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Ola Electric is cutting 500 jobs across verticals and levels as part of a restructuring exercise, according to people aware of the development. The company, which has come under the scanner for its poor aftersales service recently, had started the job cut in the September quarter. "It has been going on for some time now, starting around July. It has been a gradual process of removing redundant roles across verticals and levels," said a source. The exercise is expected to be completed by the end of this month. Ola Electric is looking to optimise workforce with an aim to improving margins and enhance profitability, the person added. Earlier this month, Central Consumer Protection Authority (CCPA) had ordered a detailed probe into complaints related to alleged "deficiencies" in services and electric two-wheelers manufactured by Ola Electric. Last month, the company had said that out of 10,644 complaints received from CCPA, it has resolved 99.1 per cent of the complaints.

Ola Electric cuts 500 jobs across verticals

<keyword id="14403260" type="General" weightage="20" keywordseo="Shikharr-Sood" source="Orion">Shikharr Sood</keyword>, the head of <keyword id="6354720" type="General" weightage="100" keywordseo="ola" source="Orion">Ola</keyword>'s Talent Acquisition, and in charge of talent acquisition for the entire Ola Group, is now reportedly the latest executive to leave the firm. His resignation comes amid several resignations by top executives. Several former executives said that product complaints, unit closures, and 'act fast, think later' culture has led to recent Ola troubles, CNBC reported, adding that the company is yet to respond to the query on Sood's resignation. Meanwhile, a recent media report also said that the ride-hailing platform Ola is planning to lay off up to 500 employees across departments as it aims to cut costs and streamline operations amid the ongoing funding winter. Meanwhile, a recent report said that the ride-hailing platform Ola is planning to lay off up to 500 employees across departments as it aims to cut costs and streamline operations amid the ongoing funding winter. According to reliable sources, SoftBank-backed Ola has asked senior executives to find employees in their teams on a performance basis who can be asked to go. The company is reportedly looking at "leaner and consolidated teams" to keep its "strong profitability intact". Ola, which has delayed its IPO plans, has also reportedly shopped its global investment plans to further expand overseas. The company currently has nearly 1,100 employees in its core ride-hailing business and directly competes with Uber. Last month, Ola shut down its used vehicle business <keyword id="3295694" type="General" weightage="50" keywordseo="ola-cars" source="Orion">Ola Cars</keyword> as well as <keyword id="13052888" type="General" weightage="50" keywordseo="ola-dash" source="Orion">Ola Dash</keyword>, its quick-commerce business. The company shut Ola Cars within one year of its launch, as it focuses on its electric two-wheeler and electric car verticals. Ola has so far shut down <keyword id="2773874" type="General" weightage="50" keywordseo="ola-cafe" source="Orion">Ola Cafe</keyword>, food panda, Ola Foods, and now Ola Dash. Meanwhile, <keyword id="4393078" type="General" weightage="50" keywordseo="ola-electric" source="Orion">Ola Electric</keyword>, facing a government probe into battery fires along with other EV players, has also seen some high-profile exits in recent months. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/not-just-crude-gold-silver-and-even-wheat-and-edible-oil-prices-are-going-down-in-india/articleshow/92748130.cms">It’s not just crude, gold, silver and even wheat and edible oil prices are going down</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/retail/news/dmarts-growth-momentum-could-be-impacted-by-high-inflation/articleshow/92747965.cms">DMart has more stores and no disruptions like it wanted – and investors are excited</a>

