As the board of Hero Honda Motors in its meeting on 29 July 2010 accepted the resignation of O P Munjal, non-executive director of the company with effect from 29 July 2010, it also announced the appointment of Suman Kant Munjal as additional director of the company.

While the appointment of the member of the Munjal family is in the category of non-executive director with effect from 29 July 2010, it is to be mentioned here that the company has recently reported a 1.6% fall in its net profits in Q1 of the fiscal year.

Hero Honda is a JV between the Munjal Family promoted Hero Group and Japan's Honda Motors. While Honda holds a 26% stake in the company, Hero Group holds the majority share in the JV.

The news of Honda divesting a 6% stake in Hero Honda was in the air a few days back but a spokesperson of the company cleared the air by saying that the company has no plans to do so.

Moreover, the move of inducting Suman Munjal as the additional director comes in the wake of the Munjals move to consolidate its stake among the group companies.