Latest news with #TataXpresElectricVehicles
Time of India
30-04-2025
- Automotive
- Time of India
Delhi HC bars Gensol, BluSmart from creating rights over leased EVs
New Delhi: The Delhi High Court on Tuesday restrained Gensol Engineering , Blu-Smart Fleet , and Blu-Smart Mobility from creating third-party rights in respect of 95 Tata Xpres Electric Vehicles leased by Clime Finance. Justice Jyoti Singh appointed a receiver to secure, preserve, inspect, and take immediate possession of the 95 electric vehicles. However, the court said that the receiver will only take "deemed" charge of the electric vehicles and not move them from their existing spot and would be responsible for the upkeep of the vehicles, the judge added. Last week, the HC had restrained Gensol Engineering and BluSmart Mobility from creating any third-party rights on 175 electric vehicles leased to them by Orix Leasing and Financial Services to support BluSmart's growing ride-hailing operations in India, saying the Japanese firm made a prima facie case for interim relief. Anmol Singh Jaggi, cofounder of both Gensol Engineering and BluSmart, had acted as a guarantor for the lease obligations. Counsel Abhimanyu Mahajan and Saurabh Seth, appearing for Clime, on Tuesday sought further directions to Gensol and Blu-Smart to deposit pre-termination value, penal charges and TDS due for FY2024-2025 after adjustment of security deposit of over ₹1 crore with the court registry. They said that the companies had defaulted in remitting the lease rentals for the EVs from March 2025. 'This default, along with a concerning downgrade in Gensol's credit rating, media reports of financial distress, and breaches of the lease agreement' prompted Clime to issue notices in March and April, which also went unanswered, and then terminate the lease agreement, Clime alleged. Clime had entered into an agreement where it had leased its 95 electric vehicles to Gensol and BluSmart Fleet in 2022 for use in cab and rideshare services for a period of 36 months, which was to expire in May 2025. The two companies had defaulted in remitting the lease rentals for the 95 vehicles from March, the counsel said. Markets regulator Securities and Exchange Board of India (Sebi) had on April 15 barred Gensol's promoters, brothers Anmol and Puneet Jaggi, from accessing stock markets and ordered a forensic probe into their listed renewable energy firm. The brothers were later detained under the Foreign Exchange Management Act (Fema) on charges of financial misconduct and diversion of funds.
Time of India
30-04-2025
- Automotive
- Time of India
HC bars Gensol, BluSmart from creating rights over leased EVs
New Delhi: The Delhi High Court on Tuesday restrained Gensol Engineering , Blu-Smart Fleet , and Blu-Smart Mobility from creating third-party rights in respect of 95 Tata Xpres Electric Vehicles leased by Clime Finance. Justice Jyoti Singh appointed a receiver to secure, preserve, inspect, and take immediate possession of the 95 electric vehicles. However, the court said that the receiver will only take "deemed" charge of the electric vehicles and not move them from their existing spot and would be responsible for the upkeep of the vehicles, the judge added. Last week, the HC had restrained Gensol Engineering and BluSmart Mobility from creating any third-party rights on 175 electric vehicles leased to them by Orix Leasing and Financial Services to support BluSmart's growing ride-hailing operations in India, saying the Japanese firm made a prima facie case for interim relief. Anmol Singh Jaggi, cofounder of both Gensol Engineering and BluSmart, had acted as a guarantor for the lease obligations. Counsel Abhimanyu Mahajan and Saurabh Seth, appearing for Clime, on Tuesday sought further directions to Gensol and Blu-Smart to deposit pre-termination value, penal charges and TDS due for FY2024-2025 after adjustment of security deposit of over ₹1 crore with the court registry. They said that the companies had defaulted in remitting the lease rentals for the EVs from March 2025. 'This default, along with a concerning downgrade in Gensol's credit rating, media reports of financial distress, and breaches of the lease agreement' prompted Clime to issue notices in March and April, which also went unanswered, and then terminate the lease agreement, Clime alleged. Clime had entered into an agreement where it had leased its 95 electric vehicles to Gensol and BluSmart Fleet in 2022 for use in cab and rideshare services for a period of 36 months, which was to expire in May 2025. The two companies had defaulted in remitting the lease rentals for the 95 vehicles from March, the counsel said. Markets regulator Securities and Exchange Board of India (Sebi) had on April 15 barred Gensol's promoters, brothers Anmol and Puneet Jaggi, from accessing stock markets and ordered a forensic probe into their listed renewable energy firm. The brothers were later detained under the Foreign Exchange Management Act (Fema) on charges of financial misconduct and diversion of funds.
