 "Gensol")
The National Financial Reporting Authority (NFRA) is looking into the allegations of fund diversion against promoters of Gensol Engineering, according to top government sources. The NFRA intervention comes in the wake of the Securities and Exchange Board of India (Sebi) referring the matter to the auditing and accounting regulator for inspection, sources said.
In an interim order dated April 15, India’s stock market regulator Sebi had flagged a steep decline in the promoters’ stake in Gensol, noting that this was allegedly not organic but orchestrated through a network of false disclosures, sham transactions, and diverted funds, which effectively led to a near-total
