Ola voluntarily recalls 1,441 e-scooters after incidents of catching fire

News Network
April 24, 2022

Ola Electric is recalling 1,441 units of its electric two-wheelers in the wake of incidents of vehicles catching fire, according to a company statement.

The company said its investigation into the fire incident on March 26, in Pune, is ongoing and preliminary assessment found that it was an isolated one.

However, it said, "As a pre-emptive measure we will be conducting a detailed diagnostic and health check of the scooters in that specific batch and therefore are issuing a voluntary recall of 1,441 vehicles."

Ola Electric further said, "These scooters will be inspected by our service engineers and will go through a thorough diagnostics across all battery systems, thermal systems as well as the safety systems."

Ola Electric said its battery systems already complies with and is tested for AIS 156, the latest proposed standard for India, in addition to being compliant with the European standard ECE 136.

Recently, there have been widespread incidents of electric two-wheelers catching fire in various parts of the country forcing manufacturers to recall their vehicles.

Okinawa Autotech had recalled over 3,000 units, while PureEV did a similar exercise for around 2,000 units.

The fire incidents had prompted the government to form a panel to examine and had warned companies of penalties if they were found to be negligent. 

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News Network
February 2,2023

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New Delhi, Feb 2: India's Adani group shares plunged on Thursday after the Gautam Adani-led conglomerate shelved a $2.5 billion share sale amid a turbulent market, bringing its cumulative market capitalisation losses to $100 billion since last week's short-seller attack.

The withdrawal of Adani Enterprises' share sale marks a dramatic setback for Adani, the school dropout-turned-billionaire whose fortunes rose rapidly in recent years in line with the stock values of his businesses.

Adani on Wednesday called off the share sale as a stocks rout sparked by US short-seller Hindenburg's criticisms deepened, despite the offer being fully subscribed on Tuesday. In the fallout of the short-seller's attack, Adani has also lost his title as Asia's richest man.

The group's flagship firm - Adani Enterprises - plunged 10 per cent after opening higher on Thursday. Other group companies - Adani Ports and Special Economic Zone, Adani Total Gas, Adani Green Energy and Adani Transmission - fell 10 per cent each, while Adani Power and Adani Wilmar dropped 5% each.

The stocks tumble and shelving of the share sale mark an embarrassing turn of events for the billionaire who has forged partnerships with foreign players in his global expansion of businesses that stretch from ports to mining to cement.

Adani is now the world's 16th richest, as per Forbes' list, down from third rank last week.

India's central bank has asked local banks for details of their exposure to the Adani group of companies, government and banking sources told Reuters on Thursday. CLSA estimates that Indian banks were exposed to about 40 per cent of the 2 trillion rupees ($24.53 billion) of Adani group's debt in the fiscal year to March 2022.

Earlier this week, the Adani group said it had the complete support of investors, but investor confidence has tapered in recent days.

Citigroup's wealth unit has stopped extending margin loans to its clients against securities of Adani group, a source with direct knowledge of the matter said on Thursday. Citi declined to comment.

Hindenburg's report last week alleged an improper use of offshore tax havens and stock manipulation by the Adani group. It also raised concerns about high debt and the valuations of seven listed Adani companies.

The Adani group has denied the accusations, saying the short-seller's allegation of stock manipulation has "no basis" and stems from an ignorance of Indian law. The group has always made the necessary regulatory disclosures, it added.

As shares plunged after the Hindenburg report, Adani managed to secure the share sale subscriptions on Tuesday even though the stock's market price was below the issue's offer price. But on Wednesday, stocks plunged again.

In a late night announcement on Wednesday, Adani said he was withdrawing the share sale as the company's "stock price has fluctuated over the course of the day. Given these extraordinary circumstances, the company’s board felt that going ahead with the issue will not be morally correct." 

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News Network
February 7,2023

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Mangaluru, Feb 7: The authorities and parents heaved a sigh of relief on Tuesday as most of the nursing and paramedical college students, among 231, who fell sick from food poisoning have recovered.

The hospital authorities have confirmed that most of the students admitted were discharged and many have been sent back after treatment. No student is critical and about 13 students are still under treatment, they stated.

Meanwhile, an FIR has been registered at Kadri police station against the management board, in connection with the food poisoning case based on the complaint lodged by District Surveillance Officer (DSO) Dr Jagadeesh.

As many as 231 nursing and paramedical students from a private hostel in Shaktinagar here hadfallen sick, some seriously, due to food poisoning. Among them 137 students had been admitted to at least five hospitals in the city. 

City police commissioner N Shashi Kumar said, the students had developed stomach ache, vomiting and diarrhoea, since 2am on Monday, and the college authorities had not shared any details to the family members. It is suspected water contamination could be the reason for food poisoning.

Though they complained of severe distress at 2am, they were brought to the hospital after 9pm. Sources said that the condition of some of the students was serious. While 52 students were admitted at AJ Hospital, 42 at Fr Muller Hospital, 18 at KMC, 14 at Unity Hospital, eight at City Hospital and three at Mangala Hospital. Most of them have already been discharged. 

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News Network
February 2,2023

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India's Haj quota for this year has been fixed at 1,75,025 according to the bilateral agreement with Saudi Arabia, the government of India said on Thursday.

In a written reply to a question in Lok Sabha, Minority Affairs Minister Smriti Irani said the ministry has had a number of interactive sessions on Haj management with stakeholders, including Haj Committees of the states and Union Territories, wherein requests for restoration of Haj quota were received.

"The issue was addressed under the Annual Bilateral Agreement with Kingdom of Saudi Arabia (KSA) for Haj 2023 and inspite of challenges of Covid-19, the original Haj quota of the country i.e. 1,75,025 has been restored for Haj 2023," Irani said.

The quota earmarked for Haj Committee of India (HCoI) under the Annual Bilateral Agreement is meant for pilgrims from various states and UTs for Haj 2023.The increase in Haj quota has now enabled the government to send more pilgrims from states/UTs.

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