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.
