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New Delhi: Hero MotoCorp Ltd, the leading two-wheeler manufacturer in the country, Tuesday issued a clarification about Sunil Kant Munjal’s exit from the company in a notice stating that no new amendments have been made about the control or management of the company in recent days.
The notice further stated that Sunil Munjal had stepped down from the position as Joint Managing Director in 2016 itself. It also stated that the family settlement agreement has been in effect from 2016 and the stepping down of Sunil Munjal was part of the regulatory disclosure of 2016.
This clarification came after the news that circulated about Sunil Munjal’s stepping down from his management role and relinquishing all control over the company, including his position as joint managing director.
The news further stated about the company clarifying that an understanding has been reached between the family group and Sunil Kant Munjal regarding the utilization of the “HERO” trademark. The agreement had been executed exclusively among members of the Brijmohan Lall Munjal (BML) family, and the publicly listed entity is not party to this arrangement.
It also mentioned that in accordance with a disclosure made to the stock exchange, Hero MotoCorp detailed the reception of a family settlement agreement from the company’s promoters. This agreement dictates that the management and control of the publicly listed entity will be assumed by the family group consisting of Santosh Munjal, Renu Munjal, Suman Kant Munjal, and Pawan Munjal.
However, the news was a false alarm as stepping down of Sunil Munjal from the Jt. MD position occurred in 2016 only as clarified by the company on Tuesday.
