Ola Electric announced on March 25 that its wholly owned subsidiary has settled all outstanding dues with Rosmerta Group, leading to the withdrawal of an insolvency petition filed against the company. The electric scooter maker informed the stock exchanges that Rosmerta Group will now withdraw its case against Ola Electric Technologies from the National Company Law Tribunal (NCLT) Bengaluru.
Earlier this month, Rosmerta Digital Services had petitioned, alleging a payment default by Ola Electric Technologies. The company did not, however, reveal the value of the alleged default.
The resolution comes after Ola Electric faced questioning for discrepancies between its reported sales numbers and government registration data in February. The company had attributed the difference to ongoing negotiations with its vehicle registration vendors. Ola Electric has now confirmed that the backlog caused by the mismatch has been cleared, though the government has sought further clarification on the matter.
Following news of the insolvency petition, Ola Electric’s shares had fallen to a record low. Although the stock has regained ground somewhat after the dispute was resolved, it remains lower by about 27% since its market debut last August.
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Source: Moneycontrol.
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