Overview
- SEBI has barred Gensol Engineering promoters Anmol and Puneet Jaggi from capital markets and ordered a forensic audit of the company.
- Approximately ₹262 crore of the ₹977.75 crore in state-backed loans meant for EV procurement remains unaccounted for, with funds allegedly diverted for personal and unrelated uses.
- BluSmart Mobility, a related entity of Gensol, has suspended operations in key cities, citing fallout from SEBI's findings.
- The Ministry of Corporate Affairs has initiated a suo motu inquiry into Gensol, examining potential corporate governance violations and financial irregularities.
- State lenders PFC and IREDA are under criticism for failing to monitor the end-use of funds, allowing misuse through falsified documents and layered transactions.