GENSOL

Adds resolution professional's comments in paragraphs 9-11

By Khushi Malhotra and Nandan Mandayam

July 29 (Reuters) - Indian electric cab firm BluSmart has entered insolvency, an order from a company law tribunal showed, amid mounting corporate governance issues after a regulatory probe alleged its co-founder diverted funds meant for vehicle leases.

BluSmart suspended operations in April after India's market regulator barred co-founder Anmol Jaggi from the securities market.

The ban followed allegations that Jaggi diverted funds from his publicly listed affiliate, Gensol GENO.NS, for personal use — including the purchase of a $5 million luxury apartment and a golf set worth $30,379.

The National Company Law Tribunal admitted insolvency proceedings against BluSmart following a petition filed by financial creditor Catalyst Trusteeship on May 13, according to the tribunal's order dated July 28.

The insolvency would take effect from the date of the order, marking the formal start of creditor claims, asset evaluation, and potential restructuring or liquidation under the insolvency and bankruptcy code.

The creditor, Catalyst, alleged that BluSmart defaulted on multiple payments totaling 12.8 million Indian rupees (around $147,400), saying it had received no response or repayment from the company, the order showed.

In response, BluSmart argued that the petition was premature.

On Monday, the NCLT appointed NPV Insolvency Professionals as the interim resolution professional to oversee proceedings.

BluSmart's assets are mostly on lease, such as its cabs and charging stations, Ritesh Kumar Adatiya, director, NPV Insolvency Professionals told Reuters.

"The biggest assets as far as Blue Smart Mobility is concerned are the EV charging facilities across the country. Those readily available charging facilities may attract some investors," Adatiya said.

However, recovering dues worth more than 10 billion rupees "seems unlikely at this point in time," he said.

The interim resolution professional must submit a plan to revive the company in 180 days from the date of the order. It can also seek an additional 90 days to draft a plan.

($1 = 86.8160 Indian rupees)

(Reporting by Khushi Malhotra and Manvi Pant; Editing by Janane Venkatraman and Shailesh Kuber)

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NEW DELHI, June 18 (Reuters) - The Financial Reporting Review Board (FRRB) will complete its probe into audit reports of Gensol Engineering GENO.NS and IndusInd Bank INBK.NS 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.

India’s markets regulator in April barred Gensol Engineering’s founders from the securities markets, alleging that they routed company funds to related parties and used them for unrelated expenses, treating the company’s funds as a “promoters’ piggybank.”

Promoters in Indian markets are large shareholders who can influence company decisions.

If the review finds audit reports fail to present a true and fair view, the FRRB may refer the matter to ICAI's disciplinary committee for appropriate action against auditors, Nanda told reporters in New Delhi.

Separately, IndusInd Bank disclosed in March that years of incorrect accounting of internal derivative trades led to a $230 million hit to its accounts for the financial year ended March 31.

An internal audit of its microfinance business found about $80 million was incorrectly recorded as interest across three quarters, which it reversed in January.

(Reporting by Manoj Kumar and Jayshree P Upadhyay; Editing by Tasim Zahid)

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June 13 (Reuters) - Gensol Engineering Ltd GENO.NS:

• INSOLVENCY APPLICATION AGAINST GENSOL ENGINEERING ADMITTED BY NCLT

• NCLT ADMIT INSOLVENCY AGAINST GENSOL FOR 5.10 BILLION RUPEES

Source text: ID:nBSE1YKZff

Further company coverage: GENO.NS

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May 14 (Reuters) - Indian Renewable Energy Development Agency Ltd INAR.NS:

• FILES INSOLVENCY APPLICATION AGAINST GENSOL ENGINEERING

• DEFAULT AMOUNT 5.10 BILLION RUPEES

Source text: ID:nNSE6kLBp2

Further company coverage: INAR.NS

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May 12 (Reuters) - Gensol Engineering Ltd GENO.NS:

• ANMOL SINGH JAGGI RESIGNS AS MANAGING DIRECTOR

Source text: ID:nBSE7gQ88t

Further company coverage: GENO.NS

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April 30 (Reuters) - Gensol Engineering Ltd GENO.NS:

• GENSOL ENGINEERING LTD- RAJESH PARMAR TENDERED HIS RESIGNATION AS COMPANY SECRETARY

• GENSOL ENGINEERING- RESIGNATION DUE TO RECENT DEVELOPMENTS INCLUDING INTERIM ORDER ISSUED BY SEBI

Source text: ID:nBSE8q99YK

Further company coverage: GENO.NS

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April 25 (Reuters) - Gensol Engineering Ltd GENO.NS:

