Controversies and Ola Electric seem to be a never-ending affair. The Bengaluru-based EV manufacturer has managed to find itself in the headlines quite often in its brief existence of a little over four years. In the latest development, the company has settled all dues with one of its vendor partners — Rosmerta Group.
In its latest stock exchange filing, Ola Electric has revealed that the company has settled all outstanding dues with Rosmerta, as a result of which the latter has filed the memo for withdrawal of the petitions filed before the National Company Law Tribunal (NCLT), Bengaluru. The matter stands fully resolved now.
Ola Electric settles Rs 26.75 crore dues
Rosmerta has also confirmed the same stating that Ola Electric has settled all its dues which amounted to Rs 26,75,24,339/-. Rosmerta, which specializes in automotive security products, registration plates, and other automotive components, handles vehicle registrations for Ola Electric across the country. The non-payment of dues by Ola Electric had resulted a backlog in vehicle registrations in various parts of the country in the last couple of months.Â
In its regulatory filing shared earlier this month, Ola Electric claimed to have dispatched over 25,000 units of its scooters across the country in February this year. However, according to the VAHAN portal, only 8,651 Ola Electric scooters were registered during the same period. This led to a huge uproar with industry experts calling out the Bhavish Aggarwal-led company for this huge discrepancy.
After all the recent scrutiny in the media, Ola came out with a strong statement a few days ago clarifying that the low monthly sales figures was due to a temporary backlog in vehicle registrations, ruling out any financial or operational difficulties for the company.
Ola Electric strongly criticized certain media outlets and vested interests for deliberately misrepresenting the situation as a regulatory issue. The company stated that misinformation and smear campaigns escalated after it ended contracts with two nationwide vendors handling the registration process, a move aimed at streamlining operations and improving profitability.
