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Time of India
10-05-2025
- Automotive
- Time of India
Delhi HC orders seizure, relocation of 129 EVs from Gensol, BluSmart in fallout of loan scam
In continuation with a series of orders passed against Gensol and BluSmart , the Delhi High Court on Thursday directed seizure and relocation of 129 passenger electric vehicles (EVs) in Delhi, Gurugram and Bengaluru that were hypothecated to STCI Finance by the companies after the lender alleged default in loan payments and sought to restrain them from creating any third-party rights in the vehicles. Gensol had availed a ₹15 crore equipment term loan from STCI under a 2023 loan facility agreement for acquiring 129 EVs for commercial leasing. The loan was secured by a hypothecation deed and Gensol promoters Puneet Singh Jaggi and Anmol Singh Jaggi had stood as personal guarantors. STCI had allegedly disbursed funds directly to vendors, after which Gensol leased the vehicles to its related entity BluSmart, which is no longer operational. Justice Manmeet Pritam Singh Arora, while noting the STCI's apprehensions that there was an imminent risk of dissipation of the vehicles purchased by Gensol using the loan advanced by the lender, asked the three court-appointed receivers to take over the vehicles so as to secure them, make inventories and relocate them to secure locations. Gensol and the related lease entity were also restrained from selling, transferring or creating third-party rights in the vehicles. 'It will be open for the receiver to take all necessary steps to charge and preserve the vehicles so that they remain in good and working condition,' the court said, while asking Gensol and others to cooperate in identifying the locations where the hypothecated vehicles are parked within two days and not to make any attempt to shift them to any other location. The receiver shall relocate and store the vehicles in a secure facility and make all the necessary arrangements for supervision, maintenance, and preservation, according to the order. It further asked Gensol and BluSmart to cooperate with the receiver and also gave liberty to the latter to seek the assistance of the local police station if required. 'The SHO of the concerned police station is directed to render full co-operation,' the court said. The judge also asked ICICI Bank to maintain the status quo on a fixed deposit of ₹40.62 lakh, which had been separately hypothecated by Gensol as security for the loan. Citing SEBI's interim findings that company funds had been misused and diverted by Gensol's promoters in violation of corporate governance norms, the court also said that Gensol 'did not adhere to the terms of the Facility Agreement and the financial discipline … and committed defaults in repaying the loan'. 'The company's funds were routed to related parties and used for unconnected expenses, as if the company's funds were promoters' piggy bank. The diversion of funds... reflects a culture of weak internal control, where even ring-fenced borrowings from institutional creditors were rerouted at the total discretion of the promoters,' the order noted. Pursuant to the Securities and Exchange Board of India's (Sebi) April 15 order that found prima facie violations of corporate governance by Gensol and its promoters, STCI had recalled the loan in April. The lender, while seeking recovery of ₹11.25 crore, cited defaults and credit downgrades for its action.
Time of India
09-05-2025
- Automotive
- Time of India
Delhi HC orders seizure, relocation of 129 EVs from Gensol, BluSmart in fallout of loan scam
The EVs in question were hypothecated to STCI Finance by Gensol and BluSmart after the lender alleged default in loan payments and sought to restrain the companies from creating any third-party rights in the vehicles. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads In continuation with a series of orders passed against Gensol and BluSmart , the Delhi High Court on Thursday directed seizure and relocation of 129 passenger electric vehicles (EVs) in Delhi, Gurugram and Bengaluru that were hypothecated to STCI Finance by the companies after the lender alleged default in loan payments and sought to restrain them from creating any third-party rights in the had availed a Rs 15 crore equipment term loan from STCI under a 2023 loan facility agreement for acquiring 129 EVs for commercial leasing. The loan was secured by a hypothecation deed and Gensol promoters Puneet Singh Jaggi and Anmol Singh Jaggi had stood as personal guarantors. STCI had allegedly disbursed funds directly to vendors, after which Gensol leased the vehicles to its related entity BluSmart, which is no longer Manmeet Pritam Singh Arora, while noting the STCI's apprehensions that there was an imminent risk of dissipation of the vehicles purchased by Gensol using the loan advanced by the lender, asked the three court-appointed receivers to take over the vehicles so as to secure them, make inventories and relocate them to secure and the related lease entity were also restrained from selling, transferring or creating third-party rights in the vehicles.'It will be open for the receiver to take all necessary steps to charge and preserve the vehicles so that they remain in good and working condition,' the court said, while asking Gensol and others to cooperate in identifying the locations where the hypothecated vehicles are parked within two days and not to make any attempt to shift them to any other receiver shall relocate and store the vehicles in a secure facility and make all the necessary arrangements for supervision, maintenance, and preservation, according to the further asked Gensol and BluSmart to cooperate with the receiver and also gave liberty to the latter to seek the assistance of the local police station if required. 