Background of the Incident
Bengaluru-based Ola Electric issued an official statement on Tuesday following the registration of an FIR involving senior company executives, including CEO Bhavish Aggarwal. The FIR was filed by Bengaluru Police in connection with the abetment to suicide of a former employee.
Company’s Formal Response to Media Reports
In a formal communication to stock exchanges dated October 21, Ola Electric addressed media inquiries concerning the case. The electric vehicle manufacturer confirmed the FIR registration but also highlighted ongoing legal proceedings to contest the FIR in the Karnataka High Court.
Legal Proceedings and Protective Orders
The company revealed that protective orders have been granted in favor of Ola Electric and its officials. Furthermore, the company clarified that no charge sheet has been submitted against either the firm or its leadership team to date.
Company’s Condolences and Employee Relations
Ola Electric expressed deep sorrow over the unfortunate passing of their former colleague, Aravind. The company emphasized that during Aravind’s tenure, no formal complaints or grievances were ever raised by him relating to his employment conditions.
Details Regarding Employee’s Role and Company Interaction
According to the company’s filing, the deceased employee’s responsibilities did not include direct engagement with Ola Electric’s top management or promoters. The company reiterated its commitment to full cooperation with the investigating authorities.
Settlement and Support to the Family
Ola Electric confirmed that it promptly arranged for the full and final settlement of dues to the family of the deceased, demonstrating their support during this difficult time.
Market Impact Following the Incident
Following the news, Ola Electric shares experienced a decline of 4.25%, closing at Rs 54.80 per share on the BSE on Monday. This ended the company’s three-day consecutive gain streak.
