Hero MotoCorp moves

revenue board in
stamp duty case
SHISHIR PRASHANT
Haridwar, 21 July

Hero MotoCorp, Indias largest motorcycle producer, has approached the Board of Revenue
for relief against a penalty of ~111 crore imposed
on it by Haridwar district authorities for
allegedly evading stamp duty related to the
lease deed of its manufacturing plant here.
The move follows controversy over the registration of the lease deed of the plant at 2006
circle rates, which allegedly led to a stamp
duty loss of ~254 crore to the state exchequer.
When contacted, a Hero MotoCorp
spokesperson said, The DM (district magistrate)s order has been stayed by the Board of
Revenue; the next hearing will be held in the
first week of August.
In February this year, the company had
registered the land deed of its 214-acre
Haridwar industrial plot at 2006 circle rates,
allegedly due to a relaxation provided by the
state government.