Page 2 - Latest Updates on Gensol-Blusmart saga

Ireda files insolvency plea against Gensol for ₹510 crore loan default

State-run Ireda files insolvency petition under IBC against Gensol Engineering after loan default; Sebi probe and promoter resignations deepen regulatory scrutiny

Gensol Engineering's 5% lower circuit streak continues as promoters resign

Since March 21 this year, the stock of the beleaguered company has been consistently hitting the lower circuit every session

Next stop for BluSmart's electric vehicles could be Everest Fleet

Company plans to purchase BluSmart EVs and integrate them under Uber Green; talks underway with multiple lenders; decision based on pricing and quality

Jaggi brothers resign from Gensol Engineering board amid Sebi fund probe

SEBI had barred Anmol and Puneet Jaggi from directorial roles over fund diversion; Gensol founders submit resignations citing regulatory order

Gensol Engineering promoters quit after Sebi order on fund diversion

Promoters of beleaguered Gensol Engineering, Anmol Singh Jaggi and Puneet Singh Jaggi, have resigned from the company following market regulator Sebi's interim order, according to an exchange filing. Anmol Singh Jaggi held the post of Managing Director while Puneet Singh Jaggi was a Whole-time Director. Earlier on April 15, the Securities and Exchange Board of India (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. The regulator also debarred Anmol and Puneet Singh Jaggi from holding the position of a director or key managerial personnel in Gensol until further orders. The markets watchdog also directed Gensol Engineering Ltd to put on hold the stock split announced by it. Gensol Engineering in the exchange filing stated that Anmol Singh Jaggi, Managing Director, and Puneet Singh Jaggi, Whole-time Director, have tendered their resignation. They shall

Delhi HC orders seizure of another 129 EVs tied to Gensol and BluSmart loan

Delhi HC restrains Gensol and BluSmart from selling or transferring 129 hypothecated EVs after STCI Finance alleges ₹15 crore loan default and risk of asset dissipation

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

Delhi HC bars Gensol & BluSmart from transferring or selling over 220 EVs

Delhi HC bars BluSmart and Gensol from creating third-party rights over 220 EVs leased by SMAS Auto and Shefasteq, taking total restricted vehicles to 490

SAT denies interim relief to Gensol in Sebi fraud case, reply due in 2 wks

SAT has asked Gensol to respond to Sebi's charges within two weeks even as MCA and EOW intensify scrutiny into alleged fund diversion and forged documentation

Corp affairs ministry orders probe against Gensol Engineering, BluSmart

The corporate affairs ministry has ordered a probe into the affairs of crisis-hit Gensol Engineering and BluSmart Mobility for alleged violations of companies law, according to officials. Gensol Engineering came under the regulatory scanner for alleged fund diversions and corporate governance lapses after Sebi, in April, passed an order barring the company's promoters Anmol Singh Jaggi and Puneet Singh Jaggi from the securities market for various violations. BluSmart Mobility, which offers ride-hailing services, is promoted by Anmol Singh Jaggi. The officials on Tuesday said the ministry ordered an investigation against the companies last week under Section 210 of the Companies Act, 2013. Under Section 210, the ministry has powers to order a probe into the affairs of a company on various grounds, including in public interest. Earlier, the ministry had said it would take necessary action in the matter after examining the Sebi order. The order by the Securities and Exchange Board o

ICAI likely to complete review of Gensol, BluSmart financials in 6 months

Chartered accountants' apex body ICAI is likely to complete the review of the financial statements of crisis-hit Gensol Engineering Ltd and BluSmart Mobility in six months, according to officials. ICAI's Financial Reporting Review Board (FRRB) is reviewing the financial statements of the two companies for the financial year 2023-24. Institute of Chartered Accountants of India (ICAI) officials on Saturday said the review of the financial statements is expected to be completed in six months. Gensol Engineering has come under the regulatory scanner for alleged fund diversions and governance lapses, with regulator Sebi, last week, barring the company's promoters Anmol Singh Jaggi and Puneet Singh Jaggi from the securities market for various violations. BluSmart Mobility, which offers ride-hailing services, is promoted by Anmol Singh Jaggi. FRRB conducts the review of financial statements of companies to assess compliance with Accounting Standards, Standards on Auditing, Schedule II and

Delhi HC orders status quo on 95 more EVs leased to Gensol, BluSmart

Appoints court receiver for upkeep, maintenance of cars, asks Gensol, BluSmart to not interfere

Ireda files EoW complaint as Gensol promoters dilute equity 'sans approval'

Indian Renewable Energy Development Agency (IREDA), one of two public sector lenders who had loaned money to scam-hit Gensol Engineering for buying electric vehicles, on Friday said the promoters of the firm breached the contract by diluting shareholding without lenders' approval. IREDA said it has filed a complaint with the Economic Offences Wing (EoW) for the contract breach on April 24. "Following recent developments concerning Gensol Engineering Ltd and its promoters and associate companies, IREDA has initiated an internal review in accordance with RBI guidelines and the company's due diligence protocols," IREDA said in a stock exchange filing. Gensol's account is currently under stress but not classified as an NPA. The Investigation and Risk Committees of IREDA are closely examining the matter, it said, adding appropriate actions regarding collaterals and recoveries will be taken based on the outcome of the review. Regarding communications from credit rating agencies on the .

Delhi HC orders Gensol, BluSmart to maintain status quo on 175 EVs

Electric ride-hailing firm BluSmart is a subsidiary of beleaguered firm Gensol Engineering

Diversionary tactics: Fund misuse at Gensol raises red flags again

The Gensol saga is the latest in a list of corporate cases where promoters redirected funds at will and whim. It's yet another wakeup call

Gensol Engineering case: Now, NFRA joins investigation against promoters

NFRA's domain extends to audit firms of listed companies and unlisted companies with over ₹500 crore paid up capital or ₹1,000 crore annual turnover