Gensol Engineering fraud: Lenders may approach Economic Offences Wing

GEL, it's been alleged, submitted "conduct letters" and "no objection certificates" in the name of PFC and IREDA, which the lenders later discovered to have been forged by the company

The Indian Renewable Energy Development Agency (IREDA) and Power Finance Corporation (PFC), two public sector non-banking financial companies (NBFCs) that extended loans to Ahmedabad-based Gensol Engineering Ltd (GEL), are likely to approach the Economic Offences Wing (EOW) of the Delhi Police to report alleged forgery by the firm of their official letters, according to people familiar with the matter.

 

Furthermore, the Ministry of Corporate Affairs on Monday said it will take necessary action in the GEL matter after examining the Securities and Exchange Board of India’s (Sebi’s) interim order against the firm, and its promoters Anmol Singh Jaggi and Puneet