Sebi will now designate a Forensic Auditor to examine Gensol’s account books and their related parts. | Photo credit: Priyanshu Singh
The PFC state loan agencies and the Indian Renewable Energy Development Agency (IREDA) are considering legal options, including the transfer of the Debt Recovery Court (DRT) and the Insolvency and Banking Code (IBC) over the winged.
A decision on the next course of action is expected before the end of April.
The sources said that the initial discussions are in analyzing the problem from a criminal angle for which the conversations are to move the wing of economic crimes (EOW) and the SERIZ FRAUDS OFFICE (SFIO). There are groups about the breach of the Blusmart loan, which is a part related to Gensol. The diversion of funds is also there.
Book inspection
According to the Companies Law, the Business Registrar (ROC) can inspect the books of Gensol Engineering. If the rec finds “great instances of financial appropriation”, you can ask the Sfio to investigate the company.
Gensol received ₹ 977.75 million rupees from IREDA and PFC as term loans, or that was ₹ 663.89 million rupees to buy 6,400 EV. However, it acquired only 4,704 EV.
“Another is analyzing the recovery of money, first. The idea is to move the DRT insolvency processes are also contemplating, but this should be the last resort, since the Law Court of the National Company (NCLT) will replace all other recovery measures.
The government is reviewing the breach of the loan and the problem of deviation of funds, in part the negative impact due to the controversy in the starting and clean energy sectors of India.
The sources said that the concern in the government is that Blusmart is a new successful company and the only CAB Ev Ev in the country, a unique proposal for energy transition, particularly in the public transport sector difficult to absorb. The intention is to guarantee that it does not lose its value for the current controversy.
Sebi will now designate a Forensic Auditor to examine Gensol’s account books and their related parts. Besids, the designated firm or the Forensic Auditor will present the report within six months after its appointment.
The Markets capital regulator, through an interim order last week, prohibited Anmol Singh Jaggi and Puneet Singh Jaggi, co -founders of Blusmart, to access the stock market.
Posted on April 21, 2025