Latest news with #RavneetKaur
India Today
21-05-2025
- Business
- India Today
Gensol's books under review: NFRA launches preliminary probe
The National Financial Reporting Authority (NFRA) has started a preliminary inquiry into the financial records of Gensol Engineering after fraud allegations surfaced. This was confirmed by NFRA chief Ravneet Kaur during an event on Kaur, who also heads India's competition regulator, said that the inquiry was launched following a reference made by the Securities and Exchange Board of India (Sebi). This step marks a widening of the ongoing investigation into the company, which began last month with Sebi's April, Sebi took action against Gensol Engineering and its promoters, brothers Anmol Jaggi and Puneet Jaggi. The market regulator barred the two from accessing the stock markets and called for a forensic audit into the affairs of the company. Sebi's interim report suggested misuse of funds and poor corporate to the report, Gensol had borrowed Rs 977.75 crore from lenders. Out of this, Rs 663.89 crore was meant for buying 6,400 electric vehicles (EVs) that were to be leased to BluSmart, a related company. However, Gensol admitted in its response to Sebi in February that only 4,704 EVs had been purchased. This raised questions about where the rest of the loan amount had OF AUDIT BODIESThe Institute of Chartered Accountants of India (ICAI) is also looking into the matter. Last month, ICAI President Charanjot Singh Nanda said the institute would examine Gensol's financial statements and statutory audit reports for the financial year 2023-24. The ICAI will also review the financial records of ICAI's Financial Reporting Review Board finds that the financial statements are not 'true and fair', the case could be forwarded to the ICAI's disciplinary committee. This could lead to action against the company's the release of Sebi's interim report on April 15, Gensol's shares have fallen by more than 40% in the last month. On Tuesday, the shares closed at Rs 70.99 apiece on the loans in question were taken from state-run lenders including the Indian Renewable Energy Development Agency (IREDA) and Power Finance Corporation (PFC). Sebi has alleged that the promoters misused part of these funds. There are also concerns that the company may have diverted money and failed to follow good governance practices. advertisement
Time of India
21-05-2025
- Business
- Time of India
NFRA probes Gensol's audit books after Sebi flags fraud, ICAI review underway
The National Financial Reporting Authority (NFRA) has launched a preliminary inquiry into the books of Gensol Engineering following fraud allegations, according to Ravneet Kaur, the head of the audit regulator. The move follows a reference by the Securities and Exchange Board of India (Sebi), said Kaur, who also helms the competition regulator. She was speaking on the sidelines of an event Tuesday. This marks an expansion of the investigation into Gensol , which began with Sebi's report last month. Officials said the NFRA investigation would be limited to the role of auditors, if any, in the alleged fraud at Gensol and whether audit standards were adequately followed. Separately, the corporate affairs ministry is planning to conclude its probe into the alleged corporate governance lapses at Gensol and about 18 related entities, including BluSmart Mobility, in 3-5 months, said a senior government official. Institute of Chartered Accountants of India (ICAI) president Charanjot Singh Nanda told ET last month that the institute would review the FY24 financial statements and statutory audit reports of Gensol and BluSmart. ICAI Probe If ICAI's Financial Reporting Review Board finds that the financial statements of the relevant entities are not 'true and fair', it may refer the case to the ICAI's disciplinary committee for subsequent action against the auditors. In April, Sebi had barred Gensol's promoters—brothers Anmol and Puneet Jaggi —from accessing stock markets and ordered a forensic probe into their listed renewable energy firm. An interim report by the capital markets regulator had pointed to fund diversion by the brothers and governance failures within the company. The brothers face allegation of misutilisation of term loans availed of by Gensol from state-run IREDA and PFC. Gensol's share price has crashed by over 45% since the release of Sebi's interim report on April 15. The shares closed at ₹70.99 apiece on the BSE on Tuesday. As per the markets regulator, Gensol had secured ₹977.75 crore in loans, of which ₹663.89 crore was to be used specifically for the purchase of 6,400 electric vehicles (EVs). These vehicles were to be leased to BluSmart, a related party. But Gensol admitted in its response to Sebi in February that it had procured only 4,704 EVs.
Time of India
21-05-2025
- Business
- Time of India
Now, Audit Regulator Turns Up Heat on Gensol as Probe Widens
The National Financial Reporting Authority (NFRA) has launched a preliminary inquiry into the books of Gensol Engineering following fraud allegations , according to Ravneet Kaur, the head of the audit regulator. The move follows a reference by the Securities and Exchange Board of India (Sebi), said Kaur, who also helms the competition regulator. She was speaking on the sidelines of an event Tuesday. This marks an expansion of the investigation into Gensol, which began with Sebi's report last month. Officials said the NFRA investigation would be limited to the role of auditors, if any, in the alleged fraud at Gensol and whether audit standards were adequately followed. Separately, the corporate affairs ministry is planning to conclude its probe into the alleged corporate governance lapses at Gensol and about 18 related entities, including BluSmart Mobility, in 3-5 months, said a senior government official. Institute of Chartered Accountants of India (ICAI) president Charanjot Singh Nanda told ET last month that the institute would review the FY24 financial statements and statutory audit reports of Gensol and BluSmart. If ICAI's Financial Reporting Review Board finds that the financial statements of the relevant entities are not 'true and fair', it may refer the case to the ICAI's disciplinary committee for subsequent action against the auditors. In April, Sebi had barred Gensol's promoters—brothers Anmol and Puneet Jaggi—from accessing stock markets and ordered a forensic probe into their listed renewable energy firm. An interim report by the capital markets regulator had pointed to fund diversion by the brothers and governance failures within the company. The brothers face allegation of misutilisation of term loans availed of by Gensol from state-run IREDA and PFC. Gensol's share price has crashed by over 45% since the release of Sebi's interim report on April 15. The shares closed at Rs 70.99 apiece on the BSE on Tuesday. As per the markets regulator, Gensol had secured Rs 977.75 crore in loans, of which Rs 663.89 crore was to be used specifically for the purchase of 6,400 electric vehicles (EVs). These vehicles were to be leased to BluSmart, a related party. But Gensol admitted in its response to Sebi in February that it had procured only 4,704 EVs.
