Archive · 19 May 2025
Gensol Engineering Faces Multiple Probes and Leadership Changes
Gensol Engineering, a company involved in solar energy and electric vehicle leasing, is facing serious problems.
Regulators, like SEBI, are investigating the company for financial misconduct, including the alleged misuse of funds by its promoters.
The Enforcement Directorate (ED) is also involved and shared its findings with Delhi Police.
The company's promoters, the Jaggi brothers, have resigned, and the CFO has also stepped down, citing regulatory scrutiny and internal issues.
These actions come after complaints from lenders and an insolvency petition filed by IREDA, a financial creditor, due to a claimed default of over ₹510 crore.
The NCLT is now involved, and BluSmart, a related electric cab service, has halted operations.
ED shared FEMA probe findings with Delhi Police regarding Gensol Engineering.
Gensol's promoters, Anmol and Puneet Singh Jaggi, resigned following a SEBI interim order.
IREDA filed an insolvency petition against Gensol Engineering, claiming a default of ₹510 crore.
NCLT issued a notice to Gensol Engineering regarding the IREDA plea and scheduled a hearing for June 3.
Gensol's CFO, Jabirmahendi Aga, resigned citing regulatory scrutiny and internal disarray.
- Who
- Gensol Engineering, its promoters (Anmol Singh Jaggi and Puneet Singh Jaggi), IREDA, SEBI, ED, and the CFO Jabirmahendi Aga.
- What
- Investigations, resignations of key personnel, and an insolvency petition concerning Gensol Engineering.
- When
- The events unfolded in April and May 2025, with the most recent developments happening in May.
- Where
- Operations and investigations mainly concern India, particularly Delhi, Ahmedabad, and Gurugram.
- Why
- Multiple investigations by regulatory bodies, including SEBI and ED, into alleged fund diversion and corporate governance lapses, and due to a claimed default by IREDA.
- Gensol Engineering Business
- Solar consulting and EPC, electric vehicle leasing
- Former Promoters
- Anmol Singh Jaggi and Puneet Singh Jaggi
- IREDA's Default Claim
- Rs 510 crore
- CFO Jabirmahendi Aga's Resignation Date
- May 16, 2025
- IREDA's Petition under
- Insolvency & Bankruptcy Code
- Related Entity
- BluSmart Mobility
Sources
NCLT issues notice to Gensol over Ireda plea
ED shares Gensol probe findings with Delhi Police
Gensol CFO Jabirmahendi Aga resigns citing investigations, internal disarray
SAT allows Gensol Engineering to file its response to Sebi interim order
