BLUSMART MOBILITY
Gensol Engineering shares slide 5%, extending 20-day rout after SAT denies interim relief
Gensol Engineering shares remain under pressure after the SAT denied interim relief against Sebi’s market access ban over alleged fund diversion and document forgery. The case revolves around a Rs 978 crore EV loan, with Sebi alleging misuse of funds. Regulatory actions are intensifying, including probes by the MCA and complaints by lenders. The stock has plunged 59% in a month.
Delhi HC halts Gensol & BluSmart 3rd party claims on 220 EVs
The Delhi High Court has further restricted Gensol Engineering and BluSmart Mobility from creating third-party rights over 220 additional EVs leased by SMAS Auto Leasing India and Shefasteq OPC due to failure in lease payouts. This follows similar petitions by other lessors, with the court appointing receivers but denying repossession.
Delhi HC curbs Gensol, BluSmart from creating third-party rights over 220 EVs leased to SMAS Auto, Shefasteq OPC
SMAS Auto had leased 164 EVs to Gensol and 46 to BluSmart, while Shefasteq had leased 10. Justice Jyoti Singh refused to direct repossession of the EVs, as sought by the lessors. The court also asked Gensol to submit a status report on the leased EVs within two days, besides furnishing a comprehensive statement of their assets and liabilities.
Gensol Engineering shares in free-fall for 18th day, hit lower circuit limit
Shares of crisis-hit Gensol Engineering were beaten down for the 18th straight day on Tuesday and hit a fresh lower circuit limit. The stock tanked 4.99 per cent to Rs 66.97 -- the lowest trading permissible limit for the day as also a 52-week low -- on the BSE.
Evera Cabs initiates repossession of 500 electric cabs earlier operated by BluSmart
Evera Cabs is repossessing 500 electric cabs from BluSmart, having already acquired 220 vehicles, aiming to strengthen its position in airport mobility. Following BluSmart's operational suspension due to regulatory issues, Evera is also absorbing a significant number of BluSmart drivers, including women, to ensure uninterrupted service. The company is expanding its services across all terminals of Delhi's airport.
BluSmart drivers protest over unpaid dues, demand jobs after shutdown
BluSmart drivers in Delhi-NCR are protesting after the EV ride-hailing platform abruptly ceased operations, leaving them without pay or explanation. Over 10,000 drivers across multiple cities are affected, with many facing financial hardship. The protests follow allegations against BluSmart's cofounders and highlight the lack of legal protection for gig workers.
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ICAI likely to complete review of Gensol Engg, BluSmart Mobility's fin statements in 6 months
ICAI is set to finalize its review of Gensol Engineering and BluSmart Mobility's financial statements for FY24 within six months, following regulatory scrutiny. Gensol Engineering's promoters face allegations of fund diversion and governance failures, leading to Sebi action. The review will assess compliance with accounting standards and could lead to disciplinary action if irregularities are found.
To open source or not; Urban Company founders sell stock
Happy Wednesday! With Sarvam’s new government assignment, India is debating open sourcing. This and more in today’s ETtech Morning Dispatch.
Delhi HC bars Gensol, BluSmart from creating rights over leased EVs amid financial irregularities
The Delhi High Court has barred Gensol Engineering and BluSmart from creating third-party rights over 95 Tata EVs leased by Clime Finance, citing lease defaults and financial misconduct. A court-appointed receiver will oversee the vehicles. Clime alleges fund diversion and unpaid dues, prompting lease termination and judicial intervention.
Top tech and startup stories this week
Welcome to a new edition of ETtech Unwrapped – our weekend newsletter packed with the most important stories this week. Let’s take a look.
Apple’s India pivot; Cloud, AI fuel Alphabet's gain
Apple is seeking to assemble all iPhones sold in the US in India by next year, the Financial Times reported. This and more in today’s ETtech Top 5.
Delhi HC bars Gensol Engineering and BluSmart Mobility from alienating EVs leased from Orix
The Delhi High Court has restrained Gensol Engineering and BluSmart Mobility from alienating 175 electric vehicles leased by Orix, a Japanese financial company, due to alleged breach of contract. This decision follows Orix's petition under the Arbitration and Conciliation Act, seeking protection against the sale or use of its vehicles as collateral.
Exclusive: BluSmart crisis likely to draw Sebi heat on unlisted bond market
The crisis at BluSmart Mobility has sparked concerns over unlisted bond sales, prompting likely scrutiny from SEBI. The electric cab startup raised over Rs 100 crore via unsecured bonds, raising fears of mis-selling. Regulators may impose tighter rules on fintechs selling high-risk, unlisted debt products to retail investors, aiming to curb exposure.
Audit shadows BluSmart’s books; Zomato rejigs top deck
Happy Thursday! BluSmart faces a forensic audit as losses mount. This and more in today’s ETtech Morning Dispatch.
