Gensol Engineering Ltd

India’s all-electric ride-hailing platform BluSmart abruptly suspended operations across Delhi-NCR, Bengaluru, and Mumbai, following regulatory action by SEBI against its co-founder over alleged financial misappropriation at a related company. The sudden shutdown has disrupted mobility for thousands and jeopardized livelihoods of over 10,000 driver partners. The controversy stems from the misuse of loans granted to Gensol Engineering—BluSmart's affiliated company—for electric vehicle procurement.

Gensol Engineering Ltd. (GEL) has agreed to fully cooperate with a forensic audit ordered by the Securities and Exchange Board of India (SEBI) following serious allegations of fund diversion and governance lapses. SEBI's interim order has also led to the suspension of the company's promoters, Anmol Singh Jaggi and Puneet Singh Jaggi, from holding any directorial or managerial roles. The company is under scrutiny for using corporate funds for personal expenditures, including luxury property and credit card payments.

The Securities and Exchange Board of India (Sebi) has launched an investigation into Gensol Engineering Ltd. (GEL) following allegations of fund misappropriation by the company’s promoters. According to Sebi's interim order, the Jaggi brothers, Anmol Singh Jaggi and Puneet Singh Jaggi, allegedly diverted company funds for personal expenses, including luxury items, real estate investments, and transactions benefiting family members.