https://indianmasterminds.com

ADVERTISEMENT
ADVERTISEMENT

IREDA Launches Internal Review, Files EoW Complaint Against Gensol Engineering

In a regulatory filing dated April 25, IREDA stated that the action was taken in light of recent developments involving Gensol, its promoters, and associated companies.
Indian Masterminds Stories

New Delhi: Following Power Finance Corporation (PFC), the Indian Renewable Energy Development Agency (IREDA) has initiated an internal review and filed a complaint with the Economic Offences Wing (EoW) against Gensol Engineering Ltd. In a regulatory filing dated April 25, IREDA stated that the action was taken in light of recent developments involving Gensol, its promoters, and associated companies.

“The Investigation and Risk Committees of IREDA are closely examining the matter. Appropriate actions regarding collaterals and recoveries will be taken based on the outcome of the review,” the agency said. IREDA added that while Gensol’s account is under stress, it has not yet been classified as a Non-Performing Asset (NPA).

IREDA, one of two state-run NBFCs involved, had sanctioned ₹344 crore in loans to Gensol Engineering, while PFC had extended ₹633 crore – taking the total exposure to ₹977 crore. The funds were intended for the purchase of electric vehicles (EVs) to be leased to ride-hailing platform BluSmart.

The controversy intensified after the suspension of BluSmart’s operations on April 17, which led to halted lease payments and heightened concerns of the loan account turning into an NPA.

IREDA also addressed concerns about falsified documents cited by credit rating agencies, clarifying that it had not issued the letters in question. Furthermore, the agency flagged a breach of contract after Gensol’s promoters allegedly diluted their shareholding without lender approval.

SEBI has already imposed a capital market ban on Anmol Singh Jaggi and Puneet Singh Jaggi, the promoters of Gensol and BluSmart, for alleged diversion of loan funds. The Jaggi brothers currently hold 62.65% of Gensol, with 81.6% of those shares pledged.

“IREDA is committed to acting responsibly and will update all stakeholders once the company’s assessment concludes. We urge all concerned parties to avoid speculation while the investigation is ongoing,” the agency said in its closing remarks.


Indian Masterminds Stories
ADVERTISEMENT
ADVERTISEMENT
Related Stories
ADVERTISEMENT
ADVERTISEMENT
NEWS
MCL Town Hall project Patnagarh
MCL Allocates Rs 9.97 Crore for Town Hall Project in Patnagarh, Strengthening Community Infrastructure in Odisha
SAIL
SAIL Reports 53% Decline in Q2 FY26 Profit to Rs 418 Crore, Revenue Surges Amid Strong Sales Volume
Railtel
RailTel Achieves 27% Growth in Q2 FY26, Reports Rs 966 Crore Income and Announces Interim Dividend
NMDC Steel Ltd
NMDC Achieves Record-Breaking Q2 FY26 with 23% Growth in Production and 33% Increase in PAT
HPCL_logo_HIndustan Petroleum
Results: HPCL Reports 731% Surge in H1 FY26 Profit, Driven by Strong Refining & Marketing Performance
BHEL
BHEL Reports 3x Surge in Q2 Net Profit to Rs 374.89 Crore, Driven by Strong Revenue Growth of Rs 7,686.41 Crore
DIG Harcharan Singh Bhullar bribery case
Bribery to Benami Assets: CBI Registers Disproportionate Assets Case Against IPS Harcharan Singh Bhullar; Massive Cash, Gold, & Property Recovered
President Droupadi Murmu Rafale flight
Historic First: At 67, President Droupadi Murmu Becomes First Indian President to Fly in Rafale Fighter Jet, Calls It an ‘Unforgettable Experience’
ADVERTISEMENT
ADVERTISEMENT
Videos
IAS Gokul S
Meet IAS Gokul S — The Officer Who Turned Disability into Determination | Video Interview 
WhatsApp Image 2025-10-23 at 10.40
Everybody Needs To Know What Is Transpiring Behind Closed Doors Of Courts
WhatsApp Image 2025-10-19 at 12.23
UPSC Journey Should Be Enjoyable, Not Cumbersome
ADVERTISEMENT
UPSC Stories
IAS Gokul S
Meet IAS Gokul S — The Officer Who Turned Disability into Determination | Video Interview 
Visually impaired IAS officer Gokul S turned his challenges into change, empowering hundreds through...
Parmeshwar Chaudhary RAS
From Taunts to Triumph: How Farmer’s Son Parmeshwar Chaudhary Rose from Lab Assistant to SDM, Securing Rank 3 in RAS 2023
Parmeshwar, once taunted over his SI selection, has scripted a stunning success—securing Rank 3 in RAS...
IAS Rupal Rana UPSC
How Rupal Rana Cracked UPSC CSE 2023 with AIR 26 After Four Attempts
UPSC Topper Rupal Rana secured AIR 26 in 2023 after four attempts. Learn her preparation strategy, booklist,...
Social Media
Tenzin Yangki IPS Arunachal
Historic First: Who Is Tenzin Yangki, Arunachal Pradesh’s First Woman to Join IPS? Anand Mahindra Hails Her
She secured an impressive 545th rank in the prestigious UPSC Civil Services Examination - 2022.
IFS Parveen Kaswan
Heartbreak by the River: 15-Day-Old Elephant Calf Rejected by Mother, Rescued by IFS Parveen Kaswan and His Team
Jaldapra, West Bengal: In a moving incident that tugs at the heart, a 15-day-old elephant calf was rescued...
Ashwini Bhide IAS and Anand Mahindra
Who Is IAS Ashwini Bhide, Hailed as a Role Model for Mumbai Metro Transformation by Anand Mahindra?
From heritage to high-tech: Bhide’s leadership in Metro Line 3 earns public praise and admiration
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT
Latest
MCL Town Hall project Patnagarh
MCL Allocates Rs 9.97 Crore for Town Hall Project in Patnagarh, Strengthening Community Infrastructure in Odisha
SAIL
SAIL Reports 53% Decline in Q2 FY26 Profit to Rs 418 Crore, Revenue Surges Amid Strong Sales Volume
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT
Videos
IAS Gokul S
WhatsApp Image 2025-10-23 at 10.40
WhatsApp Image 2025-10-19 at 12.23
ADVERTISEMENT
ADVERTISEMENT