GENSOL

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

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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)

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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)

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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

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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)

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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

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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) - 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

  
  

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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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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

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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

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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 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

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** 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)

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

• TO CONSIDER FUNDRAISING

Source text: ID:nBSE4mhpDh

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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

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

• ANNOUNCES PROMOTER SHARE SALE TO REDUCE PLEDGED SHARES

Source text: ID:nBSE4R45sb

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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

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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

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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

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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

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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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Oct 21 (Reuters) - Gensol Engineering Ltd GENO.NS:

• GENSOL ENGINEERING, MATRIX GAS & RENEWABLES CONSORTIUM AWARDED PROJECT

• PROJECT FOR DEVELOPING GREEN HYDROGEN POWERED STEEL FACILITY

• PROJECT’S TOTAL CAPEX ESTIMATED AT 3.21 BILLION RUPEES

Further company coverage: GENO.NS

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