Disclosing the family settlement agreement that it received from the promoters, the company in a market filling on Monday said, “The Management and Control of Listed Entity vested with the Family Group and Mr. Sunil Kant Munjal resigned as Joint Managing Director in the Listed Entity.”
However, in a clarification to the exchanges, the company said the family settlement agreement pertains to the year 2016 and there has been no change in the management or control of the company in any manner at present.
Mr Sunil Munjal stepped down as Jt. MD in the year 2016 itself which was part of the regulatory disclosure at that time as well, it added.
The company on Monday evening had notified that the ‘Family Group’ which comprised Santosh Munjal, Renu Munjal, Suman Kant Munjal and Pawan Munjal will be handling the control and management of Hero MotoCorp Ltd. “Understanding reached between “Family Group” and Mr. Sunil Kant Munjal on the usage of trademark HERO,” said the company in its statement. The company has stated that the division of BML Munjal Group Entities is the reason for Munjal’s exit from Hero MotoCorp’s top management. The date of entering into the agreement was July 27, 2016, said the company.
Earlier, Hero MotoCorp announced its Q1 results where it reported a 32 per cent year-on-year (YoY) growth in net profit for the quarter ended June 2023 to Rs 825 crore. Revenue from operations grew 4.5 per cent YoY to Rs 8,767.3 crore.