Ola Electric Mobility Limited has issued a postal ballot notice seeking shareholder approval for a key board appointment. The company announced on January 29, 2026, that it requires member consent for the appointment of Mr. Navalur Dattatreya Singh Shashank as Non-Executive Independent Director.

Board Appointment Details

The Board of Directors had previously appointed Mr. Shashank as Additional Director with effect from December 05, 2025, under Section 161 of the Companies Act, 2013. The proposed appointment requires shareholder approval through a special resolution as mandated by regulatory requirements.

Professional Background

Mr. Navalur Dattatreya Singh Shashank brings significant expertise to the board. He holds a Bachelor of Technology degree from the National Institute of Technology Karnataka (NITK), Surathkal. Currently serving as Co-founder and Chief Executive Officer of Practo, one of India's leading digital healthcare platforms, he has over 17 years of experience in building and scaling digital platforms.

His professional achievements include recognition in Forbes 30 Under 30 and Fortune India's 40 Under 40. He has played a significant role in advancing virtual care, care navigation, and data-driven healthcare delivery, bringing valuable technology and digital transformation expertise to the company.

E-Voting Process

The company has implemented a comprehensive e-voting mechanism through National Securities Depository Limited (NSDL) to facilitate shareholder participation. Members whose names appear in the register as of the cut-off date of January 23, 2026, are eligible to participate in the voting process.

Regulatory Compliance

The appointment follows all statutory requirements under the Companies Act, 2013, and SEBI Listing Regulations. The company has received necessary declarations from Mr. Shashank, including:

• Consent to act as director in Form DIR-2
• Declaration of independence under Section 149(6) of the Companies Act
• Confirmation of non-disqualification under Section 164(2)
• Compliance with Independent Directors databank registration requirements

The Board of Directors and Nomination and Remuneration Committee have recommended the appointment, citing his expertise in finance, corporate governance, technology, marketing, and risk management. The appointment is expected to contribute to the company's long-term strategy and value creation while safeguarding stakeholder interests.

Scrutinizer Appointment

The company has appointed Mr. Pramod SM (FCS No.: 7834 CP No.: 13784) or alternatively Mr. Biswajit Ghosh (FCS: 8750, CP No.: 8239) from M/s. BMP & Co. LLP as scrutinizers to ensure fair and transparent voting process. The results will be announced after scrutiny completion and displayed on the company website and stock exchange platforms.

Ola Electric Mobility shares extended their losing streak to ten consecutive sessions on Tuesday, January 20, falling over 4.50% as the electric vehicle manufacturer grappled with leadership changes and continued market pressure.

Leadership Transition Announced

In an exchange filing on Monday, Ola Electric announced significant changes to its senior management team. The company revealed that CFO Harish Abichandani resigned citing personal reasons, with his departure taking effect immediately.

Stock Performance Analysis

The electric vehicle manufacturer's shares have experienced significant volatility since the beginning of January. While the stock gained over 20% in the first three trading sessions of January across January 1, 2 and 5 on reports of market share improvements, it has been in a downward spiral since January 5.

Historical Performance Challenges

Since its listing in August last year, Ola Electric has struggled to maintain positive momentum. The stock has delivered negative returns in four out of the five full quarters that it has traded, reflecting ongoing market challenges in the electric vehicle sector.

The company made headlines in December when promoter Bhavish Aggarwal sold holdings worth nearly ₹300.00 crore. According to the company, this transaction was undertaken solely to fully repay a promoter level loan of approximately ₹260.00 crore and to release all 3.93% of shares that were previously pledged, thereby eliminating all promoter pledges.

Pending Disclosures

Ola Electric is yet to disclose several key financial documents that investors are awaiting:

• Shareholding pattern for the quarter ended December 31
• Financial results for the December-ended quarter

The stock's current trading level of ₹34.00 represents a decline of 78% from its post-listing high of ₹157.00 and marks a significant drop of more than 50% from its IPO price of ₹76.00 per share, highlighting the challenges facing the electric mobility sector.