Hero Electric moves Delhi High Court over FAME-II subsidy fraud probe
Hero Electric on Wednesday moved the Delhi High Court challenging the Ministry of Corporate Affairs' order for a Serious Fraud Investigation Office (SFIO) probe into allegations of fraudulent availing of subsidies under the FAME-II scheme.
The Ministry of Heavy Industries previously directed Hero Electric to refund Rs 130 crore in subsidies, claiming the company violated the conditions of the scheme.
During the hearing on Wednesday, Justice CD Singh instructed Hero Electric to engage with ministry officials to resolve the issue amicably. In the interim, the court directed the government not to proceed with any action against the company until it submits a report on the resolution efforts.
The court scheduled the next hearing for December 20, 2024, giving both parties time to seek a possible resolution.
The FAME-II scheme (Faster Adoption and Manufacturing of Hybrid and Electric Vehicles) is a government initiative to promote electric mobility by providing financial incentives.
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