Mar 17, 2025 01:19 PM IST
The petition has been submitted earlier than the NCLT’s Bengaluru Bench, alleging default in cost in direction of the companies rendered by the operational creditor.
Shares of Ola Electrical Mobility Ltd tanked over 7 per cent on Monday morning after the agency stated its automobile registration service supplier Rosmerta Digital Companies Ltd has sought the initiation of insolvency proceedings towards its wholly-owned arm Ola Electrical Applied sciences Pvt Ltd.
Ola Electrical’s S1 Air e-scooters are pictured inside its manufacturing facility in Pochampalli within the southern state of Tamil Nadu, August 15, 2023.(Reuters)
The inventory slumped 7.12 per cent to hit a 52-week low of ₹46.94 on the BSE.
Additionally Learn: Reliance to finish free IPL cricket streaming in India: New subscription plan particulars
On the NSE, shares of the agency declined 7.04 per cent to ₹46.95 — the 52-week low degree.
In a regulatory submitting, the corporate on Saturday stated, “A petition has been filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) by M/s. Rosmerta Digital Services Ltd, an operational creditor of Ola Electric Technologies Pvt Ltd.”
Additionally Learn: Uber in early talks to amass EV taxi startup BluSmart: Report
The petition has been submitted earlier than the Nationwide Firm Legislation Tribunal’s Bengaluru Bench, alleging default in cost in direction of the companies rendered by the operational creditor and looking for initiation of the company insolvency decision course of (CIRP) towards Ola Electrical Applied sciences Pvt Ltd, it added.
The corporate has sought applicable authorized recommendation and it strongly disputes the claims made, Ola Electrical Mobility stated, including it could “take all necessary and appropriate steps to protect its interests and object to the allegations in the aforesaid matter”.
Additionally Learn: Maruti Suzuki automobiles to be costlier from April. Particulars right here
The insolvency proceedings come at a time when Ola Electrical Mobility is slicing round 1,000 jobs throughout completely different capabilities as a part of a restructuring train to scale back losses.
Beneficial Matters Information / Enterprise / Ola Electrical shares hit 52-week low after insolvency petition by creditor
See Much less