Latest Updates on Gensol-Blusmart saga

Beleaguered ride-hailing firm BluSmart eyes climate funds for reboot

BluSmart looking to restart operations next month

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

ED raids Gensol Engineering, detains co-promoter Puneet Singh Jaggi

The Enforcement Directorate Thursday conducted searches against beleaguered Gensol Engineering Ltd and detained its co-promoter Puneet Singh Jaggi from a Delhi hotel, official sources said. The raids were conducted at company's premises in Delhi, Gurugram and Ahmedabad under the provisions of the Foreign Exchange Management Act (FEMA). The promoter brothers of the company -- Anmol Singh Jaggi and Puneet Singh Jaggi -- are under the scanner of the federal probe agency following a SEBI report against them for alleged financial misconduct and diversion of funds. The sources told PTI that Puneet Jaggi was detained by the ED from a Delhi hotel while Anmol Jaggi is stated to be in Dubai. The ED action is based on the SEBI order which claimed that Gensol Engineering obtained loans from Power Finance Corporation and IRDEA Ltd for procurement of EVs and EPC contracts. However, according to the sources, the company instead of utilizing these funds for the intended purposes had diverted the

BluSmart appoints Grant Thornton for forensic audit following Sebi scrutiny

BluSmart Co-founder Anmol Jaggi has been accused of misappropriating funds meant for electric vehicle purchases for personal gain

ICAI's Financial Reporting Review Board to review Gensol's books

The review is being undertaken by the ICAI on a suo motu basis, Charanjot Singh Nanda, president, ICAI, said

PFC takes Gensol Engineering's forgery case to Economic Offences Wing

In an official statement, PFC on Tuesday evening said, under its Anti-Fraud Policy, it is investigating GEL for falsified documents

Eversource eyes BluSmart takeover amid Gensol fallout | Founders' exit key to deal

Gensol Engineering shares down 80% since March; Retail investors hike stake

Gensol Engineering latest news: According to reports, Enforcement Directorate (ED) may grill Jaggi brothers of Gensol Engineering in mahadev app case

ED seized Gensol stake in Mahadev App case: Jaggi brothers to be summoned?

ED seized shares from Zenith, a Dubai-based company linked to Hari Shankar Tibrewal, one of the main accused the Mahadev Betting App case

Gensol Engineering fraud: Lenders may approach Economic Offences Wing

GEL, it's been alleged, submitted "conduct letters" and "no objection certificates" in the name of PFC and IREDA, which the lenders later discovered to have been forged by the company

In the eye of the storm, one BluSmart co-founder finds overwhelming support

Unlike in the past where founders have been pulled up for their role in such cases, Goyal has been spared the criticism. As if he was unaware of what was happening at BluSmart

BluSmart users' wallet woes: 'Closed loop' model may pose refund issues

Closed loop prepaid payment instruments (PPIs), such as the BluSmart wallet, enable users to only purchase services from the ride-hailing entity alone

Govt to take necessary action in Gensol case after examining Sebi's order

The corporate affairs ministry on Monday said it will take necessary action in the Gensol Engineering matter after examining market regulator Sebi's order against the company. Last week, Sebi barred the company's promoters Anmol Singh Jaggi and Puneet Singh Jaggi from the securities market for various violations. The order came amid accusations of siphoning off loan funds from their publicly listed company Gensol Engineering for personal use, raising concerns over corporate governance and financial misconduct. When contacted, the Ministry of Corporate Affairs (MCA) told PTI that it is examining the Sebi order in light of the provisions of the Companies Act, 2013. "Necessary action would be taken accordingly," the ministry said.