Country’s largest two-wheeler manufacturer Hero MotoCorp on Monday said Sunil Kant Munjal, Joint Managing Director, has resigned from the company and control of Hero MotoCorp, as part of the division of BML Munjal Group Entities.
“The purpose of the agreement was the division of BML Munjal Group Entities, including the listed entity between the parties to the agreement. The agreement is executed between the BML Munjal Family Members and listed entity is not a party to the agreement,” Hero MotoCorp said in filing to stock exchanges.
The terms of the agreement said that the management and control of the listed entity shall vest with the family group comprising of Santosh Munjal, Renu Munjal, Suman Kant Munjal and Pawan Munjal, hereinafter referred to as “Family Group”, it said.
“Understanding reached between “Family Group” and Sunil Kant Munjal on usage of trademark “HERO”,” the company said.
The terms of the pact, as agreed upon by the parties involved in July 2016, stated that “Sunil Kant Munjal, hereinafter refer to as an ‘individual’ shall exit from the management and control of Hero MotoCorp Limited, including any position held as Joint Managing Director.”