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economictimes.indiatimes.com / 1 year ago
livemint.com / 1 year ago
economictimes.indiatimes.com / 1 year ago
Ola Electric shares in focus amid insolvency petition against subsidiary
Ola Electric Mobility are expected to be in focus on Monday, March 17, after the company informed that a petition has been filed against its wholly-owned subsidiary, Ola Electric Technologies by M/s. Rosmerta Digital Services.
The petition was submitted by Rosmerta Digital, which is an operational creditor of Ola, before the National Company Law Tribunal (NCLT), Bengaluru Bench. The creditor has alleged payment defaults for services rendered and has sought the initiation of a Corporate Insolvency Resolution Process (CIRP) against Ola Electric Technologies.
“We wish to inform you that a petition has been filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 («IBC») by M/s. Rosmerta Digital Services Limited, an Operational Creditor of Ola Electric Technologies Private Limited, a wholly owned subsidiary of Ola Electric Mobility Limited («the Company»). The petition has been submitted before the National Company Law Tribunal – Bengaluru Bench («NCLT, Bengaluru»), alleging to default in payment towards the services rendered by the Operational Creditor and seeking initiation of the Corporate Insolvency Resolution Process («CIRP») against the Ola Electric Technologies Private Limited,” Ola Electric informed the stock exchanges.
In its official statement, the company has strongly disputed the claims and assured stakeholders that it has sought legal advice to challenge the allegations. The company has also emphasized that it will take all necessary measures to protect its interests.
Also read: Sliding market
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India's push for electric public transport faces hurdles as sales fall in FY25 livemint.com / 1 year ago
Ola Electric’s subsidiary faces insolvency plea over payment dispute economictimes.indiatimes.com / 1 year ago
Ola Electric’s scooter deliveries hit as it renegotiates contracts with vehicle registration agencies to cut costs livemint.com / 1 year ago
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How chronic illness became a starting point for artistic alchemy for Koshy Brahmatmaj
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21.05 / 10:17
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Even at $5 trillion, Nvidia is underappreciated
Subscribe to enjoy similar stories.Nvidia is no longer the only AI chip game in town. But it is the largest by far, and the likelihood that it will be that way for the foreseeable future should count for something.It hasn’t counted for much lately.
21.05 / 10:17
markets
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RK Swamy bets on integrated advertising model as global agency giants split media and creative
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21.05 / 09:47
markets
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Secured credit cards: Unlocking credit and building a credit score for millions
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