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BluSmart-Azure: A tale of two corporate governance lapses and a common link

VCCircle

VCCircle · 4m ago

BluSmart-Azure: A tale of two corporate governance lapses and a common link

Brothers Puneet Singh Jaggi and Anmol Singh Jaggi, co-founders of BluSmart Mobility Pvt Ltd and Gensol Engineering Ltd, are under regulatory scrutiny and a multi-agency investigation. They face allegations of misappropriation of funds and money laundering, with a possible common connection to another corporate scandal. The case highlights significant corporate governance lapses in their operations, raising concerns about their business practices and overall transparency.

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Corporate Governance issue wake-up call for startups; saddening to see any lapses: Bombay Shaving Company CEO

Economic Times

Economic Times · 2y ago

Corporate Governance issue wake-up call for startups; saddening to see any lapses: Bombay Shaving Company CEO

Corporate governance should be a collective responsibility involving all stakeholders in a startup, according to Shantanu Deshpande, the founder of Bombay Shaving Company. He highlighted that any lapses are concerning for the ecosystem and stressed the need to fix corporate governance issues. Deshpande noted that good companies will still attract funding, though valuations might be more cautious. He urged entrepreneurs to focus on company health and capital conservation during the funding winter, which could lead to positive habits.

Audit committees need to ensure independence of auditors: NFRA Chairperson

Economic Times

Economic Times · 1d ago

Audit committees need to ensure independence of auditors: NFRA Chairperson

Audit committees should ensure auditor independence, emphasized NFRA Chairperson Nitin Gupta. Highlighting good corporate governance, he stressed the crucial role of external auditors and the importance of sound financial reporting principles. NFRA is actively fostering effective financial reporting practices and addressing audit lapses. Gupta suggested that comprehensive internal controls and robust risk management systems are vital for good governance. He shared these insights at a Ficci-organized conference on transparency and trust in governance.

Byju’s CFO was tasked with changing auditor amid deteriorating ties with Deloitte, sources say

Money Control

Money Control · 2y ago

Byju’s CFO was tasked with changing auditor amid deteriorating ties with Deloitte, sources say

According to sources, the CFO of BYJU'S, India's prominent edtech startup, was allegedly given the responsibility of changing the company's auditor. This development comes in the wake of recent corporate governance lapses at BYJU'S, including the resignation of Deloitte Haskins & Sells as the auditor. The Ministry of Corporate Affairs is reportedly examining these governance issues. While an auditor stepping down is a red flag for a company, Deloitte’s resignation was in the works after relations broke down between the big four audit giant and Byju’s.

HC Bans Anmol Jaggi-founded Firm Gensol, BluSmart from Transferring Leased EVs to a 3rd Party

OutlookIndia

OutlookIndia · 4m ago

HC Bans Anmol Jaggi-founded Firm Gensol, BluSmart from Transferring Leased EVs to a 3rd Party

The Delhi High Court has prohibited Gensol Engineering and BluSmart Mobility, co-founded by Anmol Jaggi, from creating third-party rights over 175 leased electric vehicles (EVs). This action follows a petition from Japanese firm Orix, which leased the vehicles, alleging non-payment and agreement violations. Additionally, Gensol is under surveillance by the Securities and Exchange Board of India for governance lapses and financial irregularities concerning undisclosed transactions and mismanagement of substantial loans.

Govt starts probe into BYJU'S over alleged fund diversion: Report

Inshorts · 9m ago

Govt starts probe into BYJU'S over alleged fund diversion: Report

The government has launched a fresh probe into financing and accounting practices at BYJU'S, Bloomberg reported. The Registrar of Companies' regional office in Hyderabad has been given one year to investigate BYJU'S books to check for possible misreporting of financial statements or fund diversions. An earlier probe found corporate governance lapses at the startup.

Gensol promoter Anmol Jaggi invested in Ashneer Grover's startup using diverted funds: Sebi interim order

Economic Times

Economic Times · 4m ago

Gensol promoter Anmol Jaggi invested in Ashneer Grover's startup using diverted funds: Sebi interim order

BluSmart cofounder Anmol Singh Jaggi allegedly misappropriated Rs 25.76 crore from Gensol Engineering, transferring funds to family and related entities, including Ashneer Grover's startup, Third Unicorn, while using some for personal expenses. The Securities and Exchange Board of India (Sebi) highlighted major corporate governance issues, leading to a ban on Gensol's promoters from managerial roles and market trading. Gensol, focusing on solar projects, provided electric vehicles to BluSmart under a leasing model.

BluSmart files for insolvency amidst mounting corporate governance challenges: Report

YourStory

YourStory · 1m ago

BluSmart files for insolvency amidst mounting corporate governance challenges: Report

BluSmart, an EV ride-hailing company, has filed for insolvency due to corporate governance issues. The move follows a regulatory investigation revealing fund misappropriation by a co-founder. Gensol Engineering, which leased electric vehicles to BluSmart, was accused of fund diversion for personal use. This has led to management resignations and halted operations. The National Company Law Tribunal has appointed an interim resolution professional to oversee BluSmart's operations and assets during insolvency proceedings.

Prosus further slashes Byju's fair value to $5.1 billion

Money Control

Money Control · 2y ago

Prosus further slashes Byju's fair value to $5.1 billion

Prosus, one of BYJU'S major investors, has reduced the fair value of its stake in the edtech startup to $5.1 billion. This marks a further decrease from the previous valuation. The decision reflects the ongoing challenges faced by BYJU'S, including corporate governance lapses and the resignation of key board members. Prosus' updated fair value assessment indicates a decline in BYJU'S overall worth.

Sanjeev Bikhchandani on BluSmart: ‘Drivers are worst hit’

Economic Times

Economic Times · 4m ago

Sanjeev Bikhchandani on BluSmart: ‘Drivers are worst hit’

BluSmart Cabs, an electric mobility startup, shut down operations, raising concerns about corporate governance and the vulnerability of gig economy workers. Sanjeev Bikhchandani, founder of Info Edge, expressed disappointment and highlighted governance issues following regulatory actions by India's Securities and Exchange Board. The orchestration of financial irregularities led to the suspension of operations across several cities, affecting cab drivers' incomes. Co-founders Anmol and Puneet Jaggi resigned amid scrutiny over misused loans and improper acquisition of electric vehicles.

Meltdown at Byju’s should end the free pass for startups

Money Control

Money Control · 2y ago

Meltdown at Byju’s should end the free pass for startups

A recent opinion piece highlights the need to reevaluate the lenient treatment of startups in light of the crisis faced by BYJU'S. The article argues that the corporate governance lapses, board member resignations, and financial irregularities at BYJU'S should serve as a wake-up call to end the "free pass" given to startups, emphasizing the importance of holding them accountable for their actions and ensuring transparency in their operations.

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