Hero Electric Appeals Court Ruling on FAME-II Subsidy Investigation

Hero Electric has taken action in the Delhi High Court against a decision made by the Ministry of Corporate Affairs. The ministry has asked for a Serious Fraud Investigation Office (SFIO) to look into claims that Hero Electric wrongly received money from the government’s FAME-II program, which provides support for electric vehicles. The Ministry of Heavy Industries also asked Hero Electric to pay back Rs 130 crore because they believe the company did not follow the rules of the program.

During the court hearing on Wednesday, Justice CD Singh advised Hero Electric to talk with the ministry to work out the problem peacefully. While this is happening, the court told the government not to take any action against Hero Electric until they check on the progress of these talks. The next hearing has been set for December 20, 2024, allowing time for both sides to find a solution. The FAME-II scheme, which stands for Faster Adoption and Manufacturing of Hybrid and Electric Vehicles, is a program by the government to encourage the use of electric vehicles by giving financial help.