Time of India
29-04-2025
- Automotive
- Time of India
Delhi HC bars Gensol, BluSmart from creating rights over leased EVs amid financial irregularities
Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads The Delhi High Court on Tuesday restrained Gensol Engineering , Blu-Smart Fleet and Blu-Smart Mobility from creating third-party rights in respect of 95 Tata Xpres Electric Vehicles leased by Clime Jyoti Singh appointed a receiver to secure, preserve, inspect, and take immediate possession of the 95 electric vehicles. However, the court said that the receiver will only take "deemed" charge of the electric vehicles and not move them from their existing spot and would be responsible for the upkeep of the vehicles, the judge week the HC had restrained Gensol Engineering and BluSmart Mobility from creating any third-party rights on 175 electric vehicles leased to them by Orix Leasing and Financial Services to support BluSmart's growing ride-hailing operations in India, saying the Japanese firm made a prima facie case for interim relief. Anmol Singh Jaggi, cofounder of both Gensol Engineering and BluSmart, had acted as a guarantor for the lease Abhimanyu Mahajan and Saurabh Seth, appearing for Clime, on Tuesday sought further directions to Gensol and Blu-Smart to deposit pre-termination value, penal charges and TDS due for FY2024-2025 after adjustment of security deposit of over Rs one crore with the court said that the companies had defaulted in remitting the lease rentals for the EVs from March 2025. 'This default, along with a concerning downgrade in Gensol's credit rating, media reports of financial distress, and breaches of the lease agreement' prompted Clime to issue notices in March and April, which also went unanswered, and then terminate the lease agreement, Clime had entered into an agreement where it had leased its 95 electric vehicles Gensol and Blu-Smart Fleet in 2022 for use in cab and rideshare services for a period of 36 months, which was to expire in May 2025. The two companies had defaulted in remitting the lease rentals for the 95 vehicles from March, the counsel regulator Securities and Exchange Board of India (Sebi) had on April 15 barred the Gensol's promoters, Anmol and Puneet Jaggi, from accessing stock markets and ordered a forensic probe into their listed renewable energy firm. The brothers were later detained under the Foreign Exchange Management Act (Fema) on charges of financial misconduct and diversion of to Clime, the brothers were also restrained from holding key managerial roles or dealing in securities due to violations of securities laws, including but not limited to siphoning of interim Sebi report indicated fund diversion and governance failures within the company. The Jaggis face allegations of misuse of term loans availed by Gensol from state-run Indian Renewable Energy Development Agency (Ireda) and Power Finance Corp (PFC).Between FY22 and FY24, Gensol secured Rs 977.75 crore in loans from Ireda and PFC, with Rs 663.89 crore meant for purchasing 6,400 EVs.'Moreover, the media reports also revealed that the respondents ceased operations and faced salary payment delays, indicating severe financial instability. It was also discovered that the respondents were attempting to not only siphon its funds but also transfer their ride-sharing business, including the leased EVs, to third parties without Clime's consent which is in violation of the lease agreement,' Seth stated in his petition. Thus, Clime was 'compelled' to terminate the lease agreement due to the several non-compliances and material defaults, the counsel added.
Time of India
29-04-2025
- Business
- Time of India
Delhi HC appoints receiver to take charge of 95 EVs given to Gensol, BluSmart by Clime Finance
The Delhi High Court on Tuesday appointed a receiver to take charge of the 95 electric vehicles that were leased to Gensol and BluSmart by Clime Finance . #Pahalgam Terrorist Attack India stares at a 'water bomb' threat as it freezes Indus Treaty India readies short, mid & long-term Indus River plans Shehbaz Sharif calls India's stand "worn-out narrative" Justice Jyoti Singh, however, said that the appointed receiver will only take deemed charge and is not allowed to move the vehicles from its existing spot. The Clime Finance had asked in its petition that Gensol and BluSmart should be restrained from selling, alienating, transferring, or encumbering or in any manner creating third party rights in respect of the 95 Tata Xpres Electric Vehicles. "Appoint an officer of the Petitioner or any other officer as a Receiver with powers to enter upon any premises where the said EV s are situated, and direct the Respondents to cooperate with the Receiver by giving the locations of the said EV s to secure, preserve, inspect and take immediate physical possession of all 95 electric vehicles," Clime Finance had said in its petition. EV calculator How much will I save if I choose an electric vehicle? SELECT vehicle type Calculate The Clime Finance had also requested the HC to direct the Receiver to take adequate steps to preserve and maintain the said EV s in good working condition and hand over their custody to them. The shares of Gensol Engineering tanked 5 per cent to hit a fresh lower circuit limit on Tuesday due to ongoing crisis at the firm. The stock of the firm dropped 4.97 per cent to Rs 82.20 -- the lowest trading permissible limit for the day as also its 52-week low on the BSE. Live Events Earlier, market regulator Securities and Exchange Board of India (Sebi) had barred Gensol's promoters, Anmol and Puneet Jaggi, from accessing stock markets and ordered a forensic probe into their listed renewable energy firm. On Thursday, the brothers were detained under the Foreign Exchange Management Act (Fema) on charges of financial misconduct and diversion of funds. An interim Sebi report indicated fund diversion and governance failures within the company. The Jaggis face allegations of misuse of term loans availed by Gensol from state-run Indian Renewable Energy Development Agency (Ireda) and Power Finance Corp (PFC). Between FY22 and FY24, Gensol secured Rs 977.75 crore in loans from Ireda and PFC, with Rs 663.89 crore meant for purchasing 6,400 EVs. (with ET Bureau's Indu Bhan's inputs)
