New Delhi, March 16 (IANS) A vendor of Ola Electric Mobility Limited -- Rosmerta Digital Services Private Limited -- has filed an insolvency petition against a wholly owned subsidiary of the electric two-wheeler maker over alleged non-payment of dues.The vendor of Ola Electric Technologies Private Limited has approached the National Company Law Tribunal (NCLT) in Bengaluru, claiming that the company has defaulted on payments for services provided.
According to an exchange filing, Rosmerta Digital Services has requested the tribunal to initiate a corporate insolvency resolution process.
Ola Electric, in response, stated that it strongly disputes the claims made by the vendor and is seeking legal advice to protect its interests.
The company assured that it will take all necessary steps to counter the allegations, according to its stock exchange filing dated March 15.
Ola Electric Technologies is responsible for manufacturing the company’s electric scooters at its Futurefactory in Tamil Nadu (NSE:TNNP).
The battery business, on the other hand, is handled by Ola Cell Technologies Private Limited. Rosmerta Digital Services was one of the vendors that facilitated vehicle registrations for Ola Electric on the government’s VAHAN website.
However, in February, Ola Electric ended its partnership with Rosmerta and established an in-house team to manage the process.
This decision was aimed at reducing costs and achieving operational profitability at the earliest, according to a report by NDTV (NSE:NDTV) Profit dated March 6.
Despite the move to bring registrations in-house, Ola Electric has yet to clear its outstanding dues of Rs 17-18 crore to Rosmerta Digital Services.
The impact of this transition was visible 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 gap to renegotiations with vendors, including Rosmerta and Shimnit India, who were previously responsible for vehicle registrations.
Ola Electric clarified in an exchange filing last month that these ongoing discussions had temporarily affected registration numbers but had no impact on actual sales.
On Thursday, the company’s shares declined by 1.12 per cent to Rs 50.54 apiece on the Bombay Stock Exchange (BSE). The stock markets remained closed on Friday due to a holiday.
--IANS
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