Ola Electric
Capital markets regulator SEBI has warned Ola Electric Mobility for violating listing rules. According to the Securities and Exchange Board of India (SEBI), Ola Electric Mobility has violated listing rules by sharing store expansion plans on social media before informing the stock exchanges. SEBI, in a letter to the company, has objected to the publicity of the plan of four-fold expansion of the company-owned store network by December 20, 2024.
Bhavish Aggarwal had shared the information
Ola Electric Mobility has shared this letter on BSE. The letter said, it is observed that the above information was circulated by you at 1:36 pm (BSE) and 1:41 pm (NSE) on December 2, 2024, while your Promoter and Chairman-cum-Managing Director Bhavish Aggarwal had announced this on social media platform X on December 2, 2024 at 9.58 am. SEBI said that this is a violation of listing rules and it is taken seriously.
Strict instructions not to do this in future
You are cautioned and advised to be careful in future and improve your compliance standards to avoid recurrence of such cases, the regulator said. If this does not happen then appropriate steps will be taken under the Securities and Exchange Board of India Act, 1992 and the rules made thereunder. SEBI asked the company to ‘take corrective steps, place this letter and the corrective steps taken before its board of directors and give a copy of this letter to the stock exchanges on which the company is listed. The company had said on December 2 that it planned to expand its owned store network four times to 4,000 by December 20, 2024. The company had said that there are preparations to increase the number of existing stores from 800 to 4,000.
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