MCA Scrutinizes SEMPL and Hero MotoCorp Probe Report

The Ministry of Corporate Affairs is examining a probe report on Salt Experiences and Management Pvt Ltd and Hero MotoCorp Ltd for alleged irregularities. An investigation, ordered in June 2023, revealed no breaches of corporate governance. The ministry emphasizes no final conclusions should be drawn yet.

The Ministry of Corporate Affairs (MCA) announced on Monday that it is currently examining the probe report regarding Salt Experiences and Management Pvt Ltd (SEMPL) and Hero MotoCorp Ltd. The ministry emphasized that no definitive conclusions should be reached at this point.

In June 2023, the MCA initiated an investigation into alleged irregularities within SEMPL and Hero MotoCorp. This inquiry was conducted via the Office of Regional Director (Northern Region) under the ministry's purview. Subsequently, the findings were presented to the ministry for further review.

The ministry's latest statement came in response to recent claims suggesting the investigation found no evidence of corporate governance violations or fund diversion. The probe, ordered in the public interest, falls under Section 210(1)(c) combined with Section 216 of the Companies Act, 2013.