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Gensol Engineering Suffers Another Blow As CEO Aga Quits
OutlookIndia
·
2m ago
Medial
Gensol Engineering is facing significant challenges as its CFO, Jabirmahendi Mohammedraza Aga, resigned after just two months, citing operational dysfunction and lack of support. This follows the resignation of the company's Managing Director and Whole-time Director after SEBI barred them from key positions due to misconduct. The Indian Renewable Energy Development Agency is seeking to recover Rs 510 crore, claiming default on loans to Gensol. SEBI found funds meant for EV procurement were improperly diverted.
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Gensol promoters sell 2.37% stake after 70% stock plunge, plan equity infusion
Business Today
·
5m ago
Medial
Promoters of Gensol Engineering sold 2.37% of their stake after the stock plunged by 70% and plan to infuse equity. Upcoming board meetings aim to discuss a stock split and fundraising options, including equity issuance. Gensol’s loan facilities were downgraded by ICRA and CARE, and Ankit Jain was replaced by Jabirmahendi Mohammedraza Aga as CFO. The promoter’s stake now stands at 59.70%, with the sale intended for reinvestment into the business.
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Shilpa Urhekar appointed CEO of Solar EPC at at Gensol Engineering
YourStory
·
1y ago
Medial
Shilpa Urhekar has been appointed as the CEO of Solar EPC (India) at Gensol Engineering. She will succeed Ali Imran Naqvi, who will oversee the growth of Gensol Engineering Ltd and its subsidiaries. Urhekar previously served as the country head (India) at Sterling and Wilson Renewable Energy Ltd, where she successfully bid and executed 6 GW of renewable energy projects. With over two decades of experience, Urhekar will focus on strengthening Gensol's solar engineering, procurement, and construction business in India's renewable energy landscape. Gensol Engineering specializes in solar power EPC services and electric mobility solutions.
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Gensol CFO Jabirmahendi Mohammedraza Aga resigns
YourStory
·
2m ago
Medial
Gensol Engineering's CFO, Jabirmahendi Mohammedraza Aga, has resigned amidst regulatory investigations and resignations of the company's promoters. Aga cited the immense pressure from ongoing challenges and disorganized data hindering responses to inquiries, affecting his well-being and ability to perform his duties. The company faces scrutiny for alleged financial misconduct, including fund diversion for personal use by related parties, and has been issued an insolvency notice by NCLT with a hearing set for June 3.
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BluSmart CEO and top executives resign amid business revamp
Inshorts
·
4m ago
Medial
BluSmart Mobility's CEO Anirudh Arun, Chief Business Officer Tushar Garg, and Chief Technology Officer Rishabh Sood have resigned. The resignation of Vice President Priya Chakravarthy remains unconfirmed. Nandan Sharma has been appointed as the new CEO. Meanwhile, parent company Gensol Engineering is selling 2,997 EVs to Refex Green Mobility, which will lease them back and assume ₹315 crore loan.
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NCLT directs insolvency against Gensol, Gensol EV Lease; appoints IRP
Economic Times
·
1m ago
Medial
The National Company Law Tribunal (NCLT) has initiated insolvency proceedings against Gensol Engineering and Gensol EV Lease after petitions by the Indian Renewable Energy Development Agency (IREDA). The tribunal found both companies in financial default, with Gensol Engineering owing Rs 510 crore and Gensol EV Lease Rs 218.95 crore. Interim resolution professionals have been appointed, and the companies' boards have been suspended. These proceedings follow earlier regulatory actions against Gensol's promoters for governance issues.
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Ireda files insolvency plea against Gensol Engineering over Rs 510 crore default
Economic Times
·
2m ago
Medial
Indian Renewable Energy Development Agency (Ireda) has initiated insolvency proceedings against Gensol Engineering due to a Rs 510 crore default. The power financier submitted a plea under Section 7 of the Insolvency and Bankruptcy Code, seeking to address the financial discrepancy, as stated in an exchange filing. This legal action highlights the severity of the default and underscores the financial challenges faced by Gensol Engineering.
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BluSmart-Azure: A tale of two corporate governance lapses and a common link
VCCircle
·
3m ago
Medial
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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upGrad’s KnowledgeHut CEO Subramanyam Reddy quits
Entrackr
·
1y ago
Medial
Subramanyam Reddy, the founder and CEO of Knowledgehut, has resigned from his position after 13 years with the company. Knowledgehut is an edtech company owned by upGrad and provides training courses to individuals and corporations. Reddy's departure follows the acquisition of Knowledgehut by upGrad and the departure of another co-founder. upGrad recently achieved unicorn status and has seen a number of high-profile exits, including its CEO, Arjun Mohan.
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Gensol Saga: bright beginnings, dark turns; Jaggi brothers face Sebi action
Economic Times
·
3m ago
Medial
Brothers Anmol and Puneet Singh Jaggi, founders of Gensol Engineering and BluSmart Mobility, face Sebi's action for alleged financial misconduct, including fund siphoning from Gensol Engineering. While initially lauded for contributions to renewable energy and electric mobility, their reputation suffered due to accusations of financial mismanagement. Sebi's investigation uncovered fund diversions intended for Gensol's EV purchases being used for personal expenses. Consequently, Sebi barred them from accessing securities markets, citing investor harm concerns.
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Refex Industries, Gensol Engineering call off EV deal citing evolving commitments
Economic Times
·
4m ago
Medial
Chennai-based Refex Industries and Gensol Engineering have canceled a deal involving the sale of 2,997 electric vehicles (EVs) due to "evolving commitments." Challenges such as condition concerns of EVs and non-committal lease agreements from BluSmart led to this decision. Refex aimed to manage these EVs, alongside debt, but opted out as the deal’s terms became unfavorable. This impacts Gensol, which faces a debt crisis, seeking ways to alleviate financial pressures.
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