13-05-2025
Gensol Engineering's Top Executives Resign Amid SEBI Probe
Meanwhile, Evera Cabs (Prakriti Mobility) has repossessed around 500 electric cabs previously operated by BluSmart. Although Uber was reportedly in talks to acquire BluSmart's fleet, the deal appears to have stalled.
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Gensol Engineering Limited announced that its Managing Director Anmol Singh Jaggi and Whole-time Director Puneet Singh Jaggi have resigned from their positions, effective May 12, 2025.
According to a report by Entrackr, both executives cited compliance with the Securities and Exchange Board of India's (SEBI) Interim Order dated April 15, 2025, as the reason behind their exit. Their resignations also include stepping down from all board committees.
SEBI recently ordered a forensic audit of Gensol's financial records from FY22 to FY25 and barred the Jaggi brothers from accessing the securities market and holding key positions within the company.
The interim order alleged that the promoters siphoned off company funds—borrowed for electric vehicle purchases meant for their affiliate BluSmart—for personal use. The funds were reportedly used to buy a luxury apartment in Gurgaon, golf equipment, foreign currency, and to finance overseas travel.
The leadership vacuum at Gensol comes at a critical time. The company has not yet announced replacements or board restructuring plans. The situation has also impacted BluSmart, Gensol's EV mobility partner. Following the crisis, BluSmart suspended operations in Bengaluru, Mumbai, and Delhi. The company, backed by BP Ventures and Mayfield, is facing protests from drivers over unpaid dues and job losses.
Meanwhile, Evera Cabs (Prakriti Mobility) has repossessed around 500 electric cabs previously operated by BluSmart. Although Uber was reportedly in talks to acquire BluSmart's fleet, the deal appears to have stalled.
BluSmart is now said to be in talks with two distressed asset funds focused on climate and mobility sectors for a possible revival. However, given the seriousness of the SEBI allegations and the financial distress, the future of both Gensol Engineering and BluSmart remains uncertain.
