Ola Electric Mobility Limited has informed the stock exchanges that it has received a show cause notice from the Central Consumer Protection Authority (CCPA). The notice, received on October 7, 2024, raises concerns about alleged violations of consumer rights, misleading advertising, and unfair trade practices.
Details of the Notice
The company stated that the show cause notice was sent via email and that the CCPA has given Ola Electric a period of 15 days to respond. Ola Electric plans to provide a comprehensive reply to the CCPA within this timeframe, supported by relevant documents and clarifications.
Impact on the Company
According to Ola Electric’s official communication, the notice has not yet affected its financial, operational, or other business activities. The company also clarified that the notice does not impose any penalties or financial fines.
Background and Next Steps
The company will be filing its response with the CCPA and has assured that it will address all the points raised in the show cause notice. The information related to the notice will be made available on Ola Electric’s official website, as per the company’s update to the exchanges.
The update was shared by Harish Abichandani, the Chief Financial Officer of Ola Electric Mobility Limited, with necessary documentation and details attached for record-keeping and compliance.
