Delhi HC Quashes DRI Case Against Hero Motocorp Chairman Pawan Munjal

The Delhi High Court today quashed a case against Hero Motocorp Chairman Pawan Kant Munjal regarding possession of "excess foreign currency," which was filed by the Directorate of Revenue Intelligence (DRI).

Bench comprising Justice Manoj Kumar Ohri set aside the proceeding after previously granting an interim stay on Munjal's petition contesting the case. This order might provide credence to a plea by Munjal challenging ED proceedings.

The case emanated from a complaint by DRI against Munjal and others as well as SEMPL (third party service provider) for “carrying, attempting to export, and illicit export of prohibited items, namely foreign currency.”

Basis the complaint filed by DRI, the ED also proceeded against Munjal by registering an ECIR. As per ED's allegations, SEMPL illegally exported foreign currency worth about Rs 54 crore between 2014-2015 and 2018-2019 for Munjal's personal use.

An interim order was passed on November 3, after Munjal's plea seeking quashing of complaint before magistrate.The court had, in November 2023, stayed the proceedings and underlined that Munjal had not been absolved by the Customs, Excise and Service Tax Appellate Tribunal (CESTAT) on similar facts.

Source: Moneycontrol