Delhi High Court on October 12 stayed the cheating case proceedings against Hero MotoCorp's MD & CEO Pawan Munjal, sources confirmed to Moneycontrol. The high court to next hear Hero MotoCorp's forgery case on December 6.
Following the development, shares of Hero MotoCorp traded 0.34 percent lower at Rs 3,090 apiece on BSE around 2:20 pm.
Earlier, the Vasant Kunj Police Station filed a first information report (FIR) against the company and officials in connection with an old matter dating back before 2010.
This case is not related to money laundering investigation being carried out by the Enforcement Directorate and the Directorate of Revenue Intelligence (DRI), an investigative arm of the Central Board of Indirect Taxes and Customs (CBIC).
Regarding the FIR filed against the company and its officials, the company in its statement said, "This is to inform that it is an old matter pertaining to the year 2009-10 with a disgruntled service provider, Brains Logistics Pvt. Ltd. (Promoter - Roop Darshan Pandey). It may also be noted that while the complainant has mentioned company officials in the complaint, however, no official has been named in the FIR. In 2013, Hero MotoCorp also registered an FIR against them and the matter is ongoing before the competent court."
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