GENSOL ENGINEERING LOAN INVESTIGATION
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.
Delhi Court grants interim protection to Gensol's Puneet Jaggi, orders 7-day notice before arrest
A Delhi Court has granted interim protection to Puneet Jaggi, promoter of Gensol Engineering Ltd., directing the Delhi Police to serve a seven-day prior notice in case it decides to arrest him in connection with alleged economic offences currently under enquiry.
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.
Delhi HC appoints receiver to take charge of 95 EVs given to Gensol, BluSmart by Clime Finance
The Delhi High Court appointed a receiver for 95 electric vehicles. These vehicles were leased to Gensol and BluSmart by Clime Finance. The decision follows allegations of financial misconduct against Gensol's promoters. Anmol and Puneet Jaggi were detained under FEMA. SEBI had already barred them from stock markets. The brothers face charges of fund diversion and governance failures.
Gensol Engineering shares hit 5% lower circuit as ED raids Ahmedabad, Gurgaon offices over FEMA probe
Gensol Engineering shares: The agency also issued directives under the Foreign Exchange Management Act (FEMA) and the Income Tax Act, 1961, to Axis Bank, HDFC Bank, and ICICI Bank. However, the specific contents of these orders have not been made public.
NTPC may cancel two contracts of 500 MW awarded to Gensol Engineering
NTPC's renewable energy division is considering terminating contracts with Gensol Engineering for nearly 500 MW of EPC work due to project delays. An additional project, initially intended for Gensol, may be re-bid. Gensol faces probes regarding loan discrepancies related to electric vehicle purchases, impacting its solar EPC operations despite a substantial unexecuted order book.
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Gensol pulled out of DLF office deal a month before Sebi order
Prior to Sebi's order against Gensol's promoters for fund diversion and accounting discrepancies, Gensol terminated a lease agreement for 90,000 sq ft in DLF's Gurgaon office building. DLF agreed to the cancellation due to high demand, with companies like Google also considering space in the complex. Sebi's order highlighted discrepancies in EV procurement against disbursed loans.
ED conducts search operations at Gensol Engineering premises; seizes documents, electronic devices
The search and seizure operation was conducted by ED at the Ahmedabad and Gurgaon premises of the company. Some documents, electronic devices and others financial records have been seized.
Gensol Engineering shares tumble for 13th day; hit another lower circuit limit
Gensol Engineering's stock faces a sharp decline, hitting a lower circuit. This comes amid Sebi's investigation into promoters Anmol Singh Jaggi and Puneet Singh Jaggi. They are accused of diverting loan funds meant for EV purchases. Sebi has barred them from capital markets. The company's planned stock split is also on hold.
IREDA says Gensol promoters diluted equity without lender approval, files EoW complaint
IREDA has accused Gensol Engineering's promoters of breaching their contract by diluting shareholding without lender approval and filed a complaint with the Economic Offences Wing. This action follows an internal review prompted by concerns over Gensol's loan account, which is currently under stress due to issues with EV purchases and lease payments to BluSmart.
Gensol Engineering’s collapse: 11 red flags every retail investor should watch for in their portfolio stocks
Gensol Engineering’s sharp 90% fall highlights the perils of ignoring red flags. Despite rising retail and FII interest, regulatory action against its promoters, weak cash flows, and high debt signalled trouble. Investors must monitor financial health and governance closely to avoid such traps. In small-cap investing, protecting capital is as important as chasing returns.
Gensol promoters diluted equity without lender approval: IREDA
IREDA has accused Gensol Engineering's promoters of violating their agreement. The violation involves diluting shareholding without IREDA's consent. IREDA has lodged a complaint with the Economic Offences Wing. This action follows an internal review prompted by recent developments at Gensol. IREDA's committees are reviewing the matter. They will decide on actions regarding collaterals and recoveries.
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.
