On Thursday at the National Council meeting of CII, Chairman and CEO of Hero MotoCorp, Pawan Munjal resigned from the post of president of Confederation of Indian Industry (CII) for 2022-23. Pointing out the domestic and global business commitments towards the Hero MotoCorp as the reason behind the resignation. The Industry body selected R Dinesh of TVS Group as the new president of CII.
The CII National Council meeting held on Thursday was attended by more than 50 industry leaders and concerned officials including Ajay Sriram who is chairman and senior managing director of DCM Sriram, Vikram Kirloskar who is vice chairman of Toyota Kirloskar Motor, and vice-chairman of Bharti Enterprises, Rakesh Bharti Mittal. Present-day CII leaders also attended the meeting, including the president, Sanjiv Bajaj, and director-general, Chandrajit Banerjee.
In March, Hero Motocorp which is one of India’s largest two-wheeler companies announced a $100 million global fund to support the 10000 entrepreneurs on environmental, social, and governance solutions as well as promote the company’s electric brand Vida. At the time of the announcement, Munjal said that he will lead the initiative from the front.
Munjal was announced the president of CII on May 12 along with Dinesh as the Vice President. Now, Sanjiv Puri who is ITC chairman and MD is selected as the Vice President position for 2022 – 23.
An official of CII said that Dr. Pawan Munjal stepped back due to his domestic and global commitments to his company.
The Hero Motocorp does not respond to the mail seeking comments.
After two weeks of the Punjab assembly election, on March 22, the Income-tax department conducted raids on Hero MotoCorp. On March 31, it was disclosed by the income tax department that it had conducted a search and seizure operation on India’s leading automobile manufacturer group.
In the raid, it was found that farmland of 10 acres at Delhi was purchased through a few paper companies. In the transactions, it was revealed that over Rs.60 crores of unaccounted cash were involved. Also, The real person getting benefits from the land deal is a well-known person from the automobile manufacturer group. The mediator who encouraged the said deal has acknowledged in his statement that a major part of the sale was paid in cash.
