Kochi: The Delhi High Court on Wednesday allowed time for Hero Electric to settle subsidy misappropriation case with the Ministry of Corporate Affairs, media reports said.
The High Court issued the direction to Hero Electric after the company informed the court about its willingness to resolve the dispute with the ministry concerned.
Directing Hero Electric to approach the ministry concerned by December 12, the court directed the ministry to consider the proposal and submit a report on December 20.
The Serious Fraud Investigation Office (SFIO), coming under the Ministry of Corporate Affairs, had indicted Hero Electric and two other companies for allegedly misappropriating government subsidies given for electric vehicle makers under the Faster Adoption and Manufacturing of Electric Vehicles (FAME II) scheme.
The SFIO had accused three electric vehicle makers of fraudulently availing subsidies worth Rs 297 crore under the FAME II scheme, the reports said.
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