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India's Ministry of Corporate Affairs has ordered an investigation to assess Hero MotoCorp's relationship with a third-party vendor in a case related to alleged diversion of funds, two government sources told Reuters on Thursday.
The investigation has been ordered in the "public interest" to probe the ownership structure of Hero MotoCorp and whether it controlled the third-party vendor, said the two sources, who are privy to the internal government directive.
- Also read: Broker’s call: Hero MotoCorp (Buy)
Hero MotoCorp, India's largest manufacturer of motorcycles, said in a statement to Reuters that it had not received any communication from the government and could not comment.
"We will provide all information, if and when it is sought from us by any regulatory authority," the spokesperson said.
The ministry did not immediately respond to a Reuters emailed request for comment.
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