Ola Electric made its expansion plans public on social media platform X (formerly Twitter) without informing the stock exchanges, which has irked SEBI. The market regulator has warned the company for this. SEBI has issued an administrative warning saying, “This is with reference to the disclosures made by you on the stock exchanges on December 2, 2024 under the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, regarding the stores owned by your company. “Information was spread about plans to expand the network four times.”
SEBI wrote that it is observed that while the above information was disseminated by you to the stock exchanges at 1:36 pm (BSE) and 1:41 pm (NSE) on December 2, 2024, the same was announced by your promoter and chairman -Cum-Managing Director Mr. Bhavish Aggarwal was already posted on December 2, 2024 at 9:58 am on X (formerly Twitter).
SEBI said Regulation 30(6)(ii) of LODR stipulates that “the listed entity shall first disclose to the stock exchanges all events or information which is material in accordance with the provisions of this Regulation, as soon as and in any case not more than twelve hours after the occurrence of the incident or information, if the incident or information originates from within the listed entity.” It was observed that the above information was not disclosed to the stock exchanges earlier and was not disclosed to the stock exchanges as early as possible.
What was the announcement: Bhavish Aggarwal, Chairman and Managing Director, Ola Electric, wrote, “Inauguration of record 4,000 Ola Electric stores on 25th December, Christmas Day! 'Savings Wala Scooter' will now be available in every city, town and tehsil! Visit your nearest store and be a part of the electric revolution.”
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