Two vendors file ₹40.6 cr insolvency petitions against Ola Electric
Ola Electric is in the middle of a legal tussle after two vendors, Anevolve Mando E-Mobility and Sterling E-Mobility Solutions, filed insolvency petitions over ₹40.6 crore in disputes about component performance and warranties.
Ola says these claims came up only after arbitration had already started, hinting that the vendors might be trying to sidestep ongoing quality discussions.
Ola Electric files NCLT caveats
Ola has filed caveats with the National Company Law Tribunal (NCLT) to challenge the petitions and insists these disputes won't mess with their manufacturing or delivery timelines.
While news of the filings caused Ola's stock to drop nearly 9% in three days, things calmed down after the company clarified its stance.
On a brighter note, Ola's vehicle registrations nearly doubled last quarter, showing strong demand despite all the courtroom drama.