Sunil Kant Munjal resigned as the joint managing director of Hero MotoCorp Ltd., the company said in an exchange filing on Monday.
"The Management and Control of Listed Entity vested with the Family Group and Mr. Sunil Kant Munjal resigned as Joint Managing Director in the Listed Entity," Hero MotoCorp said.
The 'Family Group' comprises of Santosh Munjal, Renu Munjal, Pawan Munjal, and Suman Kant Munjal.
The company further said on the use of the trademark HERO, an agreement was reached between Sunil Kant Munjal and the 'Family Group'.
The settlement pact was entered by the family members on July 17, 2016. A company spokesperson said the disclosing the settlement details was a routine exercise.
The company was in the news recently after the Enforcement Directorate carried out a raid in the residences and offices of Hero MotoCorp executive chairperson Pawan Kant Munjal and some others and seized foreign and Indian currencies and jewellery worth about Rs 25 crore.Â
