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3d ago

MCA Targets 3–5 Month Timeline for Gensol Engineering Probe

Investigations into alleged fund diversions and governance lapses extend across multiple regulatory bodies, with SEBI, NFRA, and ICAI actively involved.

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Overview

  • The Ministry of Corporate Affairs (MCA) aims to conclude its investigation into Gensol Engineering and 18 related companies within 3–5 months.
  • The National Financial Reporting Authority (NFRA) has initiated a preliminary enquiry into Gensol Engineering following SEBI's referral.
  • SEBI's April interim order barred Gensol's promoters, Anmol Singh Jaggi and Puneet Singh Jaggi, from the securities market over fund diversion allegations.
  • The Institute of Chartered Accountants of India (ICAI) is auditing the 2023–24 financial statements of Gensol Engineering and BluSmart Mobility.
  • The MCA probe could avoid escalation to the Serious Fraud Investigation Office (SFIO) if sufficient evidence is gathered during the ongoing investigation.