Ola Electric and founder Bhavish Aggarwal have filed to settle allegations from India's market regulator regarding misleading statements on business performance.
Ola Electric and its founder Bhavish Aggarwal approached the Securities and Exchange Board of India to resolve claims that the company spread false information to boost its share price.
The application follows a formal notice from the regulator. It targets statements about the expansion of service networks and sales results ahead of the company's public listing.
The firm aims for an amicable end to the proceedings without admitting or denying the allegations.