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Amid ongoing investigation into misappropriation of subsidy under the Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles in India (FAME) II, the Centre on Saturday issued recovery notices totalling Rs 249 crore to Hero Electric and Okinawa Autotech (Okinawa), Business Standard has learnt.
According to the notice issued by the Ministry of Heavy Industries dated April 29, Hero Electric and Okinawa will need to repay Rs 133 crore and Rs 116 crore, respectively, to the central government. Business Standard has reviewed a copy of these notices.
Both companies are hereafter “deregistered” from the FAME II scheme and the “recovery
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