In an official statement, the ministry stated that the investigation report submitted by the Office of Regional Director (Northern Region) is still under examination by the Central Government, and any claims of the probe being concluded are premature.
The MCA had ordered an investigation into Hero MotoCorp and SEMPL
in June 2023 under Section 210(1)(c) read with Section 216 of the Companies Act, 2013. This was initiated in the public interest following allegations of corporate governance lapses and fund diversion involving the two entities.
The ministry noted that since the report is still under examination, no final conclusion should be drawn at this stage. The clarification comes after certain media reports claimed that the MCA had found no breach of corporate governance or fund diversion by Hero MotoCorp in its probe.
“The report has been submitted to the Central Government and is currently under examination. No final conclusion should be drawn in this matter at this stage,” the statement read.
Hero MotoCorp, India’s largest two-wheeler manufacturer, came under regulatory scrutiny last year. The company faced allegations of fund diversion through SEMPL, a firm owned by a close associate of Hero MotoCorp’s top management.
