Latest Updates on Gensol-Blusmart saga

NCLAT declines to delete NCLT remarks on Gensol insolvency professional

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

Gensol's CoC, IRP deliberately delaying insolvency process: Lessor to NCLAT

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

Not just 'friendly critics': Independent directors need more accountability

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

NCLAT allows Gensol lessor to retain vehicles taken before insolvency

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

Sebi confirms ban on Gensol, Jaggi brothers in fund diversion case

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 into insolvency over ₹1.28 crore default

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

Ex-CBDT chief Nitin Gupta appointed NFRA chairperson for 3-year term

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

Is the worst over for BluSmart cab parent company Gensol Engineering stock?

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.

Initial review of IndusInd and Gensol to be over in 6 months: ICAI

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

Gensol Engineering admitted to insolvency by NCLT on Ireda petition

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

Stocks to Watch today, June 16, 2025: Ireda, DLF, OMCs, IndusInd Bk

Stocks to Watch today, June 16, 2025: From Ireda to oil-linked stocks, here is a list of few shares that will remain on investors' radar today

NCLAT refuses to lift asset freeze on Gensol Engineering, related firms

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

Gensol, BluSmart face insolvency heat as NCLT issues fresh notices

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 allows govt to freeze Gensol Engineering accounts in fraud probe

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

PFC Q4 results: Profit rises 11% to ₹8,358 crore on interest income gains

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

MCA aims to complete Gensol Engineering probe in three to five months

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

Corp Affairs Min aims to finish probe into Gensol, related cos in 3-5 mnths

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 ..

Gensol CFO resigns amid regulatory probes, cites data disarray, chaos

Days after the resignation of Gensol promoters, Chief Financial Officer (CFO) Jabirmahendi Mohammedraza Aga has also quit the crisis-hit company with immediate effect. In his resignation letter, available on stock exchanges, Aga said Gensol Engineering is currently facing significant challenges, with multiple regulatory bodies conducting investigations and the top management resigning from their respective roles. Furthermore, the disorganization of critical data across various departments is hindering the company's ability to effectively respond to the ongoing inquiries due to lack of a cohesive support system, Aga said. "The immense pressure resulting from these circumstances is adversely affecting my physical and mental well-being, leading to a complete loss of focus on my responsibilities. Therefore, I have made the difficult decision to resign, believing it to be in the best interest of the company under these trying conditions," he said. According to an exchange filing on May

NCLT to hear Ireda's plea seeking insolvency against Gensol Engineering

NCLT to hear Ireda's plea against Gensol Engineering over a ₹510 crore default, but denies appointment of an IRP, citing the need to hear the company's side first

SAT allows Gensol Engineering to file its response to Sebi interim order

Gensol Engineering on Wednesday said the Securities Appellate Tribunal (SAT) disposed of its appeal but allowed the company to file its response on Sebi's interim order to bar the firm and its promoters from the securities market. Last month, in an interim order, Sebi barred Gensol Engineering and promoters -- Anmol Singh Jaggi and Puneet Singh Jaggi -- from the securities markets till further orders in a fund diversion and governance lapses case. In a regulatory filing, the company said the appeal filed by it before the SAT has been disposed of, granting it an opportunity to file its response to Sebi's interim order within two weeks. It further informed that the markets regulator has given directions to hear the company within two weeks thereafter and pass an appropriate order within four weeks. The tribunal has given no observations on Sebi's interim order, it stated. The delay in the disclosure of the SAT order dated May 9 was mainly due to the vacancy in the office of the ...