GENSOL
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Indian e-cab provider BluSmart enters insolvency amid corporate governance challenges
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)
(([email protected]; +918447554364;))
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)
(([email protected]; +918447554364;))
India audit watchdog to complete probe of Gensol, IndusInd Bank within six months, official says
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)
(([email protected]; +919810286200; Twitter:@manojgulnar;))
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)
(([email protected]; +919810286200; Twitter:@manojgulnar;))
IREDA Says Insolvency Application Against Gensol Engineering Admitted By NCLT
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
(([email protected];))
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
(([email protected];))
India's IREDA files bankruptcy case against Gensol Engineering amid fraud allegations
Adds details, background from paragraph 2
May 14 (Reuters) - State-owned Indian Renewable Energy Development Agency INAR.NS said on Wednesday it has filed a bankruptcy application against Gensol Engineering GENO.NS 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.
SEBI also claimed the company defaulted on loans, including those taken to finance electric vehicle purchased for BluSmart Mobility.
In late April, India's financial crime-fighting agency raided Gensol's premises, seizing documents and electronic devices. SEBI ordered a forensic audit of the company.
($1 = 85.3840 Indian rupees)
(Reporting by Ananta Agarwal and Nandan Mandayam in Benglauru; Editing by Tasim Zahid)
(([email protected];))
Adds details, background from paragraph 2
May 14 (Reuters) - State-owned Indian Renewable Energy Development Agency INAR.NS said on Wednesday it has filed a bankruptcy application against Gensol Engineering GENO.NS 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.
SEBI also claimed the company defaulted on loans, including those taken to finance electric vehicle purchased for BluSmart Mobility.
In late April, India's financial crime-fighting agency raided Gensol's premises, seizing documents and electronic devices. SEBI ordered a forensic audit of the company.
($1 = 85.3840 Indian rupees)
(Reporting by Ananta Agarwal and Nandan Mandayam in Benglauru; Editing by Tasim Zahid)
(([email protected];))
India's Gensol Engineering MD Anmol Jaggi resigns after regulatory order
May 12 (Reuters) - Gensol Engineering GENO.NS said on Monday Managing Director Anmol Singh Jaggi and Whole-time Director Puneet Singh Jaggi have resigned, nearly a month after India's market regulator barred them from holding key positions in the company.
(Reporting by Anuran Sadhu in Bengaluru; Editing by Krishna Chandra Eluri)
(([email protected];))
May 12 (Reuters) - Gensol Engineering GENO.NS said on Monday Managing Director Anmol Singh Jaggi and Whole-time Director Puneet Singh Jaggi have resigned, nearly a month after India's market regulator barred them from holding key positions in the company.
(Reporting by Anuran Sadhu in Bengaluru; Editing by Krishna Chandra Eluri)
(([email protected];))
Gensol Engineering Says Rajesh Parmar Tendered His Resignation As Company Secretary
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
(([email protected];;))
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
(([email protected];;))
India's IREDA files complaint against Gensol over alleged document fraud
April 25 (Reuters) - Indian state-owned renewables lender filed a complaint with the Economic Offences Wing (EOW) against Gensol Engineering GENO.NS and begun an internal review over an alleged submission of falsified documents, it said on Friday.
In a statement, the Indian Renewable Energy Development Agency (IREDA) INAR.NS, said, "The investigation and risk committes of IREDA are closely examining the matter. Appropriate actions regarding collateral and recoveries will be taken based on outcome of the review."
Earlier this week, another loan financier to Gensol, Power Finance Corp (PFC) PWFC.NS filed a complaint with the EOW against the company.
Credit ratings agencies, in March, alleged that the company submitted falsified financial documents and downgraded the company.
India's markets regulator 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 has previously denied defaulting on its debt.
Promoters of the company sold 2.4% stake after the agencies' downgrades, a move that IREDA says was done without lenders' approval, "constituting breach of contract".
(Reporting by Manvi Pant in Bengaluru; Editing by Vijay Kishore)
(([email protected]; +918447554364;))
April 25 (Reuters) - Indian state-owned renewables lender filed a complaint with the Economic Offences Wing (EOW) against Gensol Engineering GENO.NS and begun an internal review over an alleged submission of falsified documents, it said on Friday.
In a statement, the Indian Renewable Energy Development Agency (IREDA) INAR.NS, said, "The investigation and risk committes of IREDA are closely examining the matter. Appropriate actions regarding collateral and recoveries will be taken based on outcome of the review."
