Earlier this month, the court reportedly restricted SFIO from taking any action against Hero Electric and put a pause on investigation
The court also allowed Hero Electric to send a settlement proposal to the ministry a few weeks ago
The probe began back in March this year when Hero Electric, Okinawa Autotech and Benling India were accused of wrongly obtaining subsidies under the phase II of Faster Adoption and Manufacturing of Electric Vehicles (FAME) scheme
Amid the alleged FAME II scheme violation charges, the Delhi High Court has reportedly asked the Serious Fraud Investigation Office (SFIO) to continue its investigation against Hero Electric Vehicle.
As per ET’s report, the approval came yesterday (December 20), right after the court was informed that the settlement talks between Hero Electric and the Union Ministry of Heavy Industries failed. The government rejected the settlement proposal sent by the company.
Earlier this month, the court reportedly restricted SFIO from taking any action against Hero Electric and put a pause on investigation. Back then, the court also allowed Hero Electric to send a settlement proposal to the ministry.
The probe began back in March this year when Hero Electric, Okinawa Autotech and Benling India were accused of wrongly obtaining subsidies under the phase II of Faster Adoption and Manufacturing of Electric Vehicles (FAME) scheme.
(The story will be updated soon)
