Hero MotoCorp refutes report of false expense claims, calls it speculative

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.

“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”. 

Subscribe to Mint Newsletters

* Enter a valid email

* Thank you for subscribing to our newsletter.


Download
the App to get 14 days of unlimited access to Mint Premium absolutely free!

For all the latest Sports News Click Here 

Read original article here

Denial of responsibility! Technocharger is an automatic aggregator around the global media. All the content are available free on Internet. We have just arranged it in one platform for educational purpose only. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials on our website, please contact us by email – [email protected]. The content will be deleted within 24 hours.

Comments are closed.