Earlier this week, another loan financier to Gensol, Power Finance Corp (PFC) PWFC.NS filed a complaint with the EOW against the company.
Credit ratings agencies, in March, alleged that the company submitted falsified financial documents and downgraded the company.
India's markets regulator 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 has previously denied defaulting on its debt.
Promoters of the company sold 2.4% stake after the agencies' downgrades, a move that IREDA says was done without lenders' approval, "constituting breach of contract".
(Reporting by Manvi Pant in Bengaluru; Editing by Vijay Kishore)
(([email protected]; +918447554364;))
Gensol Engineering Says Co Or Any Of Its KMPS Or Directors Has Not Received Any Communication From ED
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
(([email protected];))
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
(([email protected];))
India's BluSmart appoints Grant Thornton for a forensic audit, sources say
By Aditya Kalra
NEW DELHI, April 23 (Reuters) - Indian electric cab service BluSmart has appointed Grant Thornton for a forensic audit after a regulatory investigation found its co-founder allegedly diverted and misused funds which were meant to buy cars, two people with direct knowledge said.
A rival to Uber and India's Ola, BluSmart became hugely popular with its all-electric fleet of more than 8,000 taxis, setting up large-scale charging hubs in cities such as New Delhi, Mumbai and Bengaluru. In 2023, the company said it had a 9% market share in New Delhi.
BluSmart suspended services last week after India's market regulator SEBI barred its co-founder Anmol Jaggi from the securities market for the alleged diversion of funds from his listed affiliate company, Gensol GENO.NS, for personal gains, including to buy a $5 million luxury apartment and a $30,379 golf set.
Jaggi has not commented on the regulator's action.
Due to those findings, BluSmart's board has appointed Grant Thornton to conduct a forensic audit of the ride-hailing company, the sources said, declining to be named as the appointment is confidential.
The first source said Grant Thornton has been tasked with looking at the cash position of the company and reviewing movement of funds. The source added the cash position of BluSmart was worrisome.
Grant Thornton will have to find "where the funds are going. Whether there was fraud there," said the person.
BluSmart, which is backed by bp ventures, an arm of British oil major BP BP.L, did not respond to a Reuters request for comment.
Jaggi and Grant Thornton also did not respond.
BP's venture arm did not immediately respond to an emailed request for comment.
Gensol, where Jaggi is the managing director, used to procure electric vehicles and then lease them to BluSmart.
SEBI scrutinised loans of $78 million taken by Gensol and found funds were, through layered transactions, partly utilised for buying a high-end apartment in one of India's most expensive residential complexes near New Delhi.
The market regulator said there was a "complete breakdown of internal controls" and ordered a forensic audit at Gensol.
Gensol has said it will comply with the market regulator's directives. Its shares have lost nearly 90% this year.
Focus: Indian taxi startup BluSmart picks EV fight with Uber https://www.reuters.com/world/india/indian-taxi-startup-blusmart-picks-ev-fight-with-uber-2023-04-19/
(Reporting by Aditya Kalra; Editing by Muralikumar Anantharaman)
((Email: [email protected]; X: @adityakalra;))
By Aditya Kalra
NEW DELHI, April 23 (Reuters) - Indian electric cab service BluSmart has appointed Grant Thornton for a forensic audit after a regulatory investigation found its co-founder allegedly diverted and misused funds which were meant to buy cars, two people with direct knowledge said.
A rival to Uber and India's Ola, BluSmart became hugely popular with its all-electric fleet of more than 8,000 taxis, setting up large-scale charging hubs in cities such as New Delhi, Mumbai and Bengaluru. In 2023, the company said it had a 9% market share in New Delhi.
BluSmart suspended services last week after India's market regulator SEBI barred its co-founder Anmol Jaggi from the securities market for the alleged diversion of funds from his listed affiliate company, Gensol GENO.NS, for personal gains, including to buy a $5 million luxury apartment and a $30,379 golf set.
Jaggi has not commented on the regulator's action.
Due to those findings, BluSmart's board has appointed Grant Thornton to conduct a forensic audit of the ride-hailing company, the sources said, declining to be named as the appointment is confidential.
The first source said Grant Thornton has been tasked with looking at the cash position of the company and reviewing movement of funds. The source added the cash position of BluSmart was worrisome.
Grant Thornton will have to find "where the funds are going. Whether there was fraud there," said the person.
BluSmart, which is backed by bp ventures, an arm of British oil major BP BP.L, did not respond to a Reuters request for comment.
Jaggi and Grant Thornton also did not respond.
BP's venture arm did not immediately respond to an emailed request for comment.
