GENSOL.NSE

Gensol Engineering Ltd.

India’s audit watchdog will complete its review of audit reports for Gensol Engineering and IndusInd Bank within six months, ICAI President Charanjot Singh Nanda said. The probe follows fund misuse allegations at Gensol and accounting errors at IndusInd. Auditors may face disciplinary action if faults are found.

NEW DELHI (Reuters) -The Financial Reporting Review Board (FRRB) will complete its probe into audit reports of Gensol Engineering and IndusInd Bank within six months, the president of the country's audit watchdog said Monday. "The FRRB will scrutinise all audit documentation to determine if any issues exist and will submit its report within six months,” said Charanjot Singh Nanda, President of the Institute of Chartered Accountants of India (ICAI). Gensol Engineering is facing regulatory action amid concerns that it may have diverted business funds raised for personal purchases.

Finance Minister Nirmala Sitharaman is set to chair the FSDC meeting in Mumbai on June 10, focusing on the domestic and global economic landscape alongside regulatory matters. The council will address external risks like US tariff policies and geopolitical tensions impacting Indian growth. Recent fraud allegations involving Gensol Engineering and IndusInd Bank will also likely be discussed.

The National Company Law Tribunal (NCLT) in Ahmedabad has ordered the freezing and attachment of all bank accounts and lockers belonging to Gensol Engineering Limited and its associated entities.

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India’s audit regulator, NFRA, has launched a preliminary inquiry into Gensol Engineering’s books after SEBI flagged fraud allegations. The probe will assess auditors’ role and adherence to standards. SEBI’s earlier report alleged fund diversion and governance lapses.

The Indian Renewable Energy Development Agency said on Friday it had filed a bankruptcy application against Gensol Engineering’s electric vehicle leasing unit, two days after filing a bankruptcy case against the troubled company. Gensol EV Lease Ltd owes a default amount of 2.18 billion rupees ($25.48 million), the state-owned agency said. The IREDA filed its first bankruptcy application against Gensol, a solar energy company, on Wednesday for an amount of 5.10 billion rupees. Gensol has also procured electric vehicles on behalf of ride-hailing service BluSmart. Gensol’s former managing director, Anmol Singh Jaggi, is BluSmart’s co-founder. India’s market regulator alleged in April that Gensol had defaulted on loans, including those taken to finance the EVs purchased for BluSmart. India’s IREDA files bankruptcy case against Gensol Engineering amid fraud allegations The IREDA had filed a complaint with the Economic Offences Wing against Gensol in April, alleging falsification of documents, while also initiating an internal review.

State-owned Indian Renewable Energy Development Agency said on Wednesday it has filed a bankruptcy application against Gensol Engineering marking the first instance of a creditor taking the embattled firm to the National Company Law Tribunal (NCLT). Gensol, a solar energy firm that also procured electric vehicles on behalf of ride-hailing service BluSmart, owes IREDA 5.10 billion rupees ($59.73 million). In April, IREDA filed a complaint with the Economic Offences Wing against Gensol, alleging falsification of documents, and initiated an internal review regarding these allegations. Another lender, Power Finance Corp, has also filed similar allegations. Gensol’s Managing Director Anmol Singh Jaggi and his brother Puneet Singh Jaggi resigned earlier this week, a month after India’s market regulator barred them from holding key positions in the company. Anmol Singh Jaggi is also a co-founder of BluSmart. The Securities and Exchange Board of India (SEBI) alleged that the brothers were involved in diverting funds raised by the company towards personal luxury purchases and debt defaults.

Gensol Engineering shares hit a 52-week low after ED raids its Ahmedabad and Gurgaon offices amid a FEMA probe