Business

MotoCorp Hero Rejects False Spending Claim Report, Calling It “Speculative”


Hero MotoCorp has responded to clarifications requested by the NSE and BSE stock exchanges.

New Delhi:

The two -wheeler market leader, Hero MotoCorp has denied a report the IT Department found a false spending claim of Rs 1,000 crore, saying it was speculative.

The company said officials from the Income Tax department visited its office the previous week, and it had provided all the necessary support and cooperation, documents and data to the authorities and would continue to do so if needed.

“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 absolutely deny the speculative press report,” the company said in a regulatory filing on Tuesday.

Hero MotoCorp responded to clarification requested by the NSE and BSE stock exchanges in relation to a news report stating “the IT department found (Rs) 1,000 crore of false expense claims by Hero MotoCorp”.

“We would like to clarify that officials from the Income Tax department have visited our office in the previous week. The company has provided all necessary support and cooperation, documents and data to the authorities and will continue to do so if necessary. At what time and when the tax department concludes its findings and inform us, we will inform the exchange accordingly, ”the company said.

Stressing that it was a “law-abiding corporate, with robust internal financial controls”, the company said “its financial statements have been duly audited”.

Agrasmartcity

Welcome to India's Largest news platform, I assure you that we daily update on Global news which helps you to grow your knowledge.

Related Articles

Leave a Reply

Your email address will not be published.

Back to top button
AllEscortAllEscort