Gensol, where Jaggi is the managing director, used to procure electric vehicles and then lease them to BluSmart.
SEBI scrutinised loans of $78 million taken by Gensol and found funds were, through layered transactions, partly utilised for buying a high-end apartment in one of India's most expensive residential complexes near New Delhi.
The market regulator said there was a "complete breakdown of internal controls" and ordered a forensic audit at Gensol.
Gensol has said it will comply with the market regulator's directives. Its shares have lost nearly 90% this year.
Focus: Indian taxi startup BluSmart picks EV fight with Uber https://www.reuters.com/world/india/indian-taxi-startup-blusmart-picks-ev-fight-with-uber-2023-04-19/
(Reporting by Aditya Kalra; Editing by Muralikumar Anantharaman)
((Email: [email protected]; X: @adityakalra;))
Power Finance Says Actively Pursuing Further Actions, Exploring All Possible Options In Gensol Case
April 22 (Reuters) - Gensol Engineering Ltd GENO.NS:
PFC HAD DISBURSED 3.52 BLN RUPEES TO GENSOL FOR THE LEASING OF 3,000 EVS TO BLUSMART MOBILITY
GENSOL HAD REPAID 450 MILLION RUPEES, LEAVING PRINCIPAL OUTSTANDING OF 3.07 BILLION RUPEES AS ON 18 APR 2025
PFC IS ACTIVELY PURSUING FURTHER ACTIONS, EXPLORING ALL POSSIBLE OPTIONS IN GENSOL CASE
FILED A COMPLAINT WITH ECONOMIC OFFENCES WING OVER ISSUANCE OF FALSIFIED DOCUMENTS IN GENSOL CASE
Further company coverage: GENO.NS
(([email protected];))
April 22 (Reuters) - Gensol Engineering Ltd GENO.NS:
PFC HAD DISBURSED 3.52 BLN RUPEES TO GENSOL FOR THE LEASING OF 3,000 EVS TO BLUSMART MOBILITY
GENSOL HAD REPAID 450 MILLION RUPEES, LEAVING PRINCIPAL OUTSTANDING OF 3.07 BILLION RUPEES AS ON 18 APR 2025
PFC IS ACTIVELY PURSUING FURTHER ACTIONS, EXPLORING ALL POSSIBLE OPTIONS IN GENSOL CASE
FILED A COMPLAINT WITH ECONOMIC OFFENCES WING OVER ISSUANCE OF FALSIFIED DOCUMENTS IN GENSOL CASE
Further company coverage: GENO.NS
(([email protected];))
Independent directors exit India's Gensol after co-founders probed
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)
(([email protected]; X: @MukherjeeHritam;))
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)
(([email protected]; X: @MukherjeeHritam;))
Gensol Engineering To Cooperate With SEBI Forensic Audit
April 16 (Reuters) - Gensol Engineering Ltd GENO.NS:
GENSOL ENGINEERING - ANMOL SINGH JAGGI AND PUNEET SINGH JAGGI HAVE RESTRAINED FROM MANAGEMENT
GENSOL ENGINEERING LTD - TO COOPERATE WITH SEBI FORENSIC AUDIT
Further company coverage: GENO.NS
(([email protected];))
April 16 (Reuters) - Gensol Engineering Ltd GENO.NS:
GENSOL ENGINEERING - ANMOL SINGH JAGGI AND PUNEET SINGH JAGGI HAVE RESTRAINED FROM MANAGEMENT
GENSOL ENGINEERING LTD - TO COOPERATE WITH SEBI FORENSIC AUDIT
Further company coverage: GENO.NS
(([email protected];))
India Markets Regulator Bars Anmol Singh Jaggi, Puneet Singh Jaggi From Holding Position Of Director In Gensol
April 15 (Reuters) -
INDIA MARKETS REGULATOR: ISSUES INTERIM ORDER IN MATTER OF GENSOL ENGINEERING
INDIA'S SEBI: BARS GENSOL ENGINEERING, ANMOL SINGH JAGGI, PUNEET SINGH JAGGI FROM BUYING, SELLING OR DEALING IN SECURITIES
INDIA'S SEBI: BARS GENSOL ENGINEERING TO PUT ON HOLD THE STOCK SPLIT ANNOUNCED BY IT
INDIA'S SEBI: ANMOL SINGH JAGGI, PUNEET SINGH JAGGI RESTRAINED FROM HOLDING POSITION OF DIRECTOR IN GENSOL
Source text: [ID:]
Further company coverage: GENO.NS
(([email protected];))
April 15 (Reuters) -
INDIA MARKETS REGULATOR: ISSUES INTERIM ORDER IN MATTER OF GENSOL ENGINEERING
INDIA'S SEBI: BARS GENSOL ENGINEERING, ANMOL SINGH JAGGI, PUNEET SINGH JAGGI FROM BUYING, SELLING OR DEALING IN SECURITIES
INDIA'S SEBI: BARS GENSOL ENGINEERING TO PUT ON HOLD THE STOCK SPLIT ANNOUNCED BY IT
INDIA'S SEBI: ANMOL SINGH JAGGI, PUNEET SINGH JAGGI RESTRAINED FROM HOLDING POSITION OF DIRECTOR IN GENSOL
Source text: [ID:]
Further company coverage: GENO.NS
(([email protected];))
Gensol Engineering And Refex Green Mobility Updates On Asset Takeover
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
(([email protected];;))
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
(([email protected];;))
Gensol Engineering To Issue Securities Up To $50 Million
March 13 (Reuters) - Gensol Engineering Ltd GENO.NS:
GENSOL ENGINEERING LTD - BOARD APPROVES ISSUANCE OF FCCBS, ADRS, GDRS
