The probe found the EV two-wheeler firms breached the localisation programme they had committed to, said the people. The recovery notices will seek to claw back the subsidy amount disbursed under the FAME II scheme. Hero Electric and Okinawa denied they had violated FAME II provisions.
As things stand, it is no wonder that fintechs have been shopping around to acquire an NBFC licence. Cred acquired Parfait Finance in November 2021 and BharatPe acquired Trillionloans, a Mumbai-based NBFC, in March.
In February, Pune-based labour union Nascent Information Technology Employees Senate (NITES) had filed a complaint against the company with the central labour ministry alleging "unethical reduction" in salary offers of more than 4,000 candidates.
Risher, who took over earlier this month, had recently said the company will "significantly" cut jobs, without providing the number of jobs that would be affected.
While Pinterest said that the ad market was stabilizing, it warned the market was still uncertain.
New-age logistics firm valued at $1.3 billion; Elevation takes $120 million out in a year from secondary deals
North American inflation has impacted spending sentiment while Europe is also going through challenges, said CEO CP Gurnani adding that clients are looking at tightening budgets echoing the sentiments of other IT peers Tata Consultancy Services, Infosys and HCLTech.