Gensol: Sebi

Sebi, in its interim order released on April 15, pointed to several serious problems in how Gensol was run. The findings included misuse of borrowed money for personal use, poor financial controls, and complete failure in following proper business practices. Let’s look at how BluSmart rose quickly and then came crashing down. FROM RISING STARTUP TO COLLAPSE BluSmart Mobility started in January 2019 in Gurugram. It was founded by Anmol Singh, Punit K Goyal, and Puneet Singh Jaggi. The ... Now, that partnership is under strain. Gensol ’s liquidity crunch—triggered by credit downgrades, debt concerns, and allegations of financial misreporting—has investors worried about BluSmart’s future. Once an asset, Gensol has become a liability, raising governance red flags and threatening BluSmart’s ambitions, including its rumored IPO. With questions mounting over financial transparency and sustainability, the fate of one of India’s most promising EV startups is now tangled ... Corporate Insolvency Resolution Process. 2025 All Rights Reserved. The Ahmedabad bench of the National Company Law Tribunal (NCLT) has admitted Gensol Engineering Limited to Corporate Insolvency Resolution Process (CIRP) on a petition filed by the Indian Renewable Energy Development Agency (Ireda), according to a report from Bar and Bench. An interim resolution ...