BP Ventures in talks to acquire Anmol Singh Jaggi's stake in BluSmart

BP Ventures is exploring a buyout of Anmol Jaggi's 25.14 per cent stake in BluSmart as part of efforts to resolve governance issues and restart suspended operations

BP Ventures, the largest investor in EV ride hailing service BluSmart, is in talks to buyout promoter Anmol Singh Jaggi’s stake in the company as part of the plan to restart operations at the company.

 

The firm is engaging with key stakeholders to explore a suitable resolution.

 

“BP Ventures is working with relevant stakeholders to find an appropriate solution. We cannot comment further at this stage,” a spokesperson said to Business Standard.

 

At present, Sophia Isabelle Nadur, the managing partner of BP Ventures, sits on the board of BluSmart and is also the investor director of the cab-hailing firm.

 

According to media reports, the due diligence and valuation processes are in the final stage, and the firm is ironing out legal complexities related to the transfer of shares from the Jaggi family.

 

The two brothers, Anmol and Puneet Jaggi, are the co-founders of BluSmart and promoters and directors of Gensol Engineering. If the deal goes through, it can lead to Anmol's exit from the company, which he co-founded in 2019.

 

According to the data from the market intelligence platform Tracxn, BP Ventures holds a 13.1 per cent stake in BluSmart. On the other hand, Anmol Jaggi currently holds a 19.51 per cent stake in the company.

 

In an interim order on April 15, the Securities and Exchange Board of India (Sebi) barred the Jaggi brothers from accessing the securities markets for allegedly fraudulent practices and fund diversion.

 

The market regulator also restricted them from holding any key positions at any listed firm. The next day, on April 16, BluSmart abruptly suspended operations in three locations where it was operating -- Delhi NCR, Mumbai, and Bengaluru. 

 

Sebi appoints forensic auditor for Gensol

 

The Securities and Exchange Board of India (Sebi) has appointed Raju and Prasad, Chartered Accountants, as the forensic accountant and investigator to conduct the forensic audit of Gensol Engineering. In its April 15 order, the regulator had barred the company and promoters from dealing in securities. One of the directions in the order was to initiate a forensic audit. The audit will be for financial statements from FY22 to FY25. The auditor will have to submit its report within six months. A day earlier, the Securities Appellate Tribunal (SAT) denied stay on the Sebi order.