TIL Desk/Business/New Delhi-Hero MotoCorp, the world’s largest two-wheeler manufacturer, on Wednesday, said Sunil Kant Munjal has ceased to be a promoter of the company after his tenure as joint managing director ended on August 16. However, he will continue to hold 32,500 shares, 0.02 per cent of the paid-up capital, as an individual shareholder.
“…We have received a communication from the individual promoters of the company stating that pursuant to the aforesaid realignment, Sunil Kant Munjal will henceforth, not be classified as a ‘promoter’ of the company,” the company said in a BSE filing.
It further said: “However, Sunil Kant Munjal will continue to hold 32,500 equity shares of the company representing 0.02 per cent of the issued and paid up share capital of the company in his individual capacity.” Hero MotoCorp had last month announced that Sunil Munjal will step down from the board of the company when his tenure as joint managing director ends on August 16.
