Shillong, August 14: Hero Motocorp said on Monday it has received the details of the family settlement agreement from the promoters of the company.
The purpose of the Agreement was the division of BML Munjal Group Entities, including the Listed entity between the parties to the Agreement.
The date of entering into the agreement was 27th July, 2016.
The Agreement is executed between the BML Munjal family members and Listed Entity is not a party to the Agreement.
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”.
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.
An understanding was reached between “Family Group” and Sunil Kant Munjal on usage of trademark “HERO”.
The management and control of listed entity vested with the Family Group and Sunil Kant Munjal resigned as Joint Managing Director in the Listed Entity. (Source: IANS)