Ola Electric's subsidiary settles all dues with Rosmerta Group

Earlier this month, Rosmerta Digital Services filed a petition against Ola Electric Technologies, alleging a default in payments, but did not mention the size of the default.

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Ola Electric on March 25 said its wholly owned subsidiary has amicably settled its dues with Rosmerta group, which will now withdraw its insolvency petition against the unit, the electric scooter maker informed the stock exchanges.

The group will withdraw its petition for alleged default against Ola Electric Technologies from NCLT Bengaluru, the stock filing said.

Earlier this month, Rosmerta Digital Services filed a petition against Ola Electric Technologies, alleging a default in payments, but did not mention the size of the default.

Ola Electric had also said a mismatch between company-provided sales data and government registration data in February was due to negotiations with its vehicle registration vendors.

The company said the backlog that arose from the data mismatch has been cleared, but the government has sought information on the matter.

Ola Electric's shares have recovered slightly from a record low since it informed investors of the insolvency petition, but are still down about 27% since listing last August.

With inputs from Reuters