Description

Ola Electric Mobility Limited provides clarification regarding FIR filed after employee's suicide, stating no chargesheet filed and matter does not constitute material event under SEBI regulations.

Summary

Ola Electric Mobility Limited (BSE Scrip Code: 544225) issued a clarification on October 21, 2025, regarding media reports about an FIR filed following the suicide of employee Mr. Aravind. The company confirmed that an FIR was registered but has been challenged in the Karnataka High Court with protective orders obtained. No chargesheet has been filed against the company or its officials. The company states the deceased employee never raised any complaints during his tenure and had no direct interaction with top management including the promoter. Full and final settlement was facilitated to the employee’s bank account. The company asserts this does not constitute a material event under SEBI Listing Regulations and there is no material impact on the company.

Key Points

  • FIR registered in connection with employee Mr. Aravind’s suicide following media reports dated October 20, 2025
  • Company challenged the FIR registration before Karnataka High Court; protective orders passed in favor of Ola Electric and its officials
  • No chargesheet filed against the company or its officials
  • Deceased employee never raised any complaint or grievance during his tenure
  • Employee’s role did not involve direct interaction with top management or promoter
  • Full and final settlement promptly facilitated to employee’s bank account
  • Company fully cooperating with authorities in ongoing investigation
  • Company states matter does not constitute material event under Regulation 30 of SEBI LODR 2015
  • No undisclosed information that could explain stock price movement
  • Company confirms no material impact on operations

Regulatory Changes

No regulatory changes announced in this circular.

Compliance Requirements

  • Company committed to maintaining safe, respectful and supportive workplace for all employees
  • Company states it will make appropriate disclosures in accordance with applicable laws as investigation proceeds
  • All material events and information under SEBI LODR 2015 have been duly disclosed to stock exchanges
  • Clarification made available on company’s investor relations website at https://www.olaelectric.com/investor-relations/announcements

Important Dates

  • October 20, 2025: News article published in mainstream media
  • October 20, 2025: BSE email received by company requesting clarification
  • October 21, 2025: Company response and clarification submitted to BSE

Impact Assessment

Legal Impact: Medium - FIR registered but protective orders obtained from High Court; no chargesheet filed. Legal proceedings at preliminary stage with company challenging the FIR itself.

Operational Impact: Low - Company states no material impact on operations; employee’s role did not involve interaction with top management.

Regulatory Impact: Low - Company asserts matter does not constitute material event under SEBI Listing Regulations Regulation 30; no disclosure obligation triggered at this stage.

Market Impact: Low - Company confirms no undisclosed information affecting stock price movement; matter being addressed through legal channels with protective orders in place.

Reputational Impact: Medium - Media coverage of FIR related to employee suicide creates reputational concerns despite company’s clarifications about lack of complaints and no direct management involvement.

Impact Justification

FIR registered but no chargesheet filed, protective orders obtained from High Court, company states no material impact on operations or regulatory obligations