Ola's talent acquisition head Shikharr Sood quits too

<keyword id="195740" type="General" weightage="100" keywordseo="hero-electric" source="Orion">Hero Electric</keyword> led the EV two-wheeler segment, selling 8,952 vehicles for the entire month, followed by <keyword id="6077703" type="General" weightage="80" keywordseo="okinawa-autotech" source="Orion">Okinawa Autotech</keyword> at 8,094 vehicles, the latest VAHAN data has revealed. Ather Energy sold just 1,279 EV two-wheelers for the full month of July from selling 3,829 vehicles in June -- a massive drop in numbers -- followed by <keyword id="4393078" type="General" weightage="50" keywordseo="ola-electric" source="Orion">Ola Electric</keyword> which sold 3,852 vehicles from 5,891 vehicles in June. Ampere Vehicles Pvt Ltd, which sold 6,542 vehicles in June, saw a minor drop at 6,312 vehicles last month. The drop in EV two-wheeler sales, according to industry experts, is due to the fear among consumers regarding the safety of EV two-wheelers in light of several battery fire and explosion incidents in the recent past. <keyword id="2518729" type="General" weightage="50" keywordseo="union-road-transport" source="Orion">Union Road Transport</keyword> and Highways Minister <keyword id="26680" type="General" weightage="80" keywordseo="nitin-gadkari" source="Orion">Nitin Gadkari</keyword> last month told Parliament that all those EV two-wheelers companies have been served show-cause notices whose vehicles caught fire owing to battery issues. The Ministry constituted a committee of experts to suggest safety standards for batteries, battery components, and related systems. Based on the information of fire incidents available, the Ministry of Road Transport and Highways issued a show-cause notice to the CEOs and MDs of the electric two-wheeler manufacturers concerned, to explain the reasons as to why the relevant sections of the <keyword id="6377804" type="General" weightage="50" keywordseo="motor-vehicles-act" source="Orion">Motor Vehicles Act</keyword> should not be invoked against them. The Central Consumer Protection Authority (CCPA), which comes under the Ministry of Consumer Affairs, said this week that it issued notices to four to five EV two-wheeler makers in the light of several complaints raised by the consumers over battery explosions and fire incidents. The CCPA received several complaints from the EV two-wheeler buyers. The Defence Research and Development Organisation (DRDO) has also been informed. A DRDO probe had revealed defects in battery cells as well as battery design in nearly all EV fires. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/indian-currency-gains-23-paise-to-end-at-79-02-against-us-dollar/articleshow/93276845.cms">Indian currency gains 23 paise to end at 79.02 against US dollar</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/sports/news/indias-second-t20i-against-west-indies-to-start-at-10pm-ist-due-to-delay-in-significant-luggage-arrival/articleshow/93276571.cms">India's second T20I against West Indies to start at 10pm IST due to delay in significant luggage arrival</a>

Hero Electric sells close to 9K EV 2-wheelers in July, tops segment

In yet another tragic incident involving an electric two-wheeler, a 40-year-old man has died after a blast occurred in an e-scooter belonging to Boom Motors while being charged at home. The incident in Vijaywada, Andhra Pradesh, also left the deceased Kotakonda Siva Kumar's wife and two daughters with severe burn injuries. According to multiple reports, the police registered a complaint under Section 174 of the Criminal Procedure Code (CrPC) against the EV maker and a notice was sent to the Boom Motors dealer that sold the e-scooter to Kumar. Kumar, a DTP designer, had bought the e-scooter for nearly Rs 70,000 on April 22. The battery exploded within a day of purchase early on April 23, according to reports. Boom Motors was yet to respond to the deadly incident. Ironically, the EV maker was among those selected under the government's automotive production linked incentive (PLI) scheme. To date, three <keyword id="7583348" type="General" weightage="80" keywordseo="pure-ev" source="Orion">Pure EV</keyword>, one <keyword id="6354720" type="General" weightage="80" keywordseo="ola" source="Orion">Ola</keyword>, two Okinawa and 20 Jitendra EV scooters have caught fire in the country, raising burning questions about their safety. The unabated deadly fires in the electric two-wheelers has shaken up the entire EV industry and its stakeholders, forcing the government to direct EV makers to immediately recall faulty batches that may trigger more such incidents. Earlier, an 80-year-old man was killed and two others injured when the battery of a Pure EV electric two-wheeler exploded in their house in Telangana's Nizamabad district. Union Road Transport and Highways Minister <keyword id="26680" type="General" weightage="80" keywordseo="nitin-gadkari" source="Orion">Nitin Gadkari</keyword> has warned EV makers that if any company is found negligent in their processes, "a heavy penalty will be imposed and a recall of all defective vehicles will also be ordered". "We have constituted an Expert Committee to inquire into these incidents and make recommendations on remedial steps. Based on the reports, we will issue necessary orders on the defaulting companies," the minister said last week. "We will soon issue quality-centric guidelines for <keyword id="6354973" type="General" weightage="50" keywordseo="electric-vehicles" source="Orion">Electric Vehicles</keyword>," <keyword id="6361025" type="General" weightage="80" keywordseo="gadkari" source="Orion">Gadkari</keyword> added. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/ecommerce/news/amazon-brings-metaverse-to-the-e-commerce-segment-with-augmented-rooms/articleshow/90999305.cms">Amazon brings Metaverse to the e-commerce segment with augmented rooms</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/researchers-have-discovered-a-de-ageing-technique-that-made-skin-cells-30-years-younger/articleshow/91004651.cms">Researchers have discovered a de-ageing technique that made skin cells 30 years younger</a>

