-half years. 
 
(Image: Indiatimes)

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

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BI India Bureau

Forget cars, Indian consumers are wary of buying a ₹5 biscuit packet

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Top 10 highest paid CEOs of India

BI India Bureau

Raghuram Rajan is the auto sector’s latest messiah!

BI India Bureau

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