Overview

• SEBI has barred Gensol Engineering and its promoters from the securities markets and key managerial roles, citing fund diversion and governance failures.
• Loans allocated for purchasing 6,400 electric vehicles resulted in only 4,704 EVs being procured, leaving Rs 262 crore unaccounted for.
• Promoters allegedly diverted funds for personal use, including Rs 42.94 crore for a luxury apartment and Rs 50 lakh invested in a startup.
• A forensic audit has been mandated to examine Gensol's accounts, with a report due within six months.
• Gensol's stock has plummeted over 80% in 2025, eroding investor wealth and raising concerns about financial transparency.