Electric scooter fire accident claims another man's life, leaves his wife and two daughters with severe burns

The <keyword id="6354457" type="General" weightage="20" keywordseo="National-Company-Law-Tribunal" source="Orion">National Company Law Tribunal</keyword> (<keyword id="6355809" type="General" weightage="20" keywordseo="NCLT" source="Orion">NCLT</keyword>) on Thursday reserved its order on crisis-hit <keyword id="34984" type="General" weightage="20" keywordseo="airline" source="Orion">airline</keyword> <keyword id="11252024" type="General" weightage="20" keywordseo="Go-First" source="Orion">Go First</keyword>'s plea seeking voluntary insolvency resolution proceedings. A two-member bench headed by President Justice Ramalingam Sudhakar concluded the day-long hearing during which the Wadia group-controlled airline sought initiation of insolvency resolution proceedings and an interim moratorium on its financial obligations. However, aircraft lessors opposed the airline's request saying that insolvency proceedings cannot be initiated without hearing them. Senior Advocate Neeraj Kishan Kaul, representing Go First, said the objective of the Insolvency and Bankruptcy Code (<keyword id="192838" type="General" weightage="20" keywordseo="IBC" source="Orion">IBC</keyword>) is to ensure that a company is a going concern and not ground it. Cash-strapped Go First has cancelled flights till May 9. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/ola-electric-ather-to-refund-charger-cost-to-e-scooter-buyers/articleshow/99988313.cms">Ola Electric, Ather to refund charger cost to e-scooter buyers</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/amazon-sale-available-on-kindle-echo-speakers-and-fire-tv-sticks/articleshow/99987706.cms">Amazon Summer Sale 2023: Big discounts on Kindle, Echo speakers and Fire TV Stick</a>

