Particle.news
Download on the App Store
4 ARTICLES
·
2d ago

MCA Targets 3–5 Month Timeline for Gensol Engineering Probe

Investigations into alleged fund diversions and governance lapses extend across multiple regulatory bodies, with SEBI, NFRA, and ICAI actively involved.

Image

Overview

  • The Ministry of Corporate Affairs (MCA) aims to conclude its investigation into Gensol Engineering and 18 related companies within 3–5 months.
  • The National Financial Reporting Authority (NFRA) has initiated a preliminary enquiry into Gensol Engineering following SEBI's referral.
  • SEBI's April interim order barred Gensol's promoters, Anmol Singh Jaggi and Puneet Singh Jaggi, from the securities market over fund diversion allegations.
  • The Institute of Chartered Accountants of India (ICAI) is auditing the 2023–24 financial statements of Gensol Engineering and BluSmart Mobility.
  • The MCA probe could avoid escalation to the Serious Fraud Investigation Office (SFIO) if sufficient evidence is gathered during the ongoing investigation.