• IREDA - FILED COMPLAINT WITH ECONOMIC OFFENCES WING AGAINST GENSOL

Source text: [ID:]

Further company coverage: GENO.NS

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April 24 (Reuters) - Gensol Engineering Ltd GENO.NS:

• GENSOL ENGINEERING- CO OR ANY OF ITS KMPS OR DIRECTORS HAS NOT RECEIVED ANY COMMUNICATION FROM ED

• GENSOL ENGINEERING- HAS NOT RECEIVED ANY ED NOTICE IN CONNECTION WITH THE MAHADEV BOOK APP CASE

• GENSOL ENGINEERING - CALLS NEWS ON SUMMON OF PROMOTERS BY ED AS FACTUALLY INCORRECT

• GENSOL ENGINEERING - PROMOTERS OF CO HAVE NO ASSOCIATION WITH THE MAHADEV BOOK APP CASE

Source text: ID:nnAZN3QU7LN

Further company coverage: GENO.NS

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April 23 - ** Shares of state owned Power Finance Corp PWFC.NS down 2.78% to 426 rupees

** The non-banking lender says it loaned 3.52 billion rupees ($41 million) to Gensol Engineering GENO.NS in 2023 and has only received 450 million rupees as of April 18

** PWFC files complaint against Gensol with the economic offenses wing for falsifying documents

** India's markets regulator has taken a slew of actions against Gensol and its founders for allegedly defaulting on debt and diverting funds raised for business towards personal luxury purchases

** With session's decline, PWFC trims 12-month gain to 7%

(Reporting by Ananta Agarwal in Bengaluru)

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April 22 (Reuters) - India's Power Finance Corp (PFC) PWFC.NS filed a complaint with the economic offences wing against Gensol Engineering GENO.NS over the alleged submission of falsified documents, it said on Tuesday.

PFC is also currently internally investigating the issue under its anti-fraud policy, it said.

India's markets regulator has barred Gensol founders Anmol Singh Jaggi and Puneet Singh Jaggi from holding key positions in the company after allegedly defaulting on debt it raised to finance electric vehicle purchases for their ride-hailing startup BluSmart Mobility.

Gensol's stock has cratered as it grapples with a slew of challenges and allegations, including falsifying financial documents, suspension of services by BluSmart and resignations of three independent directors.

PFC said it had lent 3.52 billion rupees ($41 million) to Gensol in 2023 for leasing 3,000 electric vehicles for BluSmart but has so far received only 450 million rupees as of April 18.

Gensol had previously denied defaulting on its debt.

($1 = 85.1630 Indian rupees)

(Reporting by Manvi Pant in Bengaluru; Editing by Anil D'Silva)

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April 18 (Reuters) - Two independent directors at embattled Gensol Engineering GENO.NS resigned, the company said on Thursday, marking the third exit this week after regulators accused its co-founders of misusing funds, including using money meant for an EV affiliate to buy a luxury apartment.

The Securities and Exchange Board of India (SEBI) this week barred Anmol Jaggi and his brother Puneet from the stock market and ordered a forensic audit of solar firm Gensol, which procured electric vehicles for BluSmart.

The popular ride-hailing service, seen as a rival to Uber UBER.N, was co-founded by Anmol, who also serves as Gensol's managing director.

Gensol on Thursday said in that Harsh Singh and Kuljit Singh Popli have resigned as independent directors with immediate effect.

This follows the resignation of Arun Menon, another independent director at Gensol.

Popli in his resignation letter said, "... the way things have unfolded and come to light, I am not in a position to continue as (an) Independent Director."

"I was hopeful that the company that has grown so fast and had been enjoying good reputation and good will, will continue to grow... and governance issues as brought out will be addressed. However that has not happened," Popli added.

BluSmart also said on Thursday it has suspended its operations with a decision to "temporarily close bookings" on its app.

Gensol, Anmol Singh Jaggi and Puneet Singh Jaggi did not immediately respond to Reuters' requests for comment on SEBI's accusations.

