SEMPL & Hero MotoCorp Probe: MCA Examining Report, No Conclusion Yet

New Delhi, Mar 10 (PTI) The Ministry of Corporate Affairs (MCA) on Monday said it is examining the probe report on the affairs of Salt Experiences and Management Pvt Ltd (SEMPL) and Hero MotoCorp Ltd, and that no final conclusion should be drawn at this stage.

In June 2023, an investigation was ordered into the affairs of SEMPL and Hero MotoCorp for alleged irregularities and the investigation was carried out through the Office of Regional Director (Northern Region) under the ministry. Later, the report was submitted to the ministry.

In a statement on Monday, the ministry said the investigation report into the affairs of the two companies is under examination and that "no final conclusion should be drawn in this matter at this stage".

The statement came amid recent reports claiming that the ministry has found no breach of corporate governance or fund diversion in the investigation.

The ministry had ordered the probe in public interest under Section 210(1)(c) read with Section 216 of the Companies Act, 2013.