Economic Times
20-05-2025
- Business
- Economic Times
NFRA probes Gensol's audit books after Sebi flags fraud, ICAI review underway
The National Financial Reporting Authority (NFRA) has launched a preliminary inquiry into the books of Gensol Engineering following fraud allegations, according to Ravneet Kaur, the head of the audit move follows a reference by the Securities and Exchange Board of India (Sebi), said Kaur, who also helms the competition regulator. She was speaking on the sidelines of an event marks an expansion of the investigation into Gensol, which began with Sebi's report last month. Officials said the NFRA investigation would be limited to the role of auditors, if any, in the alleged fraud at Gensol and whether audit standards were adequately followed. Separately, the corporate affairs ministry is planning to conclude its probe into the alleged corporate governance lapses at Gensol and about 18 related entities, including BluSmart Mobility, in 3-5 months, said a senior government official. Institute of Chartered Accountants of India (ICAI) president Charanjot Singh Nanda told ET last month that the institute would review the FY24 financial statements and statutory audit reports of Gensol and BluSmart. If ICAI's Financial Reporting Review Board finds that the financial statements of the relevant entities are not 'true and fair', it may refer the case to the ICAI's disciplinary committee for subsequent action against the auditors. In April, Sebi had barred Gensol's promoters—brothers Anmol and Puneet Jaggi—from accessing stock markets and ordered a forensic probe into their listed renewable energy interim report by the capital markets regulator had pointed to fund diversion by the brothers and governance failures within the company. The brothers face allegation of misutilisation of term loans availed of by Gensol from state-run IREDA and share price has crashed by over 45% since the release of Sebi's interim report on April 15. The shares closed at Rs 70.99 apiece on the BSE on Tuesday. As per the markets regulator, Gensol had secured Rs 977.75 crore in loans, of which Rs 663.89 crore was to be used specifically for the purchase of 6,400 electric vehicles (EVs). These vehicles were to be leased to BluSmart, a related party. But Gensol admitted in its response to Sebi in February that it had procured only 4,704 EVs.
Time of India
20-05-2025
- Business
- Time of India
NFRA probes Gensol's audit books after Sebi flags fraud, ICAI review underway
The National Financial Reporting Authority (NFRA) has launched a preliminary inquiry into the books of Gensol Engineering following fraud allegations, according to Ravneet Kaur, the head of the audit regulator. The move follows a reference by the Securities and Exchange Board of India (Sebi), said Kaur, who also helms the competition regulator. She was speaking on the sidelines of an event Tuesday. This marks an expansion of the investigation into Gensol, which began with Sebi's report last month. Officials said the NFRA investigation would be limited to the role of auditors, if any, in the alleged fraud at Gensol and whether audit standards were adequately followed. ET Bureau Separately, the corporate affairs ministry is planning to conclude its probe into the alleged corporate governance lapses at Gensol and about 18 related entities, including BluSmart Mobility, in 3-5 months, said a senior government official. Institute of Chartered Accountants of India (ICAI) president Charanjot Singh Nanda told ET last month that the institute would review the FY24 financial statements and statutory audit reports of Gensol and BluSmart. ICAI Probe If ICAI's Financial Reporting Review Board finds that the financial statements of the relevant entities are not 'true and fair', it may refer the case to the ICAI's disciplinary committee for subsequent action against the auditors. In April, Sebi had barred Gensol's promoters—brothers Anmol and Puneet Jaggi—from accessing stock markets and ordered a forensic probe into their listed renewable energy firm. An interim report by the capital markets regulator had pointed to fund diversion by the brothers and governance failures within the company. The brothers face allegation of misutilisation of term loans availed of by Gensol from state-run IREDA and PFC. Gensol's share price has crashed by over 45% since the release of Sebi's interim report on April 15. The shares closed at Rs 70.99 apiece on the BSE on Tuesday. As per the markets regulator, Gensol had secured Rs 977.75 crore in loans, of which Rs 663.89 crore was to be used specifically for the purchase of 6,400 electric vehicles ( EVs ). These vehicles were to be leased to BluSmart, a related party. But Gensol admitted in its response to Sebi in February that it had procured only 4,704 EVs.
