A unit of Ola Electric, an Indian electric scooter maker, has settled dues worth 267.5 million rupees ($3.1 million) with vehicle registration agency Rosmerta Group, the companies said on Tuesday.
Rosmerta will now withdraw a petition to take the unit insolvent, they said.
Earlier this month, Rosmerta Digital Services filed a petition against Ola Electric Technologies, alleging a default in payments.
Ola Electric had also said a mismatch between company-provided sales data and government registration data in February was due to negotiations with its vehicle registration vendors.
The company said the backlog that arose from the data mismatch has been cleared, but the government has sought information on the matter.
On Tuesday, its shares were trading flat in a volatile session.
Ola Electric’s shares have recovered slightly from a record low since it informed investors of the insolvency petition, but are still down about 27% since listing last August.
($1 = 85.7250 Indian rupees)
Reuters
