Sunil Kant Munjal resigned because the joint managing director of Hero MotoCorp Ltd., the corporate mentioned in an change submitting on Monday.
“The Administration and Management of Listed Entity vested with the Household Group and Mr. Sunil Kant Munjal resigned as Joint Managing Director within the Listed Entity,” Hero MotoCorp mentioned.
The ‘Household Group’ contains of Santosh Munjal, Renu Munjal, Pawan Munjal, and Suman Kant Munjal.
The corporate additional mentioned on using the trademark HERO, an settlement was reached between Sunil Kant Munjal and the ‘Household Group’.
The settlement pact was entered by the members of the family on July 17, 2016. An organization spokesperson mentioned the disclosing the settlement particulars was a routine train.
The corporate was within the information not too long ago after the Enforcement Directorate carried out a raid within the residences and workplaces of Hero MotoCorp govt chairperson Pawan Kant Munjal and a few others and seized overseas and Indian currencies and jewelry value about Rs 25 crore.