Ministry of Heavy Industries (‘MHI’) vide its letter dated 25th May 2023, has alleged that Greaves Electric Mobility Private Limited (‘GEMPL’), material subsidiary of Greaves Cotton Limited, purportedly failed to adhere to Phased Manufacturing Programme Guidelines and allegedly has proposed to deregister it from FAME India Scheme Phase II (‘Scheme’).
MHI has further purportedly directed GEMPL to deposit all the incentive claimed (approx. INR 124 crores along with interest) under the said scheme to MHI subject to submission of necessary representation.
The Board of Directors of GEMPL will be reviewing and analysing the facts regarding the purported notice and the alleged violations for taking appropriate course of action including engaging with the Government to better understand the alleged violations and for a resolution, in accordance with law.
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