New Delhi. Hero MotoCorp on Monday said it has received details of the family settlement agreement from the promoters of the company.
The object of the Agreement was the demerger of BML Munjal Group entities including the listed entity between the parties to the Agreement.
The date of agreement was 27 July 2016.
The agreement has been executed between the members of the BML Munjal family and the listed entity is not a party to the agreement.
The Management and Control of the Listed Entity shall be held by the family group consisting of Santosh Munjal, Renu Munjal, Suman Kant Munjal and Pawan Munjal, hereinafter referred to as the “Family Group”.
Sunil Kant Munjal, hereinafter referred to as the “Person”, shall exit from the management and control of Hero MotoCorp Limited, including any position held as Joint Managing Director.
An agreement was reached between the “Family Group” and Sunil Kant Munjal on the use of the trademark “Hero”.
The management and control of the listed entity is with the family group and Sunil Kant Munjal has resigned as Joint Managing Director in the listed entity.
(IANS)
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