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Ola Electric shares fall 6% amid insolvency proceedings against subsidiary

Ola Electric shares plunged 6% as Rosmerta Digital filed an insolvency plea against its subsidiary. The company faces legal challenges amid growing financial losses.

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Ola Electric’s share price fell nearly 6% on Monday after Rosmerta Digital Services Ltd announced plans to file an insolvency petition against its wholly-owned subsidiary, Ola Electric Technologies Pvt Ltd. The petition, citing unpaid dues, was filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) and submitted to the Bengaluru Bench of the National Company Law Tribunal (NCLT).

Ola Electric’s response

Ola Electric Mobility has contested the claims, stating that it has sought legal counsel and will take all necessary actions to challenge the petition. The company mentioned that it had been renegotiating its agreements with Rosmerta Digital Services Pvt Ltd and Shimnit India Pvt Ltd to reduce costs and enhance efficiency in vehicle registration services.

Stock performance and market impact

Opening Price (BSE): Rs 50 per share

Intraday High: Rs 50.16

Intraday Low: Rs 48.61

Market analysts remain bearish on Ola Electric’s stock. Anshul Jain, Head of Research at Lakshmishree Investment and Securities, noted that the stock has been on a steady decline post-IPO, breaking below its base price of ₹76.

“After peaking at ₹157 post-IPO, the stock has been in a firm downtrend. The break below ₹76 suggests that the next key support level is ₹34. Unless a strong reversal occurs, further selling pressure is likely,” Jain stated.

Ola Electric’s Q3 2024 financial results

Ola Electric Mobility reported a widening consolidated net loss of ₹564 crore for Q3 2024, compared to ₹376 crore in the same quarter last year.

Revenue from operations: ₹1,045 crore (down from ₹1,296 crore year-on-year)

Increased expenses: Due to rising competition and one-time costs for service-related improvements

Despite financial struggles, the company noted that it achieved its highest-ever e-scooter registrations of 3.33 lakh units in Q3, marking a 37.5% increase from last year.

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Centre assures action on LPG supply disruption, court closes distributors’ plea

The Bombay High Court closed a plea by LPG distributors after the Centre assured diplomatic efforts to stabilise supply amid global disruptions.

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LPG cylinder

The Union government on Tuesday informed the Bombay High Court that it is taking diplomatic steps to address disruptions in Liquefied Petroleum Gas (LPG) supply linked to the ongoing Iran-Israel conflict, following which the court disposed of a petition filed by LPG distributors.

Appearing before the Nagpur bench, Solicitor General Tushar Mehta said the Centre was actively engaged in international-level negotiations to stabilise LPG supply. However, he noted that specific measures could not be disclosed due to their sensitive nature.

The matter was heard by a division bench comprising Justices Anil S Kilor and Raj D Wakode. The bench accepted the government’s assurances and closed the plea.

Distributors flagged supply disruption in Vidarbha

The petition was filed by six LPG distributors, including Omkar Sales, who raised concerns over disruptions in supply chains across Maharashtra’s Vidarbha region. They claimed the situation had led to a significant shortage of LPG for domestic consumers.

The distributors, dependent on Confidence Petroleum India Ltd (CPIL), alleged that despite directives prioritising domestic consumption, LPG was being diverted for export to capitalise on high international prices.

Government cites policy compliance, CPIL denies diversion

The petitioners referred to recent orders issued under the Essential Commodities Act and the Natural Gas (Supply Regulation) Order, 2026, which mandate prioritising household LPG supply during crises.

However, CPIL rejected the allegations, stating it was fulfilling pre-existing export commitments and had not violated any policy norms.

Court had earlier termed issue ‘serious’

During earlier hearings, the court had described the matter as “serious” and of “grave importance”, issuing notices to the Centre and the Ministry of Petroleum and Natural Gas.

On Tuesday, the Centre reiterated that macro-level supply challenges arising from global geopolitical tensions were being handled through diplomatic channels. It also said that any localised supply issues could be resolved by state authorities.

Taking note of these submissions, the bench disposed of the petition.

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Om Birla likely to move motion to revoke suspension of 8 opposition MPs today

The Lok Sabha is likely to revoke the suspension of eight opposition MPs today, with a motion expected to be moved by the government following consensus on maintaining discipline.

