15-05-2025
Gensol Shares Hit 5% Upper Circuit After IREDA's Bankruptcy Filing For Rs 510 Cr Default
Last Updated:
IREDA Share Price: IREDA files bankruptcy against Gensol Engineering for a defaulted amount of Rs 510 crore. IREDA and Gensol shares are in focus today.
IREDA Share Price, Gensol Share Price: Shares of Gensol Engineering hit 5% upper circuit at Rs 62.44 per share in the opening trade on Thursday, following IREDA's decision to file for Bankruptcy against Rs 510 default loan. Meanwhile, IREDA's shares trade flat at Rs 167.89 apiece in the morning session, against the previous day close at Rs 167.79 apiece.
IREDA in the filing said that it filed an application on May 14 under Section 7 of Insolvency and Bankruptcy code, 2016 against Gensol Engineering Limited for a defaulted amount of Rs 510,00,52,672.
The promoters (Anmol And Puneet Jaggi) are accused of siphoning off loan funds meant for the company, misleading investors, lenders, and regulators. The interim order not only restricts them from accessing capital markets but also prevents them from holding key positions in any listed company for the time being.
Sebi had barred the company's promoters, Anmol Singh Jaggi and Puneet Singh Jaggi, from the securities market due to allegations of misusing public company funds for personal gain.
Jaggi Brothers Resign
First Published:
May 15, 2025, 09:05 IST
