Latest Updates on Gensol-Blusmart saga

Gensol Engineering on Tuesday said the company's loan accounts have been declared as 'fraud' by the state-owned finance institution IREDA. The company filed its clarification before stock exchanges following reports that IREDA has declared the loan accounts of Rs 673 crore of Gensol as 'fraud' and reported the matter to the Reserve Bank of India. "The contents of the said reports are factually correct and are based on the aforesaid order issued by IREDA," Gensol Engineering said. Indian Renewable Energy Development Agency Limited (IREDA) is a non-banking financial institution under the Ministry of New and Renewable Energy (MNRE), which has been engaged in promoting, developing and extending financial assistance for setting up projects related to new and renewable energy.

ICAI has set up a special team to fast-track high public-interest cases, including Gensol Engineering and IndusInd Bank, while pushing reforms in skilling and audits

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The appellate tribunal upheld Gensol's insolvency admission but said remarks against insolvency professional Pulkit Gupta should not be treated as adverse findings on his conduct or integrity

SMAS Auto Leasing told NCLAT that Gensol's IRP and CoC had deliberately delayed the insolvency process in a dispute over e-vehicles, as the tribunal fixed hearing for September 2

This era of the sinecure may be changing, however, with Sebi and the courts increasingly holding independent directors liable for corporate malfeasance

Tribunal permits SMAS Auto Leasing to keep possession of 152 e-vehicles taken before Gensol Engineering's insolvency; hearing on remaining vehicles on August 28

Markets regulator Sebi on Wednesday upheld its interim order restraining Gensol Engineering and its former top executives Anmol Singh Jaggi and Puneet Singh Jaggi from the securities markets on concerns over fund diversion and corporate governance failures. Additionally, the regulator said Jaggi brothers, also co-founders of EV ride-hailing firm BluSmart Mobikity, would continue to be debarred from holding the position of a director or key managerial personnel in Gensol. The final order comes as the company undergoes insolvency proceedings under the supervision of a court-appointed professional. The brothers have been accused by Sebi of siphoning off loan funds from their publicly-listed company Gensol for personal use, raising concerns over corporate governance and financial misconduct. In a detailed confirmatory order, Sebi stated that the prima facie findings of misappropriation of funds and falsification of conduct letters to CRAs -- initially highlighted in its April 2025 inte

NCLT Ahmedabad admits BluSmart Mobility into insolvency after the startup defaulted on ₹1.28 crore debt; interim resolution professional appointed to manage assets

Nitin Gupta succeeds Ravneet Kaur as NFRA chair; watchdog is auditing Gensol and assessing discrepancies in IndusInd Bank account balances

Gensol Engineering stock hit the 5% upper circuit for second straight trading session today; this comes after stock crashed nearly 95% in the last 5 months. Here's a technical outlook on Gensol.

ICAI's FRRB reviewing financials of IndusInd Bank and Gensol Engineering; summit series planned; early warning signs of fraud under review with Sebi and NSE

Ireda called for immediate oversight, stating Gensol had essentially become 'headless' following the departure of its senior leadership during the regulatory investigation

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NCLAT directs Gensol Engineering and related entities to approach the NCLT for relief after denying plea to lift freeze on assets, accounts, and lockers amid fraud probe

Last week, NCLT also allowed the Centre to freeze the bank accounts and lockers of Gensol Engineering Ltd and many of its subsidiaries after investigations revealed major financial irregularities

NCLT says Gensol moved funds meant for specific purposes to related parties, violating corporate governance norms under the Companies Act, 2013

PFC posts 11 per cent YoY profit rise in Q4 FY25; interest income and loan growth drive earnings; asset quality improves and renewable book rises 35 per cent

Authorities including NFRA and ICAI are examining Gensol's books and audit trail; SFIO probe likely if MCA finds sufficient evidence of fund diversion

The corporate affairs ministry aims to complete the probe into crisis-hit Gensol Engineering Ltd and around 18 other related companies in the next three to five months, a senior official said on Tuesday. Separately, the National Financial Reporting Authority (NFRA) is conducting a preliminary enquiry into Gensol Engineering following a reference from the markets regulator Sebi, NFRA chief Ravneet Kaur said. Gensol Engineering has come under the regulatory scanner for alleged fund diversions and governance lapses, with Sebi, in April, barring the company's promoters Anmol Singh Jaggi and Puneet Singh Jaggi from the securities market for various violations. The senior official said that the probe seeks to find everything when things are hot and the aim is to complete the probe into Gensol and around 18 other related companies in the next three to five months. The ministry is implementing the Companies Act, 2013, under which it has various powers to deal with instances of corporate ..