(Reporting by Hritam Mukherjee in Bengaluru; Editing by Nivedita Bhattacharjee)

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** Shares of Gensol Engineering GENO.NS down 5%, the maximum drop allowed by the exchange, at 122.68 rupees

** Indian market regulator restricts co's founders from holding any key position at any listed co until further orders, for diversion of funds and fraudulent practices, and debt defaults

** Regulator also bars co's founders from the securities market,
** Further, bars the construction firm from conducting a 1:10 stock split approved on Saturday

** In March and April, GENO shares have fallen in all but two trading sessions

** GENO shares have fallen nearly 71% since March 3, when Care Edge significantly downgraded the firm's credit rating, citing ongoing debt repayment delays

(Reporting by Ananta Agarwal in Bengaluru)

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April 15 (Reuters) - India's markets regulator on Tuesday barred Gensol Engineering's GENO.NS founders from holding key positions in the company after allegedly defaulting on debt repayment related to electric vehicle purchases for ride-hailing startup BluSmart.

In an interim order, the Securities and Exchange Board of India (SEBI) also restrained Gensol's founders, Anmol Singh Jaggi and Puneet Singh Jaggi, from participating in the securities market until further orders.

The regulator also barred the construction firm from conducting a 1:10 stock split approved on Saturday.

Gensol, Anmol Singh Jaggi and Puneet Singh Jaggi did not immediately respond to Reuters' requests for comment.

SEBI's order comes on the back of credit rating agencies downgrading their ratings on Gensol, citing concerns over its liquidity position and corporate governance practices.

Gensol availed loans worth 9.78 billion rupees (about $114 million) from Indian Renewable Energy Development Agency (IREDA) INAR.NS and Power Finance Corporation PWFC.NS.

Majority of it was used to buy electric vehicles for BluSmart, an EV ride-hailing app also owned by the Gensol founders.

While Gensol has denied the defaults, SEBI cited information from IREDA and PFC and said the company has defaulted on those loans.

"The promoters were running a listed public company as if it were a propriety firm," SEBI said.

"The company's funds were routed to related parties and used for unconnected expenses, as if the company's funds were promoters' piggybank."

Anmol Singh Jaggi currently is the managing director at Gensol, while Puneet is a whole-time director. They hold about 39.6% stake in the company in total, as per exchange data.

Shares of Gensol have tanked about 75% since credit rating agencies downgraded their ratings, while the promoters have reduced their stake in the company by about 2.4%.

Meanwhile, BluSmart plans to pivot to operating as fleet partner of rival firm Uber UBER.N, the Economic Times reported earlier this week, citing people briefed on developments.

($1 = 85.6940 Indian rupees)

(Reporting by Manvi Pant in Bengaluru; Editing by Leroy Leo)

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March 25 (Reuters) - Gensol Engineering Ltd GENO.NS:

• GENSOL ENGINEERING LTD - REFEX GREEN MOBILITY AND GENSOL ENGINEERING UPDATE ON ASSET TAKEOVER

• GENSOL ENGINEERING LTD - TRANSACTION TERMS MUTUALLY AGREED, EVALUATION UNDERWAY

• GENSOL ENGINEERING LTD - AWAITING FINANCIAL AND REGULATORY APPROVALS TO PROCEED

Source text: ID:nBSE23Nnsk

Further company coverage: GENO.NS

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March 13 (Reuters) - Gensol Engineering Ltd GENO.NS:

• GENSOL ENGINEERING - TO RAISE 2 BILLION RUPEES THROUGH THE ISSUANCE OF WARRANTS TO PROMOTERS

Source text: ID:nBSE6GCZxQ

Further company coverage: GENO.NS

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March 10 (Reuters) - Gensol Engineering Ltd GENO.NS:

• PROMOTERS INFUSE 290 MILLION RUPEES VIA CONVERSION OF WARRANTS INTO EQUITY

Further company coverage: GENO.NS

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** Shares of Gensol Engineering GENO.NS fall 6% to 315 rupees, biggest one-day pct fall

** GENO down ~38% so far this week, its biggest weekly fall on record

** Stock eyes ninth straight session of decline

** Credit rating agencies ICRA and CARE had downgraded co earlier this week, raising concerns over its liquidity position and corporate governance practices

** More than 4.6 mln shares change hands, 20.8x its 30-day avg

** Stock down 56% so far this year

(Reporting by Ashna Teresa Britto in Bengaluru)

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March 5 (Reuters) - Gensol Engineering Ltd GENO.NS:

• GENSOL ENGINEERING LTD- CONTINUES TO MAINTAIN STRONG REVENUE VISIBILITY

• GENSOL ENGINEERING LTD- REMAIN CONFIDENT IN LONG-TERM GROWTH POTENTIAL OF BUSINESS

Source text: ID:nBSE4mVnP4

Further company coverage: GENO.NS

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Feb 18 (Reuters) - Gensol Engineering Ltd GENO.NS:

