The Ministry of the Union of Transportation and Highway Roads has issued a notice of cause of exhibition to OLA Electric Mobility Limited on the missing commercial certificates.
In the notice dated April 24, the ministy asked Bhavish, Ola Electric de Bhavish Aggarwal, to provide detailed information on the number of stores and service centers that currently operates, as well as the number of commercial certificates he has, including perseverance.
The company has also been asked to clarify whether it is storing not registered vehicles in its centers, the report added.
The Ministry also demanded data and variants for the 7,820 electric scooters that Ola Electric said to have delivered in February this year.
The company has been ordered to respond within seven days after the reception of the notice to avoid any advertising action.
In response, Ola Electric said he had already revealed the necessary information to the stock exchanges and denied having received any order to close around 100 or exposure rooms in Maharashtra.
The company made this clarification in a presentation to the National Stock Exchange (NSE) on Friday, responding to a media report on the compliance action of the Maharashtra transport department.
“We are not aware of any negotiation or events regarding a notice of the authorities that order the immediate closure of 100 exhibition rooms in Maharashtra,” said the company in its presentation of NSE.
Ola Electric also said that he had already reported exchanges on March 21 about receiving notices from four states related to commercial certificates at certain points of sale.
It was advised that all requests of applications have one leg in line with the regulations of Sebi, and there is no unleashed information that can explain the recent movements in the price of their actions.
“There is no material impact of this article on the company,” added Ola Electric.
Axis by Indian Law, the shipping of the concessionaire must have a valid trade certificate to sell vehicles or even offer test units. Around 1.45 pm, Ola Electric shares dropped almost 4 percent at RS 50.39 on Friday at the NSE.