BluSmart hires Grant Thornton to conduct audit; company’s losses more than doubled to Rs 470 crore in FY24
BluSmart has appointed Grant Thornton to conduct the audit amid concerns over a significant cash discrepancy as the EV ride-hailing firm faces scrutiny following whistleblower complaints alleging financial irregularities. The company, struggling with a high cash burn, and amid trouble at sister concern Gemsol Engneering has suspended services.
ICAI to probe books of Gensol, BluSmart
The Institute of Chartered Accountants of India (ICAI) will investigate Gensol Engineering and BluSmart Mobility's FY24 financial statements and audit reports due to fraud allegations. This action follows a Securities and Exchange Board of India (Sebi) probe that revealed fund diversions and governance issues, prompting concerns about auditor accountability and financial reporting practices.
ICAI to review financial statements of crisis-hit Gensol Engg, BluSmart Mobility
ICAI will scrutinize the financial statements of Gensol Engineering and BluSmart Mobility for fiscal year 2023-24, prompted by concerns over alleged fund diversions and governance lapses at Gensol. SEBI has already barred Gensol's promoters from the securities market. The review aims to assess compliance with accounting standards and other regulations.
BluSmart faces audit; Ather's investor gains
BluSmart’s board has appointed Grant Thornton to audit the cash-strapped company’s financials. This and more in today’s ETtech Top 5.
Gensol Engineering dues at Rs 307 crore, exploring all action, options, says PFC
Power Finance Corporation (PFC) is pursuing action to recover ?307 crore from Gensol Engineering, which faces scrutiny from SEBI for fund diversions. PFC sanctioned ?633 crore in 2023 for EVs, disbursing ?352 crore. Despite Gensol's initial regular payments, PFC invoked the Debt Service Reserve Account. PFC has also filed a complaint with the Economic Offences Wing regarding falsified documents.
Power Finance Corporation files plaint with EOW over 'document fraud'
Power Finance Corporation (PFC) has filed a complaint against Gensol Engineering for allegedly falsifying documents related to debt servicing delays. This action follows downgrades by CARE Ratings and ICRA due to Gensol's missed loan obligations. PFC sanctioned ?633 crore to Gensol for electric vehicles, disbursing ?352 crore for 3,000 EVs leased to BluSmart Mobility.
PFC, IREDA initiate probe into Gensol Engineering's Rs 663 crore loan
Power Finance Corporation and IREDA have launched internal investigations into a ?663 crore loan to Gensol Engineering for EV purchases leased to BluSmart. The probes aim to identify missing EV delivery receipts, prompted by SEBI's order against Gensol's promoters for alleged fund diversion.
Eversource makes Rs 1,200 crore offer for BluSmart, but deal clouded by Gensol probe
Eversource’s offer may not result in a deal due to probes at BluSmart’s sister concern Gensol; Eversource may directly negotiate with lenders of Gensol to buy EVs leased to BluSmart. Eversource recently exited a large investment in Ayaana Renewable Power, selling it to a consortium of NTPC and ONGC for an enterprise value of $2.2 billion.
ED lens on Jaggi brothers; Flipkart begins India shift
Happy Tuesday! After a Sebi probe, Gensol Engineering is now on the Enforcement Directorate’s radar. This and more in today’s ETtech Morning Dispatch.
Next in Gensol crisis; No-go for China in India’s electronics
Lenders to Gensol are getting jittery as the company’s troubles compound. This and more in today’s ETtech Top 5.
BluSmart crisis: Green mobility’s red flag is giving HNIs bond blues
The bondholders’ concerns stem from cash-strapped BluSmart’s failure to raise $50 million in a fresh round and an ongoing probe by markets regulator Sebi into Gensol Engineering—promoted by BluSmart’s cofounder Anmol Singh Jaggi, said people aware of the development. Investors, who trusted the fintech platforms to do a thorough due diligence before syndicating the bonds, have started losing faith.
Tesla shopping for Indian partners; Investor heat on BluSmart
Happy Monday! Tesla wants to broaden its supply chain and source semiconductor chips in India amid the global trade war. This and more in today’s ETtech Morning Dispatch.
BluSmart bond holders may invoke immediate repayment provisions
BluSmart Mobility, which raised approximately Rs 100 crore through non-convertible debentures (NCDs) from high-net-worth individuals and retail investors, may soon face an ‘Event of Default’ demand from bondholders.
Sanjeev Bikhchandani on BluSmart: ‘Drivers are worst hit’
BluSmart Cabs, an electric mobility startup, shut down abruptly, raising concerns over corporate governance and the impact on gig economy workers. Sanjeev Bikhchandani, founder of Info Edge, expressed disappointment as a customer and stressed the importance of sound governance. Regulatory scrutiny intensified after SEBI barred BluSmart’s cofounders due to alleged irregularities, further deepening the crisis.
Who are the Jaggi brothers—and how did Gensol, BluSmart get here?
India’s markets regulator Sebi has accused BluSmart founders Anmol and Puneet Singh Jaggi of diverting funds from their listed firm Gensol Engineering and manipulating stock prices. Once hailed as clean energy pioneers, the brothers now face allegations of financial fraud, shaking investor confidence in India’s startup and renewable energy sectors.
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