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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.

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Related News

IREDA says Gensol promoters diluted equity without lender approval, files EoW complaint

YourStory

YourStory · 4m ago

IREDA says Gensol promoters diluted equity without lender approval, files EoW complaint

Indian Renewable Energy Development Agency (IREDA) filed a complaint with the Economic Offences Wing against Gensol Engineering's promoters for diluting their shareholding without lender approval, breaching contract terms. Focused on buying electric vehicles, Gensol faces scrutiny due to alleged fund misuse by its promoters Anmol and Puneet Singh Jaggi. BluSmart, associated with Gensol, ceased operations, intensifying lender concerns about potential non-performing assets. The issue is under internal review, with IREDA aiming for remedial actions.

BluSmart buyout buzz grows — but Gensol’s troubles may derail the ride

Business Today

Business Today · 4m ago

BluSmart buyout buzz grows — but Gensol’s troubles may derail the ride

BluSmart's potential buyout is complicated by legal issues involving Gensol, as the latter faces allegations of document falsification in an electric vehicle leasing project. Legal experts suggest that any acquisition would be difficult due to these complications. A formal complaint has been lodged with the Economic Offences Wing (EoW) by PFC, further complicating the situation for both companies. Consequently, the possibility of a BluSmart buyout has garnered heightened scrutiny amid these existing legal troubles.

TradeCred files criminal complaint against Bizongo, alleges Rs 69 crore fund misappropriation - The Economic Times

Economic Times

Economic Times · 1m ago

TradeCred files criminal complaint against Bizongo, alleges Rs 69 crore fund misappropriation - The Economic Times

TradeCred has filed a criminal complaint against Bizongo, its executives, and investors, alleging Rs 69 crore misappropriation in funds. The complaint, filed with Mumbai Police's Economic Offences Wing, accuses Bizongo of double recovery by collecting payments directly rather than through required escrow accounts, violating contractual agreements. While Bizongo denies wrongdoing, claiming repayments were made correctly, TradeCred seeks to convert the claim into equity. Bizongo shifted focus from supply chain finance post-allegations.

Gensol-BluSmart Fiasco: IREDA Files Insolvency Plea Over ₹510 Crore Default

OutlookIndia

OutlookIndia · 3m ago

Gensol-BluSmart Fiasco: IREDA Files Insolvency Plea Over ₹510 Crore Default

The Indian Renewable Energy Development Agency (IREDA) has filed an insolvency application against Gensol Engineering Limited for defaulting on a loan exceeding ₹510 crore. Gensol had borrowed ₹977.75 crore from IREDA and Power Finance Corporation to purchase electric vehicles for BluSmart but acquired fewer vehicles than committed. Consequently, IREDA and PFC lodged complaints for manipulated debt documents. Amid regulatory scrutiny and financial misconduct allegations, Gensol's managing directors resigned following SEBI's interim order banning their market access.

Ashneer alleges 'wild-goose chase' by Delhi Police in BharatPe case: Report

Money Control

Money Control · 1y ago

Ashneer alleges 'wild-goose chase' by Delhi Police in BharatPe case: Report

BharatPe ex-MD Ashneer Grover has urged Delhi Police's Economic Offences Wing (EOW) to stop its "wild-goose chase" against him, Moneycontrol reported citing his letter to EOW officials. Ashneer said EOW's investigation on BharatPe's complaint could be "one-sided" and "non-compliant" with due procedures. He wrote the letters after EOW declined to remove a lookout circular against him and his wife.

Gensol faces insolvency as IREDA moves NCLT over Rs 510 Cr loan default

Entrackr

Entrackr · 3m ago

Gensol faces insolvency as IREDA moves NCLT over Rs 510 Cr loan default

Gensol faces insolvency as IREDA moves NCLT over Rs 510 Cr loan default The Indian Renewable Energy Development Agency (IREDA) has moved the National Company Law Tribunal (NCLT) against Gensol Engineering Ltd, seeking insolvency proceedings over a Rs 510 crore loan default, according to a regulatory filing made to the Bombay Stock Exchange (BSE). As per the filing, IREDA has filed the application under Section 7 of the Insolvency and Bankruptcy Code (IBC), showing a significant step in its attempt to recover dues from the Ahmedabad-based renewable energy firm. Gensol, which has been active in engineering, procurement, and construction (EPC) services for solar power projects, as well as in the electric mobility space, had taken loans amounting to over Rs 977 crore from IREDA and Power Finance Corporation (PFC). Out of Rs 977 crore, around Rs 664 crore was allocated for purchasing EVs for BluSmart, an electric ride-hailing platform co-founded by Gensol promoters Anmol Singh Jaggi and Puneet Singh Jaggi. This insolvency action comes just weeks after IREDA complained to the Economic Offences Wing (EOW), accusing Gensol of diverting funds and submitting false documents. The agency also said the company’s promoters reduced their shareholding without informing the lender. Following the controversy, market regulator SEBI barred both Jaggi brothers from holding any executive or directorial positions in listed companies. The duo stepped down from their respective roles on May 12. Gensol, once considered a rising player in India’s green mobility and solar infra push, is now facing a potential corporate insolvency resolution process (CIRP), subject to admission by the National Company Law Tribunal (NCLT).

Economic Offences Wing registers FIR against BharatPe ex-boss Grover

Livemint

Livemint · 1y ago

Economic Offences Wing registers FIR against BharatPe ex-boss Grover

The Economic Offences Wing (EOW) of Delhi Police has registered a first information report (FIR) against Ashneer Grover, the former managing director of BharatPe, and his family members. The FIR includes charges such as criminal breach of trust, cheating, forgery, and criminal conspiracy. This comes in response to a criminal complaint filed by BharatPe accusing Grover and his family of committing a ₹81.28 crore fraud. BharatPe alleges financial discrepancies, irregularities in recruitment, and hiring of third-party vendors. Grover has been the subject of multiple lawsuits, including one filed by BharatPe seeking damages.

Broker network’s Rahul Yadav out on bail after bounced cheque complaint in Mumbai

Inc42 · 1y ago

Broker network’s Rahul Yadav out on bail after bounced cheque complaint in Mumbai

Former Broker Network employee Arun Singh Shekhawat filed a complaint against Rahul Yadav for allegedly borrowing INR 50 Lakh from him for paying salaries to employees at Broker Network. In November 2023, Yadav appeared in court after a bailable warrant was issued. The complaint was registered under Section 138 of the Negotiable Instruments (Amendment) Act, relating to a bounced cheque for INR 50 Lakh. This case is one of the two being investigated by the Economic Offences Wing against Yadav, including allegations of non-payment of dues and fraud amounting to INR 288 Cr.

Ireda files insolvency plea against Gensol Engineering over Rs 510 crore default

Economic Times

Economic Times · 3m ago

Ireda files insolvency plea against Gensol Engineering over Rs 510 crore default

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.

NCLT directs insolvency against Gensol, Gensol EV Lease; appoints IRP

Economic Times

Economic Times · 2m ago

NCLT directs insolvency against Gensol, Gensol EV Lease; appoints IRP

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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