Bengaluru5 minutes ago
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Electric two-wheeler maker Ola Electric has resolved the case of outstanding amount of Rs 26 crore with Rosmarta Group. The company said in the exchange filing on Tuesday that the RoSmarta Group has withdrawn the petition filed for bankruptcy proceedings against Ola Technology Limited.
After this, Ola’s share rose 3.6% in early trade on Tuesday. However, it is currently trading at Rs 53.95 with a decline of 3.19%. Rosmarta Digital has filed a memo to withdraw the insolvency petitions filed at the National Company Law Tribunal (NCLT) in Bengaluru.
Understand the whole matter in 3 points
Three companies Ola Electric Mobility are associated with its subsidiary Ola Electric Technology Private Limited and Rosmarta Digital Services Limited.
- Rosmarta Digital, a company making high security number plate, has accused Ola Electric Technology Private Limited of stopping the outstanding payment of Rs 26.75 crore.
- For this, RoSmarta Digital has filed a petition to initiate bankruptcy proceedings against Ola Electric Technology in the Bengaluru Bench of the National Company Law Tribunal.
- Ola Electric in the case says that she dismisses these allegations. She is taking legal advice in the case and will strictly challenge the allegations.
A few days ago raids were conducted on showrooms
RTO is taking action across the country on Ola’s stores. So far, 32 stores in Maharashtra and Madhya Pradesh have been red. Apart from this, action has also been taken on some stores in Rajasthan. More than 50 electric vehicles have been seized in this.
Ola turned 4 times on store’s store
- 8 March- Several stores of Ola were raided across the country. Due to lack of trade certificate, several stores were sealed, electric vehicles were seized.
- March 12- RTO killed 2 stores in Jabalpur, Madhya Pradesh. Transport officials seized 14 electric vehicles during this period.
- March 18- Raided 4 stores in Indore. Due to lack of trade certificate, a show cause notice was given.
- 17 to 19 March- It was raided at 26 stores in Mumbai and Pune, Maharashtra. In this, 36 vehicles were seized and notices were given.
Action after complaints from other companies
Pratap Singh and Associates Company of Gurugram had filed a complaint against Ola Electric and some other companies for not having a trade certificate. After the complaint, transport officials of Maharashtra took action.
Basic certification is not on 95% store
Ola Electric has opened 4,000 stores since 2022. According to the report, only about 3,400 showrooms of these are available. Out of 3,400, there were only 100 showrooms who had the necessary trade certificates under the Motor Vehicle Act.
More than 95% of the company’s stores do not have basic certification necessary to display, sell and offer their Test rides.
