In a recent exchange filing, Hero MotoCorp has clarified the circumstances surrounding Sunil Kant Munjal’s exit from the company’s management and his resignation from the position of Joint Managing Director. The company revealed that these events were announced back in 2016, providing context to recent regulatory disclosures.
Furthermore, the company disclosed the existence of a family settlement agreement that was also established in 2016. This agreement pertains to the use of the “HERO” trademark and involves the “Family Group,” which includes Santosh Munjal, Renu Munjal, Suman Kant Munjal, and Pawan Munjal.
According to the details provided in the filing, Late Santosh Munjal, Renu Munjal, Pawan Munjal (who is also the chairman of Hero MotoCorp Limited), and Sunil Kant Munjal, who is a member of the promoter group, all signed the family settlement agreement. This agreement was formally executed on July 27, 2016.
The primary purpose of this agreement was to facilitate the division of BML Munjal Group Entities, including the listed entity, among the parties involved. The company emphasized that the agreement was executed solely between the BML Munjal Family Members, and the listed entity itself was not a party to this agreement.
Importantly, Hero MotoCorp clarified that this agreement did not constitute a related party transaction and that the listed entity was not directly involved in the agreement.
The clarification comes in the wake of recent regulatory amendments that require the disclosure of existing agreements under regulation 30A. The company wanted to underscore that there have been no recent changes in the management or control of Hero MotoCorp and that the mentioned developments are not reflective of any recent shifts within the company.
This statement from Hero MotoCorp aims to provide transparency and clarity on Sunil Kant Munjal’s exit and the family settlement agreement, setting the record straight and offering insight into the circumstances surrounding these matters.
