Ola Electric Technologies Private Limited, a part of Ola Electric Mobility Limited, announced that it has settled its financial disagreements with the Rosmerta Group, according to a regulatory filing. This settlement is part of Ola Electric’s ongoing efforts to streamline its operations.
In its filing to stock exchanges, Ola Electric revealed that all outstanding dues have been “amicably settled”, resulting in Rosmerta filing for the withdrawal of the insolvency petitions from the National Company Law Tribunal (NCLT) in Bengaluru.
The Bhavish Aggarwal-led firm stated that a mismatch between company-provided sales data and government registration data in February was due to negotiations with its vehicle registration vendors. It also claimed that the backlog that arose from the data mismatch has been cleared, but the government has sought information on the matter.
“Our sales remain strong, and the temporary backlog in February was due to ongoing negotiations with our vendors responsible for vehicle registrations. This backlog is being rapidly cleared, with daily registrations exceeding 50 percent of our three-month daily sales average. About 40 per cent of the February backlog has already been cleared, and the remaining will be fully resolved by the end of March 2025,” the company mentioned in its filing.
Ola Electric Mobility Limited’s stock closed at Rs 55.72 per share on March 24. Its shares have recovered slightly from a record low since it informed investors of the insolvency petition, but are still down about 27 percent since listing last August.
The Rosmerta Group, on its part, has also confirmed that Ola Electric Technologies Private Limited, has settled “all outstanding dues”.
“The payment of Rs 26,75,24,339/- has been made, covering the entire claim previously raised before the National Company Law Tribunal (NCLT),” Rosmerta said in an official statement.
Following the receipt of the payment, the Rosmerta Group companies have also confirmed that they are withdrawing their petitions before the NCLT in Bengaluru.
Rosmerta also stated that the settlement also ensures that no further causes of action remain between Rosmerta Group and Ola Electric. Moving forward, their relationship will be governed by by the Settlement Agreement that has been executed between both parties.
It may be recalled that the Rosmerta Group had earlier filed insolvency petitions against Ola Electric Technologies, citing unpaid dues. While Rosmerta Digital Services claimed outstanding dues of just over Rs 22 crore (approximately $2.5 million), Rosmerta Safety Systems sought nearly Rs 2.5 crore in payments from Ola Electric.