'The SHO of the concerned police station is directed to render full co-operation,' the court judge also asked ICICI Bank to maintain the status quo on a fixed deposit of Rs 40.62 lakh, which had been separately hypothecated by Gensol as security for the SEBI's interim findings that company funds had been misused and diverted by Gensol's promoters in violation of corporate governance norms, the court also said that Gensol 'did not adhere to the terms of the Facility Agreement and the financial discipline … and committed defaults in repaying the loan'.'The company's funds were routed to related parties and used for unconnected expenses, as if the company's funds were promoters' piggy bank. The diversion of funds... reflects a culture of weak internal control, where even ring-fenced borrowings from institutional creditors were rerouted at the total discretion of the promoters,' the order to the Securities and Exchange Board of India's (Sebi) April 15 order that found prima facie violations of corporate governance by Gensol and its promoters, STCI had recalled the loan in April. The lender, while seeking recovery of Rs 11.25 crore, cited defaults and credit downgrades for its action.
Associated Press
03-03-2025
- Business
- Associated Press
Robex Announces the Closing of the Convention with the Government of Mali
QUÉBEC CITY, March 03, 2025 (GLOBE NEWSWIRE) -- Robex Resources Inc. ('Robex', the 'Company' or the 'Issuer') (TSXV: RBX) is pleased to announce the closing of the convention, compliant with the 2023 Mining code, with the government of Mali. The convention has now been signed by the Government as per the terms signed on the 12th of September 2024 and approved by the council of ministers on the 13th of February 2025. The government has now a 20% ownership in Nampala SA and will contribute to the governance of Nampala through a shareholder agreement. Robex Managing Director Matthew Wilcox said: ' I would like to express my gratitude to the government of Mali and our dedicated team for their hard work over the past six months in successfully closing this convention. We are already making significant strides to extend the life of mine at Nampala and remain committed to further developing our properties in Mali. Our management team reaffirms its dedication to a strategy of inclusive and sustainable growth, underpinned by prudent and balanced financial management.' Robex Resources Inc. Matthew Wilcox, Managing Director and Chief Executive Officer Alain William, Chief Financial Officer +1 581 741-7421 FORWARD-LOOKING INFORMATION AND FORWARD-LOOKING STATEMENTS Certain information set forth in this news release contains 'forward‐looking statements' and 'forward‐looking information' within the meaning of applicable Canadian securities legislation (referred to herein as 'forward‐looking statements'). Forward-looking statements are included to provide information about the Company's management's ('Management's') current expectations and plans that allow investors and others to have a better understanding of the Company's business plans and financial performance and condition. Statements made in this news release that describe the Company's or Management's estimates, expectations, forecasts, objectives, predictions, projections of the future or strategies may be 'forward-looking statements', and can be identified by the use of the conditional or forward-looking terminology such as 'aim', 'anticipate', 'assume', 'believe', 'can', 'contemplate', 'continue', 'could', 'estimate', 'expect', 'forecast', 'future', 'guidance', 'guide', 'indication', 'intend', 'intention', 'likely', 'may', 'might', 'objective', 'opportunity', 'outlook', 'plan', 'potential', 'should', 'strategy', 'target', 'will' or 'would' or the negative thereof or other variations thereon. Forward-looking statements also include any other statements that do not refer to historical facts. In particular and without limitation, this news release contains forward-looking statements pertaining to the Facility Agreement, including the fulfilment of the conditions precedent thereunder, the development of the Kiniero Gold Project and the issuance of Bonus Shares. Forward-looking statements and forward-looking information are made based upon certain assumptions and other important factors that, if untrue, could cause the actual results, performance or achievements of the Company to be materially different from future results, performance or achievements expressed or implied by such statements or information. There can be no assurance that such statements or information will prove to be accurate. Such statements and information are based on numerous assumptions, including: the ability to execute the Company's plans relating to the Kiniero Gold Project as set out in the feasibility study with respect thereto, as the same may be updated, the whole in accordance with the revised timeline previously disclosed by the Company; the Company's ability to complete its planned exploration and development programs; the absence of adverse conditions at the Kiniero Gold Project; the absence of unforeseen operational delays; the absence of material delays in obtaining necessary permits; the price of gold remaining at levels that render the Kiniero