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
Uttarakhand-Forest-Department
Forest Land Diverted for Road in Uttarakhand’s Bhagirathi Zone Despite Expert Objections & Ecological Concerns
Maharashtra Forest Dept
Forest Officials Rescue Indian Golden Jackal from a 40-ft Deep Jalna Well After 48 Hours
GAIL PSU
GAIL Abha: Transforming Homemakers into Entrepreneurs, Says HR Director Ayush Gupta
jharkhand-high-court-
Viral Courtroom Video: Jharkhand High Court Slams Senior IAS Officer Over Land Acquisition Dispute
Jammu&Kashmir
J&K Faces NGT Action Over Illegal Kupwara Tree Felling; Tribunal Flags Road Project Violations, Unpaid Dues
DRDO resized
India’s Mission Sudarshan Chakra Advances as DRDO Plans 2026 Trials of M1 Interceptor, M2/M3 by 2028 - Details Inside
IMW 2025
India Unveils $1 Trillion Maritime Investment Roadmap at Ambassadors’ Meet Ahead of India Maritime Week 2025
SECI
SECI’s 11th Green Ammonia Auction in Haldia Discovers ₹64.74/kg Tariff - Check Details
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
Uttarakhand-Forest-Department
Forest Land Diverted for Road in Uttarakhand’s Bhagirathi Zone Despite Expert Objections & Ecological Concerns
Maharashtra Forest Dept
Forest Officials Rescue Indian Golden Jackal from a 40-ft Deep Jalna Well After 48 Hours
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