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Updated On: 17-Sep-2025 10:53 AM
Olectra Greentech denies direct penalties in PMPML dispute, clarifies penalties relate to other contractors, and confirms its 150-bus operations remain unaffected.
Olectra Greentech denies direct penalty in PMPML contract.
Clarifies penalties apply to EVEY Trans & OHA Commute.
₹40.39 crore & ₹15.43 crore penalties challenged in court.
Bombay High Court referred disputes to arbitration.
The company assures no impact on its 150-bus operations.
Hyderabad-based Olectra Greentech Limited has clarified that no direct penalties have been imposed on the company in connection with PMPML bus operations, countering recent media reports.
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Olectra Greentech Limited issued a formal clarification to stock exchanges on September 16, responding to a news report published in Hindustan Times on September 15. The company stated that it has not been penalized for its 150-bus operations with Pune Mahanagar Parivahan Mahamandal Limited (PMPML).
According to the filing, the penalties mentioned in the news report are linked to EVEY Trans Private Limited and OHA Commute Private Limited, which manage 350 and 150 buses, respectively, under concession agreements with PMPML.
EVEY Trans Private Limited: ₹40.39 crore
OHA Commute Private Limited: ₹15.43 crore
These penalties were reportedly imposed for alleged late delivery and non-delivery of buses, which had been procured from Olectra under tender agreements.
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Both EVEY Trans and OHA Commute have challenged the penalties before the Bombay High Court. The court referred the disputes to arbitration. PMPML has filed review petitions against the court’s earlier orders, and the matter is still pending.
The clarification was made under Regulation 30(11) of SEBI’s Listing Obligations and Disclosure Requirements (LODR), 2015, which mandates companies to clarify news reports that may impact stock prices.
Olectra Greentech is one of India’s leading electric bus manufacturers, supplying EV buses to multiple state transport undertakings. Its shares are listed on BSE (scrip code: 532439) and NSE (symbol: OLECTRA).
The filing was signed by P. Hanuman Prasad, Company Secretary and Head of Legal at Olectra Greentech Limited.
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Olectra Greentech’s clarification ensures investors and stakeholders that no direct penalties have been imposed on the company regarding PMPML operations. The ongoing legal matters involve separate contractors, and their resolution is still pending in arbitration.