Sunil Munjal to exit as Hero MotoCorp’s Joint Managing Director; stock slips ~2%

16 Aug 2023 , 11:54 AM

Sunil Kant Munjal’s departure from management and resignation from the role of Joint Managing Director was announced in 2016, said Hero MotoCorp Ltd in an exchange filing on Monday.

In addition, the company entered into a family settlement agreement with the promoter group in 2016. The firm asserted in its application that an agreement for the use of the trademark ‘HERO’ had been struck between ‘Family Group’ and Sunil Kant Munjal.

The family settlement agreement dates back from 2016, and there has been no change in management or control of the company as of now. Sunil Munjal stepped down as Joint MD in 2016, which was disclosed by the company in its regulatory filing at the time,’ the company stated in an exchange filing.

Santosh Munjal, Suman Kant Munjal, Renu Munjal, and Pawan Munjal make up the family group, which will be referred to as the ‘Family Group’ from here on.

According to the company’s filing, the agreement was signed by Late Santosh Munjal, Promoter during execution of the agreement, Renu Munjal, Pawan Munjal, a promoter and the chairman of Hero MotoCorp Limited, and Sunil Kant Munjal, a member of the promoter group. On July 27, 2016, the agreement was formally signed.

‘The agreement’s purpose was to divide BML Munjal Group Entities, including the Listed entity, among the parties to the agreement. The agreement is signed by the BML Munjal Family Members, and the Listed Entity is not a party to it,’ the business stated in its filing.

At around 11.45 AM, Hero MotoCorp was trading 1.62% lower at Rs 2,961.90 per piece, against the previous close of Rs 3,010.65 on NSE.

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