GENSOL ENGINEERING LTD - TO ISSUE SECURITIES UP TO USD 50 MILLION
GENSOL ENGINEERING LTD - APPROVES SPLIT OF EQUITY SHARES FROM 10 RUPEES TO 1 RUPEE
GENSOL ENGINEERING LTD - TO ISSUE 35.7 MILLION WARRANTS AT 56 RUPEES EACH
Source text: ID:nBSE1PYsg
Further company coverage: GENO.NS
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March 13 (Reuters) - Gensol Engineering Ltd GENO.NS:
GENSOL ENGINEERING LTD - BOARD APPROVES ISSUANCE OF FCCBS, ADRS, GDRS
GENSOL ENGINEERING LTD - TO ISSUE SECURITIES UP TO USD 50 MILLION
GENSOL ENGINEERING LTD - APPROVES SPLIT OF EQUITY SHARES FROM 10 RUPEES TO 1 RUPEE
GENSOL ENGINEERING LTD - TO ISSUE 35.7 MILLION WARRANTS AT 56 RUPEES EACH
Source text: ID:nBSE1PYsg
Further company coverage: GENO.NS
(([email protected];;))
India's Gensol Engineering hits record low after promoters announce stake sale
** Shares of Gensol Engineering Ltd GENO.NS fall 5%, the exchange-allowed maximum, to a record low of 305.80 rupees
** The engineering co says promoters have undertaken sale of 2.37% stake of co for liquidity that will be reinvested into the business
** Credit rating agencies ICRA and CARE had downgraded co earlier last week, raising concerns over its liquidity position and corporate governance practices
** Co's board will also meet on March 13 to consider raising of funds and share split
** Stock on track to fall for 10th straight day
** More than 1.4 mln shares traded, 3.1x their 30-day moving avg
** GENO stock down 57.6% YTD so far, including session's losses
(Reporting by Meenakshi Maidas in Bengaluru)
(([email protected];))
** Shares of Gensol Engineering Ltd GENO.NS fall 5%, the exchange-allowed maximum, to a record low of 305.80 rupees
** The engineering co says promoters have undertaken sale of 2.37% stake of co for liquidity that will be reinvested into the business
** Credit rating agencies ICRA and CARE had downgraded co earlier last week, raising concerns over its liquidity position and corporate governance practices
** Co's board will also meet on March 13 to consider raising of funds and share split
** Stock on track to fall for 10th straight day
** More than 1.4 mln shares traded, 3.1x their 30-day moving avg
** GENO stock down 57.6% YTD so far, including session's losses
(Reporting by Meenakshi Maidas in Bengaluru)
(([email protected];))
India's Gensol Engineering set for worst week on record
** 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)
(([email protected] ; ( +91 8078332441))
** 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)
(([email protected] ; ( +91 8078332441))
Gensol Engineering Continues To Maintain Strong Revenue Visibility
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
(([email protected];))
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
(([email protected];))
Gensol Engineering Announces Promoter Share Sale To Reduce Pledged Shares
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 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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Gensol Engineering Dec-Quarter Consol Net Profit 169.1 Million Rupees
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 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
(([email protected];))
Gensol Engineering Secures 9.68 Billion Rupees Order
Feb 7 (Reuters) - Gensol Engineering Ltd GENO.NS:
SECURES 9.68 BILLION RUPEES ORDER
Source text: ID:nBSE4hVX0H
Further company coverage: GENO.NS
(([email protected];;))
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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Gensol Engineering Says Gensol EV Announces 30,000 Pre-Orders For EZIO And EZIBOT
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 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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Refex Eveelz To Assume Gensol's 3.15 Billion Rupees Loan Facility
Jan 16 (Reuters) - Refex Industries Ltd REFE.NS:
REFEX INDUSTRIES - EVEELZ TO ASSUME GENSOL'S 3.15 BILLION RUPEES LOAN FACILITY
Source text: ID:nNSEmMRB0
Further company coverage: REFE.NS
(([email protected];;))
Jan 16 (Reuters) - Refex Industries Ltd REFE.NS:
REFEX INDUSTRIES - EVEELZ TO ASSUME GENSOL'S 3.15 BILLION RUPEES LOAN FACILITY
Source text: ID:nNSEmMRB0
Further company coverage: REFE.NS