• ANNOUNCES PROMOTER SHARE SALE TO REDUCE PLEDGED SHARES

Source text: ID:nBSE4R45sb

Further company coverage: GENO.NS

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Feb 11 (Reuters) - Gensol Engineering Ltd GENO.NS:

• GENSOL ENGINEERING DEC-QUARTER CONSOL NET PROFIT 169.1 MILLION RUPEES

• GENSOL ENGINEERING DEC-QUARTER CONSOL TOTAL REVENUE FROM OPERATIONS 6.45 BILLION RUPEES

Source text: ID:nBSE2RR1hZ

Further company coverage: GENO.NS

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Feb 7 (Reuters) - Gensol Engineering Ltd GENO.NS:

• SECURES 9.68 BILLION RUPEES ORDER

Source text: ID:nBSE4hVX0H

Further company coverage: GENO.NS

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Jan 28 (Reuters) - Gensol Engineering Ltd GENO.NS:

• GENSOL EV ANNOUNCES 30,000 PRE-ORDERS FOR EZIO AND EZIBOT

Source text: ID:nBSE35DJgN

Further company coverage: GENO.NS

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Jan 16 (Reuters) - Gensol Engineering Ltd GENO.NS:

• GENSOL ENGINEERING - REFEX GREEN MOBILITY SET TO TAKE OVER GENSOL'S 2,997 EV

• GENSOL ENGINEERING - REFEX EVEELZ PROPOSES TO LEASE 2,997 VEHICLES TO BLU-SMART MOBILITY

Source text: ID:nBSE18CjPK

Further company coverage: GENO.NS

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** Shares of Gensol Engineering Ltd GENO.NS rise as much as 6.1% to 796.40 rupees

** Engineering co secures contract from a public sector undertaking for development of 275MW solar photovoltaic project at RE Solar Park, Gujarat, with a total bid value of 10.62 bln rupees ($123.7 mln)

** Stock on track to snap 2 days of losses

** More than 403,000 shares traded as of 11:46 a.m. IST, 3x their 30-day moving avg; busiest day in over a week

** GENO fell 10.3% in 2024

($1 = 85.8250 Indian rupees)

(Reporting by Meenakshi Maidas in Bengaluru)

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** Shares of Gensol Engineering GENO.NS rise as much as 9.3% to 779.95 rupees

** GENO on Thursday said it has won an order worth about 8.97 bln rupees ($105 mln) from NTPC Renewable Energy

** Stock on track to snap five-session losing streak, if trend holds

** Stock is witnessing its most active trading session since July 29, with more than 797,000 shares changing hands, 7.4x of its 30-day avg

** Stock last up 6.2%, cutting YTD loss to 10.4%

($1 = 85.4300 Indian rupees)

(Reporting by Ashish Chandra in Bengaluru)

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Dec 26 (Reuters) - Gensol Engineering Ltd GENO.NS:

• GENSOL ENGINEERING LTD - SECURES EPC CONTRACT FROM NTPC RENEWABLE ENERGY

• GENSOL ENGINEERING LTD - TOTAL BID VALUE APPROXIMATELY 8.97 BILLION RUPEES

Source text: ID:nBSE8fmH98

Further company coverage: GENO.NS

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Dec 18 (Reuters) - Gensol Engineering Ltd GENO.NS:

• SECURES 22 MW SOLAR PV PROJECT WORTH 880 MILLION RUPEES

Source text: ID:nBSE6Nhgz

Further company coverage: GENO.NS

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Nov 5 (Reuters) - Gensol Engineering Ltd GENO.NS:

• GENSOL ENGINEERING - SOLAR EPC ORDER BOOK CROSSES 54 BILLION RUPEES AS ON OCT 31

Source text: ID:nBSE6f5csk

Further company coverage: GENO.NS

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** Shares of solar energy solutions company Gensol Engineering GENO.NS rise 3.4% to 842.50 rupees in early trade

** Co gets solar PV project worth 7.80 billion rupees ($92.8 million) from a public sector utility in Maharashtra

** GENO on track for fifth straight session of gains

** With session's gains so far, stock trims YTD loss to 0.4%

($1 = 84.0650 Indian rupees)

(Reporting by Dimpal Gulwani in Bengaluru)

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Oct 25 (Reuters) - Gensol Engineering Ltd GENO.NS:

• SEPT-QUARTER CONSOL NET PROFIT 293.8 MILLION RUPEES

• SEPT-QUARTER CONSOL REVENUE FROM OPERATIONS 3.46 BILLION RUPEES

Further company coverage: GENO.NS

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