GENSOL SCAM
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 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.
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.
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.
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.
ED may grill Jaggi brothers of Gensol for Mahadev link
The Enforcement Directorate (ED) is likely to summon Anmol and Puneet Singh Jaggi, promoters of Gensol Engineering, in connection with the Mahadev Book app case. ED suspects stock manipulation using tainted funds received through FPI routes and has frozen over 500,000 Gensol shares. The agency is investigating artificial price fluctuations and the promoters' potential awareness of the illicit funds.
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It's not your salary, but your savings that make you a millionaire, says Vijay Kedia
High salaries may look impressive on paper, but they don’t guarantee wealth. What truly matters is how much you save — not how much you earn, says veteran investor Vijay Kedia.
How the Jaggi brothers misled investors and lenders while being cleantech poster boys
BluSmart, once celebrated as India's first all-electric ride-hailing service, faces a crisis as promoters Anmol and Puneet Singh Jaggi are accused by SEBI of fund diversion from Gensol. This revelation has shaken investor confidence, leading to leadership exits and a decline in daily rides.
Nab a Gensol, catch a con: How India Inc’s green dreams turn into grifting nightmares
The Gensol Engineering fiasco highlights corporate governance issues in India, where promoters prioritize personal gain over public interest. Funds were diverted, orders faked, and investors misled in the solar and EV sectors. This incident underscores the need for stricter regulatory oversight and vigilance from all stakeholders to prevent similar fraudulent activities in emerging sectors.
Nifty likely to witness profit booking, suggests Rahul Sharma. Highlights 3 stock ideas
Indian equity markets approach a long weekend. Experts suggest reassessing positions after a significant rally. Nifty faces a key resistance zone, potentially leading to consolidation. JM Financial advises profit-taking in Nifty. Banking and financial sectors remain strong. Cholamandalam Finance, Bank of Baroda, and Adani Ports are highlighted as attractive stock picks. Adani Ports is preparing for a big reversal.
Many Gensols yet to come out? Vijay Kedia lists 10 red flags in companies that scream 'scam alert'
After Sebi barred Gensol Engineering for fund misuse, Vijay Kedia warned of more such companies hiding in plain sight. He outlined 10 red flags investors must watch to avoid potential scams in listed firms.
Gensol's Jaggi bros saga: Forged letters, Camellias flat, golf set, Dirhams, money to relatives & Ashneer Grover's firm
Gensol: Brothers Anmol and Puneet Jaggi, once celebrated figures in India's renewable energy sector with Gensol Engineering and BluSmart Mobility, are now under scrutiny. SEBI has barred them from the securities market, alleging fund misappropriation from Gensol for personal use.
Ill gotten gains of Mahadev app found their way to small cap stocks
In a significant development in the ongoing probe into the Mahadev app-linked money laundering case, ED froze a few days ago shares worth Rs 1,100 crore held in demat accounts linked to a Dubai-based "hawala operator", an accused in the case. Recently, the chairperson of Sebi said the regulatory body is actively scrutinizing the small and mid-cap segments for additional signs of manipulation.
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