Overview

• BluSmart has suspended operations in Delhi NCR, Mumbai, and Bengaluru following a SEBI investigation into financial misconduct by its affiliate, Gensol Engineering.
• The company has assured customers it will refund wallet balances within 90 days if services do not resume during that period.
• Gensol Engineering's promoters allegedly misused ₹664 crore of taxpayer-backed loans intended for EV procurement, diverting funds to luxury assets and personal expenses.
• BluSmart is reportedly negotiating with Uber India to lease up to 8,000 EVs under the Uber Green brand, with rebranding already underway for some vehicles in Bengaluru.
• SEBI has barred Gensol's promoters, Anmol and Puneet Jaggi, from the stock market and ordered a forensic audit to investigate the misuse of funds.