Munjal earlier in 2023 agreed to separate the roles of the Chairman & CEO and appoint a CEO for the tw0-wheeler maker. As per Hero MotoCorp’s latest annual report, Munjal drew an annual salary of Rs 99.6 crore in FY23, up around 18% from FY22.
Munjal’s proposition for a pay cut was approved by Hero Moto’s board following the recommendations of the Nomination & Remuneration Committee. Munjal’s updated remuneration of the Executive Chairman will be effective January 1, 2024
The Delhi Police recently filed an FIR alleging forgery, falsification of accounts, criminal conspiracy, and cheating by certain officials of Hero MotoCorp, including Munjal. The case pertains to the year 2009-10 with a disgruntled service provider, Brains Logistics Pvt Ltd.
In the complaint, Brains Logistics, a former vendor of Hero Honda Company, alleged that the accused colluded to and committed “the illegal acts of forgery, cheating and falsifying the books…and manufactured fake month-wise bills”. These bills, totalling Rs 5.95 crore for 2009 and 2010 were debited to the complainant, it alleged.
Separately, the Enforcement Directorate conducted searches on Munjal and some others as part of an investigation into an alleged money laundering case in August 2023. The searches were carried out at the residential and business premises of Munjal in Delhi and Gurugram, and some linked entities.Hero MotoCorp reported a 47.6 per cent rise in consolidated Profit After Tax (PAT) at Rs 1,007.04 crore in the September quarter, driven by higher revenue. In the previous fiscal year, the company reported a consolidated PAT of Rs 682.28 crore. The revenue from combined operations in Q2FY24 amounted to Rs 9,533.07 crore, compared to Rs 9,158.23 crore in the same period last year.”A healthy festive demand across most categories and specifically in the auto sector has demonstrated the underlying propensity of the robustness of the market.
“The consumer confidence is coming back, which augurs well for the growth momentum moving forward,” Hero MotoCorp Chief Executive Officer Niranjan Gupta said.