Gensol Engineering fall another 5%; drop for 12th day
Gensol Engineering's shares plummeted, hitting a lower circuit for the 12th consecutive day amid ongoing crisis. The stock has lost over 44% in 12 days, triggered by Enforcement Directorate searches and the detention of co-promoter Puneet Singh Jaggi.
Gensol Engineering’s retail, FII holdings spiked weeks before Sebi crackdown
Weeks before Sebi's crackdown on Gensol Engineering for fund diversion and corporate governance failures, retail and FII holdings significantly increased during January-March 2025. Promoters reduced their stake as retail interest soared following a stock split, while SEBI's investigation revealed substantial financial irregularities, including diverted funds used for personal expenses, raising concerns about transparency and investor awareness.
Gensol Engineering rejects reports linking promoters to ED probe in Mahadev betting app case
Gensol Engineering issued a clarification on Thursday, refuting media reports suggesting that its promoters, Anmol Singh Jaggi and Puneet Singh Jaggi, could be summoned by the Enforcement Directorate (ED) in relation to the Mahadev Book app case.
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.
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.
PFC shares drop over 3% on disclosure of Rs 307 crore pending dues from Gensol Engineering
Power Finance Corporation (PFC) shares declined after disclosing a Rs 307 crore outstanding exposure to Gensol Engineering, which had received a loan for electric vehicles. PFC is pursuing legal action due to alleged document falsification by Gensol.
Gensol Engineering promoters' stake more than halves amid Sebi crackdown
Gensol Engineering's promoters have seen their stake plummet 57% as pledged shares rise amid regulatory scrutiny. Meanwhile, allegations of fund siphoning and falsified documents have led to credit downgrades and a significant drop in share value. The Jaggi brothers, accused of mismanaging company funds, have stepped down from the board, prompting further resignations.
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.
ED may probe Gensol Engineering under anti-money laundering law
The Enforcement Directorate (ED) is poised to investigate Gensol Engineering Ltd's promoters for alleged fund diversion and financial misconduct, following a SEBI report detailing violations and misuse of loan funds. The ED has also frozen additional shares linked to the Mahadev betting app scam, tracing them to a Dubai-based hawala operator.
Gensol Engineering shares drop 5%; hit fresh lower circuit level
Gensol Engineering's stock prices declined sharply. This followed Sebi's action against Anmol Singh Jaggi and Puneet Singh Jaggi. They are accused of misusing loan funds. Sebi barred them from accessing securities markets. The company's planned stock split was also put on hold. The Corporate Affairs Ministry will review Sebi's order. The stock hit lower circuit limits multiple times.
Gensol, BluSmart on corporate ministry radar for lapses after Sebi action for 'misutilisation' of funds
The corporate affairs ministry is considering investigating Gensol Engineering and BluSmart for potential corporate governance violations, following a Sebi ban on Gensol's promoters for alleged fund diversion. The ministry will assess public information and received data to determine if an inquiry or investigation is warranted, focusing on potential misuse of funds for personal expenses and related party transactions.
Gensol Engineering shares tumble 5%; hit another lower circuit limit
Gensol Engineering shares crashed 5% to new 52-week lows on both BSE and NSE amid allegations of fund diversion by promoters, who have been barred by Sebi from the securities market. The regulator has also halted the planned 1:10 stock split, intensifying concerns over governance and financial misconduct.
Sebi finds no manufacturing at Gensol's Pune EV plant, only 2-3 labourers
During a site visit to Gensol's EV plant at Chakan in Pune. on April 9, an NSE official found only 2-3 labourers present, the Sebi interim order against the company on April 15 had stated. The visit followed an announcement by Gensol to stock exchanges on January 28, claiming it had received pre-orders for 30,000 units of its newly launched EVs.
PFC, IREDA mull legal measures against Gensol to safeguard their loan exposure
Power Finance Corp and IREDA are pursuing legal options to protect their ?977 crore loan exposure to Gensol Engineering after promoters faced a capital market ban for alleged fund diversion. Sebi's investigation revealed forged letters regarding loan repayments, prompting show-cause notices from the lenders.
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