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Om Birla

The suspension of eight opposition Members of Parliament in the Lok Sabha is expected to be revoked on Tuesday, with Speaker Om Birla likely to initiate the process, according to sources.

The MPs, including seven from the Congress and one from the CPI(M), were suspended on February 3 for unruly conduct during the first phase of the Budget session after a resolution was adopted by the House.

Motion to be moved in Lok Sabha

Congress leader K Suresh said that Parliamentary Affairs Minister Kiren Rijiju is expected to move a motion around noon seeking revocation of the suspensions.

Although the suspension was initially imposed for the entire session, scheduled to conclude on April 2, opposition parties have consistently demanded reconsideration since the second phase of the session began on March 9.

Agreement on maintaining decorum

At a recent meeting convened by the Speaker, both ruling and opposition sides reportedly agreed on maintaining discipline in the House.

Key understandings include:

  • No member will enter the well of the House to protest
  • Papers will not be torn or thrown toward the Chair
  • MPs will not climb onto officials’ tables

The Lok Sabha Secretariat has also reminded members to keep areas within the Parliament premises obstruction-free to ensure smooth movement.

Speaker raises concern over conduct

Earlier, Om Birla had expressed concern over the use of banners, placards, and inappropriate language by some MPs. In a letter to party leaders, he stressed the need to uphold the dignity and traditions of parliamentary democracy.

He had also indicated that actions like suspension are taken in cases of serious misconduct, such as climbing onto tables during proceedings.

Suspended MPs

The suspended MPs include Gurjeet Singh Aujla, Hibi Eden, C Kiran Kumar Reddy, Amarinder Singh Raja Warring, Manickam Tagore, Prashant Padole, Dean Kuriakose (Congress), and S Venkatesan (CPI-M).

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Maharashtra passes freedom of religion bill with jail term up to 10 years

Maharashtra passes anti-conversion bill with strict jail terms and fines, aiming to curb unlawful religious conversions.

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Maharashtra faces freedom of bill

The Maharashtra Assembly has passed the Freedom of Religion Bill 2026, introducing stringent penalties to curb religious conversions carried out through coercion, fraud, inducement or marriage.

The bill was cleared by voice vote late Monday, with the government asserting that it aims to protect individuals from unlawful conversions while safeguarding constitutional rights.

Under the provisions, individuals found guilty of conversion through marriage or deceit can face up to seven years in prison along with a fine of Rs 1 lakh. In cases involving minors, women, persons of unsound mind, or those belonging to Scheduled Castes and Scheduled Tribes, the punishment increases to seven years’ imprisonment and a fine of Rs 5 lakh.

Mass conversions will also attract a jail term of up to seven years and a fine of Rs 5 lakh. Repeat offenders could face imprisonment of up to 10 years.

Chief Minister Devendra Fadnavis said the law is not aimed at any particular religion but seeks to prevent conversions through illegal means. He emphasised that the right to freedom of religion under Article 25 of the Constitution does not include conversion through coercion or fraud.

He also noted that several states, including Odisha, Gujarat, Uttar Pradesh, Madhya Pradesh, Haryana, Karnataka and Jharkhand, have enacted similar laws.

The bill allows complaints to be filed by the affected individual or close relatives, while police can also initiate action in certain situations. The government said this provision is necessary as victims may not always be in a position to approach authorities.

Minister of State for Home Pankaj Bhoyar said the legislation ensures that conversions take place voluntarily and transparently. He addressed concerns over the requirement of giving a 60-day prior notice to the district magistrate, stating that the provision is meant to verify free consent.

The law also mandates informing authorities within 21 days after conversion, failing which it may be treated as invalid. The government described this as a measure for administrative record-keeping and to avoid disputes.

During the debate, members from the opposition raised concerns over possible misuse and vigilantism. Congress MLA Aslam Shaikh argued that the bill could affect constitutional rights, including privacy and equality. Some legislators also demanded that the bill be sent to a joint select committee for further scrutiny.

However, the opposition Shiv Sena (UBT) extended support. MLA Bhaskar Jadhav said the bill does not target any religion and is aimed at preventing unethical practices.

The government maintained that the law does not restrict an individual’s right to change religion voluntarily but is intended to curb unlawful practices and maintain law and order.

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