AFTER STOPPING FAME-2 subsidy to electric two-wheeler (E2W) companies for almost one year due to allegations of breach in guidelines, the government has issued show-cause notices to several leading firms, including TVS, Hero Motocorp, Ola Electric, and Ather Energy, said sources close to the development.
The notices have been issued asking why action should not be taken for their alleged involvement in price manipulation and failure to adhere to the guidelines over localisation of components leading to flouting of norms under the Phased Manufacturing Programme (PMP).
The notices were issued 10 days ago and company representatives have held dialogues with government officials to explain their stand.
There are around 50 E2W companies/brands in India and around 20-21 are certified to get subsidies under the FAME2 scheme. And subsidies have been halted for 16-18 companies currently.
This story is from the April 13, 2023 edition of Financial Express Mumbai.
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This story is from the April 13, 2023 edition of Financial Express Mumbai.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
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