Salt Experience News Today

The Delhi High Court on Friday stayed the proceedings against Hero Motocorp chairman Pawan Kant Munjal in a money laundering case being probed by the Enforcement Directorate (ED).

Pawan Munjal News: The total value of seizure and attachment stands at approximately Rs 50 crore, the investigating agency said.

The Delhi High Court has stayed proceedings against Hero Motocorp Chairman Pawan Kant Munjal by the Directorate of Revenue Intelligence (DRI). The court noted that Munjal had been exonerated by the Customs, Excise and Service Tax Appellate Tribunal (CESTAT) on the same set of facts, which was not disclosed before the trial court.

The federal agency had on Tuesday raided the businessman’s residence and offices in Delhi and Gurugram, apart from some other entities as part of a money laundering investigation | Latest News India

Pawan Munjal: It said in a statement that a "third party service provider" company, identified as Salt Experience and Management Pvt. LTd. (SEMPL), "illegally exported foreign currency equivalent to about INR 54 crore to various countries during the period 2014-2015 to 2018-2019 which was ultimately used for personal expenses of P K Munjal."

The federal agency raided the residences and offices of the 69-year-old billionaire businessman, the promoter of Indias largest two-wheeler automobiles manufacturer, in Delhi and neighbouring Gurugram apart from that of some other entities on Tuesday.

(This story has not been edited by THE WEEK and is auto-generated from a PTI

The Enforcement Directorate (ED) on Monday said that they raided several locations belonging to Pawan Munjal, Chairman & MD of Hero Motocorp Limited, Hero Fincorp Limited and employees of Salt Experience, Management Pvt. Ltd (SEMPL) -- in ...

While the automobile company did not offer an immediate comment, it had said on Tuesday that they were "extending all cooperation" to the ED.

While the automobile company did not offer an immediate comment, it had said on Tuesday that they were