Blusmart Gensol under the surveillance of corporate governance may initiate investigations: Report
According to reports Economic times On Sunday, April 20.
According to the report, the company department is reviewing materials about cases available in the public sector and some information they receive before deciding whether to conduct a formal investigation into the company.
“In the public domain and in some information, the material being studied is being studied,” a senior government official told the News Portal.
According to the report, the MCA’s decision is expected to be announced within two weeks, the source said.
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The Corporate Affairs Department is also conducting a preliminary assessment of company-related issues related to corporate governance.
“Because the report indicates corporate governance issues, once the initial assessment of the Corporate Affairs Department also indicates corporate governance issues, it will be called whether the investigation or investigation should be initiated,” the official told the news portal.
The investigation also attempts to find any fund transfers related to the promoter’s personal expenses, such as purchasing any luxury apartment, transferring to relatives, etc.
“The ministry will focus on determining whether there is any transfer of funds used to promoters’ personal expenses, such as buying luxury apartments, transfers to relatives and investments, to benefit private entities owned by the promoters…the call is likely to take place within two weeks,” they said.
According to the report, the department did not issue any notice to the two companies, nor did it ask for any information.
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On April 15, 2025, the Securities and Exchange Commission of India (SEBI), a securities market regulator, banned Gensol Engineering and its promoter Anmol Singh Jaggi from entering the Indian stock market until further notices related to cases involving fund transfers and governance errors.
According to media reports, Sebi revealed that Gensol has taken out a worthwhile loan ₹9.78 billion from IREDA and PFC. A large portion of this is used to fund electric vehicles (EVs) of its taxi operation unit Blusmart.
Although Gensol denies defaulting debts, Sebi confirmed that the company has defaulted on its repayments, leading to further concerns about the company’s financial practices and Gensol’s association with Blusmart. Mint Early reports.
