Hero MotoCorp was responding to clarifications sought by stock exchanges NSE and BSE.
new Delhi:
Two-wheeler market leader Hero MotoCorp has refuted reports of false expenditure claims of Rs 1,000 crore by the IT department, saying it is speculative.
The company said officials of the Income Tax Department had visited its offices last 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 company said in a regulatory filing on Tuesday, “The allegations made in the press report do not arise out of any document provided to us or our internal documents. Therefore, we categorically deny speculative press reports.” “
Hero MotoCorp was responding to clarifications sought by stock exchanges NSE and BSE on news reports that said “IT department unearths claims of ₹1,000 crore false expenses by Hero MotoCorp”.
“We would like to clarify that Income Tax Department officials visited our offices last week. The company has provided all support and cooperation, necessary documents and data to the authorities and will continue to do so if required. The department concludes its findings and notifies us, we will notify exchanges as appropriate,” the company said.
Stating that it is a “law-abiding corporate, with strong internal financial controls”, the company said that its “financial statements are duly audited”.