New Delhi:
Ola Electric said that the Ministry of Heavy Industries (MHI) and the Ministry of Road Transport and Highways (MORTH) have questioned the company’s sales figures about flaws and certificates required for business. Ola Electric Mobility said in the regulatory filing on the previous day that an explanation has been sought by the Ministry for following the rules of the trade certificate.
No legal action, process of responding continues
The electric vehicle company said that it is in the process of responding to these inquiry, but no regulator or legal proceedings are going on against him. Let us know that the investigation of Ola Electric started at a time when the company has seen a big difference in the data of February’s sales and vehicle registration data.
Difference between sales and registration data
The company said that the reason for the difference in vehicle registration and sales figures is the arrears of registration. Apart from this, Ola Electric said that he has received notices in four states related to trade certificates for some of his stores. The company assured that it was trying to address these concerns.
Reason for delay in registration process
The company further said that in February, registration was delayed when it ended the agreement with two national vendors managing the registration process. This step was taken under a strategy to improve operations.
Now the speed of registration is increasing
Despite these challenges, Ola Electric said that daily registrations have increased. The company expressed confidence that it would solve these concerns and will continue its expansion in the electric vehicle market.
The company said, “Our focus focuses on efficiently resolving outstanding matters and serving its customers with transparency and reliability.”
Ola Electric’s stock has seen a big decline for the last few months. It has fallen more than 60 percent from its highest level of August 157.