Overview

• The Debt Recovery Tribunal in Delhi barred Gensol and its promoters on May 28 from selling or transferring secured assets, including electric vehicles financed by state-backed lenders.
• The National Company Law Tribunal in Ahmedabad granted urgent interim reliefs by freezing and attaching all bank accounts and lockers of Gensol and its associated entities based on prima facie findings of misconduct.
• SEBI’s April order prohibited promoters Anmol Singh Jaggi and Puneet Singh Jaggi from securities market access and key managerial roles after identifying over ₹200 crore unaccounted in a ₹975 crore EV procurement loan scheme.
• Regulators uncovered systemic fraud allegations including diversion of loans meant for EV procurement, submission of fabricated debt-servicing letters from IREDA and Power Finance Corp., and manipulation of financial statements.
• The matter is listed for further hearing on June 3 as investigations by the Ministry of Corporate Affairs, Enforcement Directorate and other agencies into Gensol and its BluSmart Mobility arm continue.