Olectra Greentech clarifies a news article regarding penalties. While Olectra directly operates 150 buses in Pune under contracts with PMPML, the mentioned penalties do not apply to them. Penalties levied by PMPML relate to contracts with EVEY Trans Private Limited and OHA Commute Private Limited (Special Purpose Vehicle of EVEY), pertaining to the supply, operation, and maintenance of 350 and 150 buses respectively, where buses are procured from Olectra. These entities are challenging the penalties.
Response to News Report
Olectra Greentech addresses a recent news article concerning penalties imposed by PMPML. The company seeks to clarify its position and provide accurate information regarding its operations and contractual agreements.
Clarification on Operations and Penalties
Olectra Greentech confirms that it directly operates 150 buses in Pune under separate contracts with PMPML. The company explicitly states that no alleged penalties have been imposed on Olectra for these operations.
Details of Other Contracts
The penalties referenced in the news article pertain to separate concession agreements between PMPML and EVEY Trans Private Limited (“EVEY”) and OHA Commute Private Limited (“OHA”). These agreements cover the supply, operation, and maintenance of 350 and 150 buses respectively, with buses procured from Olectra.
Penalty Details and Legal Actions
PMPML has issued orders in October 2023, levying penalties on EVEY (₹40.39 crores) and OHA (₹15.43 crores) for alleged late or non-delivery of buses. EVEY and OHA have challenged these orders in the High Court of Bombay, which referred the matters to Arbitration. PMPML has filed review petitions against the court’s orders, and the matter is currently sub-judice. The news article pertains to these older penalties.
Source: BSE
