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Ola Electric Vendor Files NCLT Petition Over Unpaid Dues, Pursues Insolvency Action

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A vendor for Ola Electric Mobility Limited, Rosmerta Digital Services Private Limited, has filed an insolvency petition against a wholly-owned subsidiary of the electric two-wheeler manufacturer, citing alleged unpaid dues.

Rosmerta Digital Services has approached the National Company Law Tribunal (NCLT) in Bengaluru, claiming that Ola Electric Technologies Private Limited has defaulted on payments for the services rendered.

In an official filing, Rosmerta has requested the tribunal to initiate a corporate insolvency resolution process.

In response, Ola Electric has firmly disputed the vendor’s claims and is seeking legal advice to safeguard its interests. The company has vowed to take all necessary actions to counter the allegations, as stated in a stock exchange filing dated March 15.

Ola Electric Technologies is tasked with manufacturing the company’s electric scooters at its Futurefactory located in Tamil Nadu, while Ola Cell Technologies Private Limited manages the battery business.

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Previously, Rosmerta Digital Services facilitated vehicle registrations for Ola Electric through the government’s VAHAN portal. However, Ola Electric terminated its partnership with Rosmerta in February and formed an in-house team to handle the registration process. This shift was aimed at reducing costs and attaining operational profitability as quickly as possible, according to a report by NDTV Profit dated March 6.

Despite transitioning to an in-house registration system, Ola Electric still owes Rosmerta Digital Services an outstanding amount of Rs 17-18 crore.

This change was noticeable in February’s vehicle registration statistics. Although Ola Electric reported sales of 25,000 electric scooters for that month, only 8,390 units were registered on the VAHAN portal. The company attributed this discrepancy to ongoing renegotiations with vendors, including Rosmerta and Shimnit India, who had previously managed vehicle registrations.

Ola Electric clarified in a filing last month that these discussions had temporarily impacted registration figures but did not affect actual sales.

On Thursday, the company’s shares fell by 1.12 percent to Rs 50.54 each on the Bombay Stock Exchange (BSE), with the stock markets remaining closed on Friday due to a holiday.

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Business

Fuel Prices Hiked by Rs.3 per Litre across India

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New Delhi: Petrol and diesel prices have been increased by Rs.3 per litre across the country from today. Oil marketing companies revised the rates due to the rise in global crude oil prices.

After the hike, petrol price in Bengaluru has reached Rs.106.17 per litre, while diesel now costs   Rs.94.10 per litre.

The increase comes amid fluctuations in international crude oil prices and tensions in West Asia, including the Iran conflict. The fall in the value of the Indian rupee against the US dollar has also increased import costs.

The fuel price hike is expected to affect transportation and daily essentials. Transport charges for goods may rise, leading to higher prices of vegetables, fruits, milk, and other items. Bus, auto, and taxi fares may also increase.

READ MORE :Two Final-Year Engineering Students Drown in Bhadra Canal

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Earlier, fuel prices were reduced before the 2024 Lok Sabha elections. In 2022, the Centre had also cut excise duty to control inflation after the Covid pandemic.

 

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Gold Prices Rise in Mangaluru; Demand for Ornaments Remains Strong

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Mangaluru: Gold prices in the coastal city of Mangaluru have been reported at high levels today. The rate for 24 karat gold (99.9% purity) stands at Rs.14,962 per gram. The price for 22 karat gold (91.6% purity) is Rs.13,715 per gram. Meanwhile, 18 karat gold (75% purity) is being sold at Rs.11,222 per gram.

Mangaluru is well known for its deep cultural connection with gold. The city has a long tradition of buying and wearing gold ornaments. This tradition continues strongly even today.

Local jewellers say that demand for gold remains steady despite high prices. Many people still prefer to invest in gold for safety and long-term value. Gold is also an important part of weddings and festivals in the region.

Apart from its love for seafood, Mangaluru is also famous for its gold market. The gold trade in the city has a long history and continues to grow.

READ MORE :Mango Sheera Emerges as a Popular Summer Dessert

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Buyers are advised to check the latest rates before making a purchase. They can also use a gold rate calculator to get exact pricing based on weight and purity.

Experts say that gold prices may change depending on global market trends. Customers should stay updated and make careful decisions while buying gold.

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Pune FDA Seizes 3,800 Kg of Adulterated Mango Pulp in Major Crackdown

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In a major action against food adulteration, the Food and Drug Administration (FDA) in Pune has seized over 3,800 kilograms of mango pulp mixed with unsafe food colours.

The raid was carried out after officials received confidential information about illegal production activities in the district. Acting quickly, an FDA team traced the source to a manufacturing unit in Urse village in Maval taluka.

During the inspection, officers found that the mango pulp was being prepared using unauthorised food colours and other banned substances. These materials are not allowed under food safety rules and can be harmful to consumers.

The unit was reportedly operated by Mohammad Ekramul, also known as Akram Gulam. Authorities said the facility was violating multiple food safety regulations.

Officials immediately seized the adulterated stock and stopped further production at the site. The FDA has also begun investigating the supply chain to identify where the products were being distributed.

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READ MORE:98-Year-Old Nani Turns Entrepreneur, Inspires Millions With Gujarati Snacks

Authorities warned that strict action will be taken against those involved in food adulteration. They also urged the public to stay cautious while buying food products, especially during the mango season.

Further investigation into the case is currently underway.

 

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