Gold Project profitable; the Company's ability to continue raising necessary capital to finance its operations; the ability to realize on the mineral resource and mineral reserve estimates; assumptions regarding present and future business strategies, local and global geopolitical and economic conditions and the environment in which the Company operates and will operate in the future; satisfaction of the conditions precedent under the Facility Agreement; the Borrower's access to the facility made available under the Facility Agreement; and the utilization of any amount received by the Borrower under the Facility Agreement for the purposes identified by the Company. Certain important factors could cause the Company's actual results, performance or achievements to differ materially from those in the forward-looking statements including, but not limited to: geopolitical risks and security challenges associated with its operations in West Africa, including the Company's inability to assert its rights and the possibility of civil unrest and civil disobedience; fluctuations in the price of gold; limitations as to the Company's estimates of mineral reserves and mineral resources; the speculative nature of mineral exploration and development; the replacement of the Company's depleted mineral reserves; the Company's limited number of projects; the risk that the Kiniero Gold Project will never reach the production stage (including due to a lack of financing); the Company's capital requirements and access to funding; changes in legislation, regulations and accounting standards to which the Company is subject, including environmental, health and safety standards, and the impact of such legislation, regulations and standards on the Company's activities; equity interests and royalty payments payable to third parties; price volatility and availability of commodities; instability in the global financial system; the effects of high inflation, such as higher commodity prices; fluctuations in currency exchange rates; the risk of any pending or future litigation against the Company; limitations on transactions between the Company and its foreign subsidiaries; volatility in the market price of the Company's shares; tax risks, including changes in taxation laws or assessments on the Company; the Company obtaining and maintaining titles to property as well as the permits and licenses required for the Company's ongoing operations; changes in project parameters and/or economic assessments as plans continue to be refined; the risk that actual costs may exceed estimated costs; geological, mining and exploration technical problems; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing; the effects of public health crises on the Company's activities; the Company's relations with its employees and other stakeholders, including local governments and communities in the countries in which it operates; the risk of any violations of applicable anticorruption laws, export control regulations, economic sanction programs and related laws by the Company or its agents; the risk that the Company encounters conflicts with small-scale miners; competition with other mining companies; the Company's dependence on third-party contractors; the Company's reliance on key executives and highly skilled personnel; the Company's access to adequate infrastructure; the risks associated with the Company's potential liabilities regarding its tailings storage facilities; supply chain disruptions; hazards and risks normally associated with mineral exploration and gold mining development and production operations; problems related to weather and climate; the risk of information technology system failures and cybersecurity threats; the risk that the Borrower is not able to access the facility made available under the Facility Agreement or use any amount received under the Facility Agreement for the purposes identified by the Company; and the risk that the Company may not be able to insure against all the potential risks associated with its operations. Although the Company believes its expectations are based upon reasonable assumptions and has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. These factors are not intended to represent a complete and exhaustive list of the factors that could affect the Company; however, they should be considered carefully. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. The Company undertakes no obligation to update forward-looking information if circumstances or Management's estimates, assumptions or opinions should change, except as required by applicable law. The reader is cautioned not to place undue reliance on forward-looking information. The forward-looking information contained herein is presented for the purpose of assisting investors in understanding the Company's expected financial and operational performance and results as at and for the periods ended on the dates presented in the Company's plans and objectives, and may not be appropriate for other purposes. See also the 'Risk Factors' section of the Company's Annual Information Form for the year ended December 31, 2023, dated April 29, 2024, available under the Company's profile on SEDAR+ at or on the Company's website at for additional information on risk factors that could cause results to differ materially from forward-looking statements. All forward-looking statements contained in this news release are expressly qualified by this cautionary statement. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