NCLT reserves order on Go First's plea for insolvency resolution proceedings

<ul><li>One <keyword id="1268253" type="PERSON" weightage="60" keywordseo="Robinhood">Robinhood</keyword> user in Massachusetts made an eye-popping 12,748 trades since February, according to the state's complaint, which alleges the popular <keyword id="35175" type="ORGANIZATION" weightage="60" keywordseo="investing">investing</keyword> app encouraged inexperienced investors to execute trades frequently.</li><li>The complaint against Robinhood was filed on Wednesday and also detailed how the brokerage firm popular among younger investors failed to supervise the review and approval of <keyword id="43774" type="PERSON" weightage="60" keywordseo="Options">options</keyword> tradings, leading to many inexperienced traders dabbling in more complex investments.</li><li>In an e-mailed statement, Robinhood said, "We disagree with the allegations in the complaint by the Massachusetts Securities Division and intend to defend the company vigorously."</li><li><a href="https://www.businessinsider.com/?hprecirc-bullet?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">Visit Business Insider's homepage for more stories</a>.</li></ul>Robinhood's rapid growth and lack of internal controls facilitated an environment where inexperienced investors would trade <keyword id="6354298" type="DEFINITION" weightage="60" keywordseo="Stocks">stocks</keyword> and options incessantly, nearly 100 times per day on average in one case, the state of <a href="https://www.sec.state.ma.us/sct/current/sctrobinhood/MSD-Robinhood-Financial-LLC-Complaint-E-2020-0047.pdf">Massachusetts said in a complaint filed on Wednesday.</a>The complaint is separate from a settlement with the Securities and Exchange Commission announced on Thursday that resulted in <a href="https://markets.businessinsider.com/news/stocks/robinhood-65-million-settlement-sec-probe-misleading-statements-order-flow-2020-12-1029902927">Robinhood paying $65 million to settle charges</a> of misleading clients on the quality of its <keyword id="6368158" type="UNKNOWN" weightage="60" keywordseo="trading">trading</keyword> service.According to Massachusetts, Robinhood successfully encouraged inexperienced investors to execute trades frequently on its platform by utilizing gamification techniques."During the relevant time period, at least 241 Robinhood customers with no investment experience averaged at least 5 trades per day on Robinhood's platform," the complaint said.An average of five trades per day is peanuts relative to 25 Massachusetts Robinhood customers detailed in the complaint.Read more: <a href="https://www.businessinsider.com/stock-picks-ipo-market-views-top-fund-manager-brian-barish-2020-12?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestedium=ingest" target="_blank" rel="noopener">Fund manager Brian Barish has returned more than 550% to investors over 2 decades, and he just had 2 of his best years ever. He told us how he did it - and 3 top picks for the next 5 years.</a>According to the regulator's complaint, since February 1, "customer one" made 12,748 trades with Robinhood, an average of approximately 92 trades per day during that timeframe."Customer one had no investment experience prior to trading with Robinhood," the complaint read.It then went onto detail 24 more Robinhood customers based in Massachusetts who had no investment experience that traded on average anywhere from 15 to 75 times per day.Robinhood also failed to supervise the review and approval of <keyword id="1062402" type="PERSON" weightage="60" keywordseo="options-trading">options trading</keyword> in customer accounts, the complaint states."Robinhood approved at least 608 Massachusetts customers that did not meet the requisite criteria for options trading," the complaint said. Robinhood was also accused of failing to implement policies and procedures designed to prevent and respond to outages in its trading platform, according to the complaint. Read more: <a href="https://www.businessinsider.com/stocks-to-buy-picks-electric-vehicles-ev-china-domination-ubs-2020-12?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestm=ingest" target="_blank" rel="noopener">Buy these 26 stocks poised to surge as China starts to dominate the electric-vehicle landscape, UBS says</a>"Robinhood experienced as many as seventy outages or disruptions on its trading platform from January 1, 2020 through November 30, 2020 as a result of its failures," the complaint said. At least seven of those disruptions impacted the ability of Robinhood customers to access their accounts to buy or sell securities.Four more allegations against Robinhood listed in the complaint include: advertising to younger individuals with little to no investment experience, providing lists to encourage customers to purchase securities without consideration for suitability, employing a number of strategies to encourage customers to continuously engage with its application, and failing to meet the fiduciary duty it owes its customers.In an e-mailed statement, Robinhood said:"We disagree with the allegations in the complaint by the Massachusetts Securities Division and intend to defend the company vigorously. Robinhood is a self-directed broker-dealer and we do not make investment recommendations. Over the past several months, we've worked diligently to ensure our systems scale and are available when people need them. We've also made significant improvements to our options offering, adding safeguards and enhanced educational materials. Millions of people have made their first investments through Robinhood, and we remain continuously focused on serving them."Robinhood is likely hoping for a swift resolution to the complaint as it <a href="https://www.businessinsider.com/robinhood-hires-goldman-sachs-lead-ipo-20-billion-valuation-report-2020-12">plans to go public next year</a> at a valuation of more than $20 billion, according to reports. Read more: <a href="https://www.businessinsider.com/stock-picks-to-buy-for-2021-top-earnings-growth-jpmorgan-2020-12?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestm=ingest" target="_blank" rel="noopener">JPMorgan says stocks are primed for sustained gains in a way they haven't been in years - and identifies 43 names to buy for above-average earnings growth in 2021</a>

One Robinhood super-user has made a whopping 12,748 trades since February - or 92 per day, according to the Massachusetts regulator's complaint against the trading app

You Searched For "Ola Electric complaints resolution" and got 6 results

Ola Electric cuts 500 jobs across verticals

PTI

Ola's talent acquisition head Shikharr Sood quits too

IANS

Hero Electric sells close to 9K EV 2-wheelers in July, tops segment

IANS

Electric scooter fire accident claims another man's life, leaves his wife and two daughters with severe burns

IANS

NCLT reserves order on Go First's plea for insolvency resolution proceedings

PTI

One Robinhood super-user has made a whopping 12,748 trades since February - or 92 per day, according to the Massachusetts regulator's complaint against the trading app

Matthew Fox

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