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Independent directors exit Gensol after co-founders probed

VCCircle

VCCircle · 4m ago

Independent directors exit Gensol after co-founders probed

Independent directors have resigned from Gensol Engineering following allegations against co-founders Anmol and Puneet Jaggi for fund misuse. The Securities and Exchange Board of India (SEBI) has barred the brothers from the stock market and initiated a forensic audit of Gensol, connected to the procurement of EVs for ride-hailing service BluSmart. As governance issues surfaced, directors Harsh Singh, Kuljit Singh Popli, and Arun Menon stepped down, with BluSmart also suspending operations.

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Gensol Woes Deepen: More Directors Quit, Shares Plunge 90%

OutlookIndia

OutlookIndia · 4m ago

Gensol Woes Deepen: More Directors Quit, Shares Plunge 90%

Gensol Engineering is facing a deepening crisis as two more independent directors resigned, following previous resignations and allegations from the Securities and Exchange Board of India (Sebi). The co-founders, Anmol Jaggi and his brother, are accused of misusing company funds for personal expenses. Amidst these governance issues, Gensol's stock value has plummeted by 90%, hitting investor confidence and causing further instability in the company.

MS Dhoni & Deepika Padukone hold stakes in Gensol Engineering, being probed by SEBI

Inshorts · 4m ago

MS Dhoni & Deepika Padukone hold stakes in Gensol Engineering, being probed by SEBI

Ex-India captain MS Dhoni and actress Deepika Padukone hold stakes in Gensol Engineering, currently being probed by market regulator SEBI for diverting funds. Deepika had invested in 2019 in a ₹25.62-crore round, which saw Bajaj Finserv MD Sanjiv Bajaj's participation too, while Dhoni had invested in a ₹200-crore round. Enforcement Directorate's Raipur office also owns stake in Gensol.

A dishonest founder will find his way around regulation, governance measures: Sanjeev Bikhchandani

Money Control

Money Control · 2y ago

A dishonest founder will find his way around regulation, governance measures: Sanjeev Bikhchandani

Sanjeev Bikhchandani, co-founder of Info Edge (India) Ltd., expressed the view that a dishonest founder will always find ways to circumvent regulations and governance measures. He emphasized the need for strong ethics and integrity in startup founders. Bikhchandani also highlighted the significance of robust governance frameworks to prevent misconduct and ensure transparency in the startup ecosystem. Info Edge founder argues that auditors and independent directors are there to save founders from themselves.

Exodus from cash-starved ATM firm’s board flags role of independent directors

Livemint

Livemint · 6m ago

Exodus from cash-starved ATM firm’s board flags role of independent directors

AGS Transact Technologies Ltd is facing scrutiny after all four independent directors resigned following the company's cash crisis, which led to loan defaults and unpaid salaries. Proxy advisory firms question whether independent directors fulfilled their roles or merely occupied positions without actively addressing the ongoing issues. The resignations were attributed to personal reasons and preoccupations, raising concerns about the effectiveness and accountability of independent directors in corporate governance, especially during financial distress.

BluSmart Investors in Advanced Talks to Acquire Anmol Jaggi’s Stake, to Revive Start-Up

OutlookIndia

OutlookIndia · 3m ago

BluSmart Investors in Advanced Talks to Acquire Anmol Jaggi’s Stake, to Revive Start-Up

Investors in BluSmart are in advanced discussions to acquire Anmol Jaggi's stake in a bid to revive the electric ride-sharing startup. The transaction aims to secure investor funds, maintain driver employment, and return the company's cabs to service. This move marks the potential complete exit of the founders. The investors, led by BP Ventures and already holding stakes in BluSmart and Gensol Engineering, plan to write off loans and inject funds to resume operations.

Sahil Barua resigns from Swiggy board due to professional commitments

Entrackr

Entrackr · 4m ago

Sahil Barua resigns from Swiggy board due to professional commitments

Swiggy announced on Friday that Sahil Barua, an Independent Director on the company's board, has resigned with effect from April 11, 2025. The resignation comes in light of Barua’s increased professional commitments, according to a regulatory filing made by the company. Barua, who is also the Co-founder and CEO of logistics firm Delhivery, was one of the earliest independent members of Swiggy’s board and had been associated with the company during a crucial phase of its growth and transition into the public markets. “I'd like to thank Swiggy for inviting me to serve as part of the Board. Swiggy is one of the great Indian internet companies, with outstanding founders and management. I look forward to cheering for Harsha and the Swiggy team as a user and well-wisher,” said Barua. Swiggy’s independent board of directors includes Anand Kripalu, Shailesh Haribhakti, and Suparna Mitra.

PFC files complaint with economic offences wing against Gensol Engineering

VCCircle

VCCircle · 4m ago

PFC files complaint with economic offences wing against Gensol Engineering

India's Power Finance Corp (PFC) has filed a complaint against Gensol Engineering with the economic offences wing, alleging falsified document submissions. Concurrently, PFC is conducting an internal investigation under its anti-fraud policy. Gensol’s founders have been barred from key positions by India's markets regulator due to alleged debt default for their startup BluSmart Mobility. Despite Gensol denying defaulting, the company faces challenges, including stock decline and executive resignations, after a 3.52 billion rupee loan from PFC.

Elon Musk cannot keep Tesla pay package worth more than $55 billion, judge rules

Medial

Medial · 1y ago

Elon Musk cannot keep Tesla pay package worth more than $55 billion, judge rules

A judge has ruled that Elon Musk must relinquish a compensation package given to him by Tesla's board of directors, potentially worth over $55 billion. The decision comes after a shareholder lawsuit accused Musk and the directors of breaching their duties and resulting in a waste of corporate assets. Plaintiff's attorneys claimed the pay package was a result of sham negotiations and lacked independence, while defense attorneys argued it was fairly negotiated by independent directors with ambitious performance goals and approved by shareholders.

What are the allegations against Jaggi brothers, founders of BluSmart?

Inshorts · 4m ago

What are the allegations against Jaggi brothers, founders of BluSmart?

Brothers Anmol and Puneet Singh Jaggi, Co-founders of BluSmart and publicly-listed Gensol Engineering, allegedly misdirected ₹978 crore loans towards expenses unrelated to the purpose of loans. SEBI said they used funds meant for EVs to buy luxury flats in DLF Camellias, pay personal credit card dues, invest ₹50 lakh into Ashneer Grover's Third Unicorn and buy a ₹26-lakh golf set.

Gensol shares continue to slide; hit new lower circuit limit

YourStory

YourStory · 3m ago

Gensol shares continue to slide; hit new lower circuit limit

Shares of Gensol Engineering fell 5% after promoters Anmol Singh Jaggi and Puneet Singh Jaggi resigned following SEBI's interim order, which barred them over fund diversion and governance lapses. The stock hit a 52-week low, down 95.39% from its high, continuing to slide for 23 sessions, dropping 68.28%. SEBI also halted Gensol's planned stock split. The Jaggi brothers resigned as directors effective May 12, 2025, amid regulatory scrutiny.

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