New Delhi: The heavy industries ministry has sought to recover ₹167 crore given as subsidy to Hero Electric Vehicles Pvt. Ltd, according to two people aware of developments in the electric two-wheeler maker’s insolvency proceedings.
The ministry last year accused Hero Electric and a few other electric vehicle manufacturers of fraudulently claiming subsidies under the second iteration of the government’s Faster Adoption and Manufacturing of Electric and Hybrid vehicles (FAME 2) scheme, and sought to recover the money.
In January this year, a month after the National Company Law Tribunal directed initiation of insolvency proceedings against Hero Electric, the ministry approached the interim resolution professional appointed to…