(([email protected];;))
India's Gensol Engineering rises after contract win
** 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)
(([email protected];))
** 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)
(([email protected];))
India's Gensol Engineering jumps on $105 mln order win
** 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)
(([email protected] (+91 7982114624))
** 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)
(([email protected] (+91 7982114624))
Gensol Engineering Secures EPC Contract From NTPC Renewable Energy
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
(([email protected];))
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
(([email protected];))
Gensol Engineering Secures 22 MW Solar PV Project Worth 880 Million Rupees
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
(([email protected];))
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
(([email protected];))
Gensol Engineering Says Solar Epc Order Book Crosses 54 Billion Rupees As On Oct 31
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
(([email protected];))
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
(([email protected];))
India's Gensol Engineering rises on 7.8 bln-rupee order win
** 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)
** 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)
Gensol Engineering Sept-Quarter Consol Net Profit 293.8 Million Rupees
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
(([email protected];))
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
(([email protected];))
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What does Gensol Engineering do?
Gensol Engineering Limited offers a wide range of services for solar projects worldwide, specializing in technical due diligence, engineering, quality control, and consulting. It serves as a key advisor to industry leaders, EPC companies, and policymakers.
Who are the competitors of Gensol Engineering?
Gensol Engineering major competitors are Agni Green Power, Refex Renewbl&Infra, Viviana Power Tech, Urja Global, BGR Energy Systems, GE Power India, Ravindra Energy. Market Cap of Gensol Engineering is ₹161 Crs. While the median market cap of its peers are ₹736 Crs.
Is Gensol Engineering financially stable compared to its competitors?
Gensol Engineering seems to be less financially stable compared to its competitors. Altman Z score of Gensol Engineering is 0.96 and is ranked 6 out of its 8 competitors.
Does Gensol Engineering pay decent dividends?
The company seems to be paying a very low dividend. Investors need to see where the company is allocating its profits. Gensol Engineering latest dividend payout ratio is 0% and 3yr average dividend payout ratio is 0%
How has Gensol Engineering allocated its funds?
Companies resources are allocated to majorly productive assets like Plant & Machinery and unproductive assets like Short Term Loans & Advances
How strong is Gensol Engineering balance sheet?
Gensol Engineering balance sheet is weak and might have solvency issues
Is the profitablity of Gensol Engineering improving?
Yes, profit is increasing. The profit of Gensol Engineering is ₹75.72 Crs for TTM, ₹59.55 Crs for Mar 2024 and ₹23.36 Crs for Mar 2023.
Is the debt of Gensol Engineering increasing or decreasing?
Yes, The debt of Gensol Engineering is increasing. Latest debt of Gensol Engineering is ₹955 Crs as of Sep-24. This is greater than Mar-24 when it was ₹640 Crs.
Is Gensol Engineering stock expensive?
Gensol Engineering is not expensive. Latest PE of Gensol Engineering is 1.77, while 3 year average PE is 72.17. Also latest EV/EBITDA of Gensol Engineering is 3.33 while 3yr average is 16.84.
Has the share price of Gensol Engineering grown faster than its competition?
Gensol Engineering has given lower returns compared to its competitors. Gensol Engineering has grown at ~-73.78% over the last 2yrs while peers have grown at a median rate of 37.36%
Is the promoter bullish about Gensol Engineering?
Promoters seem not to be bullish about the company and have been selling shares in the open market. Latest quarter promoter holding in Gensol Engineering is 35.87% and last quarter promoter holding is 62.65%
Are mutual funds buying/selling Gensol Engineering?
There is Insufficient data to gauge this.