Sunil Kant Munjal will exit Hero MotoCorp Ltd. as the promoter family disclosed the 2016 settlement.
Hero MotoCorp has received the settlement agreement from the promoters, the company said in an exchange filing on Monday. According to the deal, the management and control of Hero MotoCorp will vest with the family group comprising Santosh Munjal, Renu Munjal, Suman Kant Munjal, and Pawan Munjal.
Renu Munjal, Suman Kant Munjal and Pawan Munjal hold close to 14% stake as of the quarter ended June.
Sunil Munjal resigned as joint managing director and will exit from management and control of the company. He holds 0.02% stake as part of the promoter group.
The promoter family and Sunil Munjal also reached an agreement on the usage of the trademark 'Hero'.
The agreement was reached on July 27, 2016. The purpose of the agreement was the division of BML Munjal Group Entities between the parties, the filing said.
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