A unit of ola electric mobileity. Is Facing Insolvency Petitions from its key Vehicle Registration Service Providers in India Over Unpaid Dues, Adding to the Ev Maker’s Mounting TRObles.
Rosmerta digital service. And Rosmerta Safety Systems-Suppliers of Vehicle Registration Services and High-Security Registration Plates Respatively-Havel separely filled insolvency pleas agaainstry Electric Technologies, Citing Unpaid Invoices, People Familiar with the Matter Said.
Ola Electric Technologies is a wholly-outsidiary of Ola Electric Mobility and Accounts for the Bulk of the Parent’s Revenue.
Rosmerta Digital Services Claims Outstanding Dues of Just Over 220 Million Rupees ($ 2.5 Million), While Its Sister Company, Rosmerta Safety Systems, Has Soght Nearly 25 Million Rupees in in Payments, the people said.
The Maker of Electric Scooters – Backed by Softbank Group Corp. – Informed Stock Exchanges Late Saturday Night that Rosmerta Digital Services Had Filed An Insolvency Please Against Its Subsidiary in the National Company Law Tribunal in Bengaluru, Where Olactic Based. The company said it strongly disputes the claims and is seeking legal advice on the matter.
Rosmerta digital services and rosmerta safety systems declined to comment. Ola Electric Referred Bloomberg to the Stock Exchange Filing When Asked For A Comment on the Petitions Against Its Unit.
The petitions come amid a shift in the way Ola Electric is Handling Vehicle registrations. Last month, the company said in a filing that it was “renegotiating” Contracts with service providers, including Rosmerta Digital and Shimnit India Pvt. Founder and Chief Executive Officer Bhavish Aggarwal Announced on X Last Week That The Company was moving its registrations processin house,
The insolvency petitions against the unit add to a growing list of the company, which has struggled with regulatory Scrutiny, Customer Complaints, and Financial Strain.
A bloomberg news Investigation Found That over 95 percent of Ola’s 4,000 showrooms lacked the Necessary Approvals to Display or Sell Unregister Vehicles. Transport Authorities in Multiple States Have Since Conducted RAIDS, Shut Down Outlets, Seized Vehicles and Issued Notices to the company.
Ola Electric is also in the midst of a sweping workforce ReductionBloomberg reported earlier this month. Its shares have plunged more than 65% from their peak since its IPO Debut inAugust, Reflecting Browder Investor Concerns Over its operational and regulatory hurdles.
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(Tagstotranslate) Ola Electric Unit Faces TWO Insolveency pleas vendor dues ola