Bhavish Aggarwal’s Rs 39967 crore company receives another notice, gets 15 days to...

Ola Electric is often in the news for different reasons. The company led by Bhavish Aggarwal has now received another show-cause notice from the Central Consumer Protection Authority (CCPA). The company disclosed in a December 5 exchange filing, that the CCPA has requested additional documents and information following its earlier response to the authority, TOI reported.

The Rs 39967 crore market cap company said that it received an email from the CCPA dated December 4, 2024. The new notice came two months after it received a show cause notice from CCPA on October 7, 2024 for “alleged violation of consumer rights, misleading advertisement and unfair trade practices”. At the time, the company said that it had resolved 99.1 per cent of the complaints out of 10,644 complaints received from CCPA.

In its exchange filing, it said: “With reference to our previous intimation to the exchange dated October 07, 2024 and October 21, 2024, regarding the intimation of Show Cause Notice received by Ola Electric Mobility Limited (“the Company”) from the Central Consumer Protection Authority (“CCPA”), we would like to inform you that the Company has received further communication from the CCPA via email dated December 04, 2024, seeking additional documents and information in relation to the previous response submitted by the Company.”

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“The CCPA has provided a timeline of 15 days from the date of email communication for the Company to submit the response in respect of seeking additional documents and information. The Company will ensure a timely response within the specified timeframe,” it added.

In November 2024, the regulatory authority asked the Bureau of Indian Standards (BIS) to conduct a detailed investigation into its consumer complaint redressal practices. The company was listed in August this year. Its share price was closed at Rs 95.85 on Friday.