https://indianmasterminds.com

ADVERTISEMENT
ADVERTISEMENT

Gensol CFO Resigns Amid Financial Irregularity Probe

Gensol had secured loans from IREDA and Power Finance Corporation (PFC) to purchase electric vehicles for leasing to BluSmart. However, SEBI has accused the promoters of diverting the loan funds, prompting a capital market ban that prevents them from holding board positions in any listed entity.
Indian Masterminds Stories

In a major shake-up at Gensol Engineering Ltd, Chief Financial Officer Jabirmahendi Mohammedraza Aga has resigned with immediate effect, citing severe internal disorganization and a lack of cohesive support across departments.

In his resignation letter, Aga stated that the “disorganization of critical data across various departments” had significantly hindered the company’s ability to respond to ongoing investigations. “The lack of a cohesive support system has made it difficult to address critical inquiries effectively,” he noted.

The resignation comes in the wake of a complaint filed by the Indian Renewable Energy Development Agency (IREDA) with the Economic Offences Wing (EoW) on April 24, flagging suspected financial irregularities at Gensol. An internal review had raised concerns over fund utilization, although the company’s account has not yet been classified as a Non-Performing Asset (NPA).

In a further blow to the company’s leadership, Managing Director Anmol Singh Jaggi and Whole-time Director Puneet Singh Jaggi—also promoters of BluSmart, the EV ride-hailing service—resigned just days after the EoW complaint. Notably, BluSmart ceased operations on April 17, which triggered the suspension of lease payments and deepened worries among lenders.

The string of resignations and financial scrutiny has cast a shadow over the company’s governance and financial health, with regulatory attention likely to intensify in the coming weeks.


Indian Masterminds Stories
ADVERTISEMENT
ADVERTISEMENT
Related Stories
ADVERTISEMENT
ADVERTISEMENT
NEWS
Ministry-of-Power
State Energy Efficiency Index 2024 Released: Maharashtra, Andhra Pradesh, Assam, Tripura Lead in Performance
BEML
BEML Launches Tech Milan 2025: A National Platform for AI, Robotics, Quantum & Emerging Tech Dialogue
IAS Officers Indian Administrative Services
Bihar Transfers 2 IAS Officers as Additional Chief Electoral Officers Ahead of Assembly Elections 2025
PFC logo resized Power Finance Corporation Ltd
India-Japan Green Partnership: PFC Signs JPY 60 Billion Loan with JBIC for Assam Bio-Ethanol Plant
NTPC Mining Limited
Board of NTPC Approves Phased Transfer of Coal Mining Assets Worth ₹10,503 Crore to Subsidiary NTPC Mining Ltd
GAIL Scope Award
GAIL Wins Dual SCOPE Eminence Awards 2025 for Corporate Governance and CSR Excellence
IAS Association
IAS Association Condemns MLA’s Misconduct Towards MP's Bhind Collector; Says Civil Servants Must Be Respected
UP State Election Commission Building
UP: CM Yogi Lays Foundation of ₹50 Cr UP Election Commission Building, Says ‘Public Voice Is the Soul of Democracy’-Know More
ADVERTISEMENT
ADVERTISEMENT
Videos
WhatsApp Image 2025-08-25 at 13.56
Operation Hunt: IPS Dr. Karanraj Vaghela’s Mission to Nab Valsad’s Most Wanted
Dr
Resisted Flawed Schemes, Transferred Thrice In Three Months, Found Solace In Writing
WhatsApp Image 2025-08-11 at 4.48
IAS SVR Srinivas on Mumbai Trans Harbour Link, Tough Calls, and the Real Power of IAS Officers | Video Interview
ADVERTISEMENT
UPSC Stories
IAS Minnu P M
“Lazy, Sleepy, Yet Determined”: Minnu P M’s Honest Take on Cracking UPSC
Minnu PM, once a clerk in Kerala Police, cleared UPSC with AIR 150 after five years of struggle. Her...
IPS Ashish Tiwari
From IIT and Investment Banking to Public Service, Meet IPS Ashish Tiwari 
Ashish Tiwari, IIT graduate and former investment banker, chose public service over global finance. As...
WhatsApp Image 2025-08-12 at 7.27
First Attempt IRS, Fourth Attempt IPS: The Relentless Pursuit of Jitendra Kumar Yadav Who Cracked UPSC 3 Times
IPS Yadav is originally from Chhattisgarh. He was first selected for the IRS through UPSC and later for...
Social Media
Masahiro Hara
From Go Board to Global Use, How QR Codes Changed the World: IRAS Officer Ananth Rupanagudi Spotlights Masahiro Hara’s Vision
IRAS officer Ananth Rupanagudi shared a video on Masahiro Hara, the inventor of QR codes, highlighting...
IFS Susanta Nanda Video
A Mother’s Duty: Tigress Watches Over Cubs Splashing in Waterhole — Heartwarming Video Shared By Retd. IFS Officer Susanta Nanda
A tender wildlife video shared by Retd. IFS officer Susanta Nanda shows a tigress keeping watch over...
Mohanmala
Kaziranga Mourns: Beloved Elephant Mohanmala Passes Away After Five Decades of Service
Kaziranga National Park mourns the loss of Mohanmala, a beloved elephant who served over 50 years as...
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT
Latest
Ministry-of-Power
State Energy Efficiency Index 2024 Released: Maharashtra, Andhra Pradesh, Assam, Tripura Lead in Performance
BEML
BEML Launches Tech Milan 2025: A National Platform for AI, Robotics, Quantum & Emerging Tech Dialogue
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT
Videos
WhatsApp Image 2025-08-25 at 13.56
Dr
WhatsApp Image 2025-08-11 at 4.48
ADVERTISEMENT
ADVERTISEMENT