Blusmart’s Strange Case: Why can’t you book a taxi on the app? What is the connection with Anmol Jaggi? Explained

Case 1: Blusmart, often referred to as a reliable taxi service by riders, has suspended its Indian operations.

Case 2: Gensol project sponsors Anmol Singh Jaggi and Puneet Singh Jaggi were prohibited by SEBI for any directorship or key management position in Gensol or any other public company.

Want to know how these two topics have a relationship with each other?

In short, Jaggi Brothers’ SEBI order could be the final trigger for Blusmart to suspend its operations in India for at least at least May 7.

Here is all you need to know about the Blusmart operating suspension and why the Anmol Jaggi and Puneet Jaggi are related to it.

1. Gensol and Blusmart – What is the connection?

Blusmart’s smooth journey on Indian roads stopped screaming on April 17 as riders saw that they could no longer book a taxi. The all-electric fleet company, co-founded by Gensol Engineering Director Anmol Singh Jaggi, has suspended its services in cities such as Delhi NCR, Mumbai and Bangalore. Blusmart has been facing problems since March ₹Gensol’s 3.15 million, Sebi order was the last blow to end the road to the ride-hailing company.

2. What did Sebi say?

The Securities and Exchange Commission of India ordered an investigation into Gensol engineering this week as it found funding violations aimed at buying new cars. In a significant clamp, the regulator prohibits the Jaggi brothers from holding any directorship or critical management position in Gensol or any other publicly listed company. In addition, it prohibits Gensol and its promoters from entering the securities market until further notice and with transfer of funds and serious governance failures.

3. Loan, unfulfilled commitment

Gensol is a publicly traded company that leases electric vehicles and receives loans from government-backed lenders including IREDA and PFC ₹9.78 billion. The company borrowed loans to buy electric cars – 6,400 of them. The electric vehicle was purchased by the company and then leased to the affiliate Blusmart. However, in its February response to SEBI, Gensol acknowledged that it has so far purchased only 4,704 electric vehicles, well below 6,400 funding. EV supplier Go-Auto Private Limited confirms this ₹56773 million.

4. What did Anmol Jaggi do with this money?

Now, the question is, what is Anmol Jaggi useful for the remaining money? Some of this funds are used for purposes that are completely unrelated to approved loans, according to a SEBI survey. This includes personal expenses of the promoter, such as the purchase of luxury apartments, investments transferred to relatives, and investments in private entities owned by beneficiaries.

5. Can you use Blusmart again?

As of today, the Blusmart app does not allow users to book taxis by May 7. However, it has not been confirmed whether the service will begin. “We decided to temporarily close bookings for the Blusmart app. We appreciate your support very much. Although we strive to come back soon, we will initiate a refund within 90 days if the service does not resume before,” the company said in an email to customers, giving no reason. The company, which has a fleet of more than 8,500 electric vehicles as of January 9, has a charging network of 5800 radio stations in 50 hubs in Delhi NCR and Bengaluru, and is supported by more than 10,000 active driver partners.