Synopsis
On March 16, a vendor for Ola Electric, Rosmerta Digital Services, filed an insolvency petition against the company for unpaid dues. Ola Electric disputes these claims and is seeking legal counsel. The situation has raised concerns regarding vehicle registration discrepancies as the company transitions to in-house management.Key Takeaways
- A vendor has filed for insolvency against Ola Electric.
- Ola Electric disputes the claims and seeks legal advice.
- The company is transitioning to in-house vehicle registrations.
- Outstanding dues of Rs 17-18 crore remain unpaid.
- Stock prices have declined amid these developments.
New Delhi, March 16 (NationPress) A supplier to Ola Electric Mobility Limited -- Rosmerta Digital Services Private Limited -- has initiated an insolvency petition against a wholly owned subsidiary of the electric two-wheeler manufacturer due to alleged unpaid dues.
The vendor has approached the National Company Law Tribunal (NCLT) in Bengaluru, asserting that the company has defaulted on payments for services rendered.
As per an exchange filing, Rosmerta Digital Services has requested the tribunal to commence a corporate insolvency resolution process.
In response, Ola Electric has stated that it firmly contests the vendor's claims and is obtaining legal counsel to safeguard its interests.
The company affirmed its commitment to take all essential measures to refute the allegations, as noted in its stock exchange filing from March 15.
Ola Electric Technologies is accountable for producing the company's electric scooters at its Futurefactory located in Tamil Nadu.
Conversely, the battery segment is managed by Ola Cell Technologies Private Limited. Rosmerta Digital Services previously assisted with vehicle registrations for Ola Electric on the government's VAHAN platform.
However, in February, Ola Electric terminated its partnership with Rosmerta and set up an internal team to oversee the process.
This strategic shift was intended to cut costs and achieve operational profitability promptly, according to a report by NDTV Profit dated March 6.
Despite this transition, Ola Electric has yet to settle its outstanding dues of Rs 17-18 crore to Rosmerta Digital Services.
The repercussions of this change were evident in February's vehicle registration data. While Ola Electric claimed to have sold 25,000 electric scooters that month, only 8,390 were registered on the VAHAN portal.
The company attributed this discrepancy to ongoing negotiations with vendors, including Rosmerta and Shimnit India, who were previously tasked with vehicle registrations.
Ola Electric clarified in an exchange filing last month that these ongoing discussions had temporarily influenced registration figures but did not affect actual sales.
On Thursday, the company's stock fell by 1.12 percent to Rs 50.54 per share on the Bombay Stock Exchange (BSE). The stock market was closed on Friday due to a holiday.
