Ola Electric and the two-wheeler maker’s founder-chairman, Bhavish Aggarwal, have approached the Securities and Exchange Board of India (Sebi) to settle proceedings related to allegations the company disseminated false and misleading information to potentially inflate the stock price. ET has seen a copy of the settlement offer.
The settlement application, filed on April 23 after Sebi issued a show-cause notice on April 10, seeks to resolve the matter “without admission or denial" of facts and legal conclusions. Allegations pertained to misleading information on service network expansion, sales performance and electric motorcycle rollout timelines.
