The case of Ola -SCOOTERS missing – Bike News

Electric pot It can cope with the regulatory control on a potential mismatch of its reported sales figures and the real records with the state transport departments. The company has announced that it has sold 25,000 electric scooters in February. However, according to data on the Vahan portal, at the end of February, only 8,651 scooters were registered – a gap of 16,349. On March 17, the portal presents records of 8,230 scooters. This is likely to include some sales in February, however, leaving a substantial gap, because there may not have been null sales until this month.

According to the law of vehicles, vehicles must be registered with the transport department of the states concerned within seven days after retail. The Vahan portal of the Central Government records all the registered vehicles, which are the basis for capturing the retail sales data.

A spokesman of Ola Electric did not respond to Fethe questions about the discrepancy until the time to go to the press.

Experts say that discrepancy is significant enough to erode investor confidence. Shriram Subramanian, founder and MD of Ingovern Research Services, said Fe: “The gap is too big to be ignored. Ola It has to issue a clarification, otherwise how can investors trust any of its numbers? “

He added that both the securities and the India’s exchange board (Sebi) and the scholarships must also seek explanations from the company regarding the discrepancy of the numbers. If it is proven, Ola could face sanctions, said Subramanian.

According to Ola’s red herring prospect project (DRHP), submitted before it IPoThe revenues are only recognized by it when delivering the scooter and registration on the same day.

“You may have reported reservations as real sales to create a favorable market Feeling, “said an executive of a vehicle registration services company.

According to central vehicle rules, 1989, dealers can deliver a vehicle unless it is registered – either temporarily or permanently. If Ola has bypassed this, both the company and customers may face legal consequences, because the driving of an unregistered vehicle is illegal.

“Even for temporary numbers, the vehicle must first be recorded on Vahan.

Recently, OLA has concluded its contract with registration service providers, Rosmerta Digital and Shimnit India, opting to cope with records in the house.

Rosmenta Digital Services and Rosmerta Sideray Systems have deposited an insolvency petition against the Ola Electric branch, full -owned, Ola Electric Technologies, for RS 24.5 crores in unpaid taxes. By report Ola stock reserved 7.18% on Bve to close Monday 46.91 Rs.