MCA Report Clears Hero MotoCorp Of Corporate Governance Violations

The Ministry of Corporate Affairs (MCA) has cleared Hero MotoCorp of allegations related to Corporate Governance violations and fund diversion, government sources confirmed.

The investigation, which began nearly two years ago, found no evidence of wrongdoing and does not recommend further action. Hero MotoCorp had been under scrutiny since 2023 after tax raids and an investigation into its ownership structure and financial practices. The probe stemmed from concerns raised during the income tax department’s March 2022 tax searches. Despite the scrutiny, Hero MotoCorp reported a 12% year-on-year increase in net profit for the December quarter, achieving its highest-ever quarterly retail sales. The company also saw growth in both the EV and global markets.