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In an email dated January 7, SEBI issued an administrative warning to Ola Electric in connection with the violation of regulations 4 (1) (d), 4 (1) (f), 4 (1) (h) and 30 (6) of the SEBI disclosure regulations, 2015.
The warning pertained to the company’s announcement of planning a four-fold expansion of its company-owned store network by December 20, 2024. While the same was informed to the exchanges post 1:30 PM on December 2, 2024, the announcement was already made beforehand by Ola Electric’s Chairman and Managing Director Bhavish Aggarwal on “X” before 10 AM that day.
“The above violations have been viewed very seriously. You are hereby warned and advised to be careful in the future and to improve your compliance standards to avoid the recurrence of such instances, failing which, appropriate enforcement action may be initiated,” the SEBI letter stated.
Ola Electric said in its exchange filing that there are no financial implications due to this warning.
In a separate filing on Tuesday night, Ola Electric said that the Karnataka High Court has granted an extension of six weeks for the company to submit the response to the CCPA.
Ola Electric had received show cause notices by the Central Consumer Protection Authority (CCPA) over alleged violation of consumer rights, misleading advertisements and unfair trade practices. Back then, the company had said that it has resolved 99.1% of the complaints out of the 10,644 received from the CCPA.
Shares of Ola Electric Mobility ended 1.3% higher on Tuesday at 79 and are back to their IPO price of ₹76 per share.
