Insolvency Guardian Media Centre
The shares of Ola Electric shed about 6 percent in early trading on Monday, March 17, with reports of two of its units having filed insolvency petitions due to vendor dues.
At 11 am, shares of Ola Electric Mobility Limited are currently trading at Rs 47.27, down 6.43 percent.
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A subsidiary of Ola Electric Mobility Ltd. is grappling with insolvency petitions filed by two key vehicle registration service providers in India over outstanding dues, further exacerbating the EV maker’s financial and operational challenges. Rosmerta Digital Services Pvt. and Rosmerta Safety Systems, both suppliers of vehicle registration services and high-security registration plates, have separately initiated insolvency…
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Canadian department store retailer Hudson’s Bay Company said on Friday it has failed to secure sufficient financing to go ahead with a restructuring transaction under the Companies’ Creditors Arrangement Act.
The Toronto-based company said it has only secured limited debtor-in-possession financing that will require the full liquidation of the entire business, added that a store-by-store liquidation process will begin as soon as next week.
Hudson’s Bay said it hopes that key stakeholders, particularly its landlord partners, would explore with it an alternative restructuring path that could preserve jobs and tenancy in retail…
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India’s Ola Electric shares hit record low as unit faces insolvency petition MSN
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EV company Ola Electric’s shares fell by about 6% on Monday following a petition filed by Rosmerta Digital Services under Section 9 of the Insolvency and Bankruptcy Code against its EV-making unit.
Ola Electric’s shares hit a 52-week low of Rs 47.59 apiece as of 10:14 AM today.
On Saturday, the Bhavish Aggarwal-led company informed stock exchanges that one of its operational creditors, Rosmerta Digital Services, has filed a petition before the National Company Law Tribunal – Bengaluru Bench alleging default in payments towards services rendered.
In February, the company said it was renegotiating its terms of agreement with Rosmerta Digital Services and Shimnit India Private Ltd to reduce costs and help enhance registration…
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Canada’s oldest company seeking to liquidate Global News Kingston
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Ola Electric shares tumbled nearly 7% on Monday, sinking below Rs 50 for the first time. The stock hit a record low of Rs 46.94 on the Bombay Stock Exchange (BSE) in early trade. By 10:54 am, it was trading at Rs 47.25, down 6.51%.
The slump came after the company revealed that an insolvency petition had been filed against its subsidiary, Ola Electric Technologies.
The petition was submitted by M/s. Rosmerta Digital Services, an operational creditor, at the National Company Law Tribunal (NCLT) in Bengaluru. The creditor accused Ola of defaulting on payments for services and asked for a Corporate Insolvency Resolution Process (CIRP) to be initiated.
Ola Electric issued a statement to stock exchanges, saying: “We wish to inform you…
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Sharvain Facades goes into voluntary administration MSN
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NEW YORK – The US operator of fast-fashion retailer Forever 21, a brand that once attracted droves of young women and girls to shop for cheap, trendy clothing, filed for Chapter 11 bankruptcy for the second time in six years.
The move likely means liquidation for the company, which was unable to find a buyer for its roughly 350 US stores. Its trademark and intellectual property – still held by an entity called Authentic Brands Group – may live on in a different form.
Forever 21 closed its last physical store in Singapore in June 2021.
Founded in Los Angeles in 1984 by South Korean immigrants, Forever 21 at its height was popular among young shoppers on the prowl for stylish but affordable clothing. By 2016 it was operating around 800…
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Sharvain Facades goes into voluntary administration MSN
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Ola Electric shares dive 6% to hit all-time low; here’s what analysts have to say MSN
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Ola Electric Mobility’s shares dropped 3.8% following the disclosure of an insolvency petition filed against its subsidiary, Ola Electric Technologies
Ola Electric Scooter. (File photo)
Ola Electric Shares: Shares of Ola Electric Mobility fell 3.8%, hitting an intraday low of Rs 48.61 on the BSE on Monday, March 17, after the company revealed that an insolvency petition had been filed against its wholly-owned subsidiary, Ola Electric Technologies, by M/s. Rosmerta Digital Services.
The petition was filed by Rosmerta Digital, an operational creditor of Ola Electric, before the National Company Law Tribunal (NCLT) in Bengaluru. The creditor has alleged payment defaults for services rendered and is…