gensol engineering ltd

gensol engineering ltd has bagged an order worth Rs 75 crore to lease out 500 electric cargo vehicles from a logistics firm, a company statement said. An initial batch of over 20 electric vehicles (EVs) has already been leased, with the remaining cars to be deployed over the next 6 months across 5 states, including Maharashtra, Karnataka, West Bengal, Tamil Nadu and Telangana.

gensol engineering ltd has been selected as the lowest bidder for NHPC's Kargil Green Hydrogen Mobility Station EPC Project in Ladakh. The project involves developing a 500-kW solar power project that will provide energy to the hydrogen refuelling station. Gensol will be responsible for the installation, storage, and dispensing facilities, as well as the necessary civil and electrical infrastructure. The project is expected to be completed within 12 months.

Anmol Singh Jaggi and Puneet Singh Jaggi, promoters of BluSmart Mobility and Gensol Engineering, face accusations of diverting loan funds for personal use, including luxury real estate. SEBI has barred Anmol Singh Jaggi from key positions and market access due to alleged fund misuse and governance failures at Gensol Engineering. The company's stock price has significantly declined following these revelations.

The Enforcement Directorate is set to interrogate Gensol Engineering's promoters, Anmol and Puneet Singh Jaggi, amidst a probe into the Mahadev Book app's illegal betting and money laundering activities. The ED has already frozen over 500,000 shares of the company, suspecting stock price manipulation using illicit funds routed through foreign portfolio investors.

BluSmart, the electric car service operating in Delhi-NCR, Bangalore, and Mumbai, faced booking disruptions on Wednesday, leaving many passengers stranded. This comes as BluSmart's co-founder, Anmol Singh Jaggi, and Gensol Engineering are under scrutiny by SEBI for alleged fund diversion and governance lapses.

The Enforcement Directorate (ED) raided gensol engineering ltd offices and detained co-promoter Puneet Singh Jaggi amid financial misconduct allegations. This action, triggered by a SEBI report, accuses the Jaggi brothers of diverting funds obtained from Power Finance Corporation and IREDA Ltd into assets held by promoters and shell companies.

IREDA has initiated insolvency proceedings against Gensol Engineering, citing a default of ₹510 crore. This action follows a SEBI investigation revealing that Gensol's promoters misused loan funds for personal gains and stock manipulation. The Jaggi brothers, also linked to BluSmart, face scrutiny after stepping down from Gensol's board due to SEBI directives.

Gensol Engineering faces further turmoil as two more independent directors, Harsh Singh and Kuljit Singh Popli, resign amidst allegations of fund misuse. This follows Arun Menon's resignation, who cited concerns about the company's increasing debt burden to finance capital expenditures for other ventures and its ability to manage the associated high debt servicing costs.

Sebi's investigation uncovered alleged financial irregularities at Gensol Engineering, including no manufacturing activity at its EV plant despite grand announcements. The regulator found discrepancies in pre-orders, suspicious transactions, and fund diversion by promoter directors Anmol and Puneet Singh Jaggi. Consequently, Sebi barred Gensol and the Jaggis from the securities market and directed a halt to the stock split.

ICAI will review Gensol Engineering and BluSmart Mobility's FY24 financial statements due to misconduct allegations. This decision follows SEBI's market ban on Gensol's promoters for fund siphoning. The FRRB will assess compliance, and irregularities may lead to disciplinary action and referral to regulatory authorities, while the ministry of corporate affairs considers action against Gensol.

Gensol Engineering's shares plummeted after SEBI barred the company and its promoters, Anmol Singh Jaggi and Puneet Singh Jaggi, from the securities market due to fund diversion allegations and corporate governance lapses. SEBI's investigation revealed forged documents and misleading statements to rating agencies and lenders.

Ashneer Grover, BharatPe's co-founder, claims to be a 'victim' after SEBI's action against Gensol Engineering and BluSmart's operational halt. Grover invested ₹1.5 crore in BluSmart and ₹25 lakh in Matrix. He clarified he has no operational role and offered to reveal his financial details to prove legitimacy.

BluSmart is experiencing widespread booking issues across Delhi-NCR, Bengaluru, and Mumbai due to its strategic shift to integrate its EV fleet with Uber's platform. This transition follows financial difficulties, including high cash burn rates and regulatory action against Gensol Engineering, linked to BluSmart's co-founder. The company has already scaled down its services significantly amid ongoing scrutiny and financial instability.

The Institute of Chartered Accountants of India has formed a special group to expedite high-profile cases, including those involving Gensol Engineering and IndusInd Bank. President Prasanna Kumar D anticipates findings within two months. He also highlighted the expanding role of chartered accountants in Global Capability Centres and the introduction of new digital audit standards.

Puneet Jaggi, a promoter of Gensol Engineering, has been detained by the Enforcement Directorate. He will be questioned about alleged FEMA violations. The probe focuses on potential fund diversions for foreign exchange acquisition. Searches occurred in Delhi, Gurgaon, and Ahmedabad. Anmol Jaggi, his brother, is expected to be summoned soon.

Promoted by the founders of electric vehicle ride hailing startup BluSmart, Gensol is now entering the vehicle manufacturing space, and its first made-in-India electric car will be fully unveiled in March 2024.