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Informist, Wednesday, May 28, 2025

 

NEW DELHI – The Delhi High Court on Wednesday issued contempt notices to Blu-Smart Fleet Pvt. Ltd., Gensol EV Lease Pvt. Ltd., Gensol Engineering Ltd's founders Anmol Jaggi and Puneet Singh Jaggi and others on a petition by lessor Shefasteq (OPC) Pvt. Ltd. for not adhering to the court's previous order regarding its 10 leased electric vehicles. 

 

On May 7, the high court had restrained Blu-Smart Fleet, others from selling, transferring, alienating or creating third-party rights in respect of 10 Tata Tigor electrical vehicles of the petitioner and directed the appointment of a receiver to take custody of the vehicles. The court had directed the respondents to cooperate in identifying the location of the electric vehicles within two days and to refrain from relocating them.

 

Despite the court's order, the respondents failed to comply with the directions, said the petitioner. The receiver's report revealed that all the known premises of the respondents, which included showroom, service centre, and other locations were vacated and the vehicles were not traceable, said the petitioner. Go Auto Pvt. Ltd., a related entity in the case, through its director, has refused to cooperate, and stated it was under no legal obligation to disclose the details of the vehicles, the petitioner said. 

 

The high court was hearing a petition by Shefasteq (OPC) seeking urgent protection of electric vehicles pursuant to a failed investment arrangement. The case has its genesis from petitioner entering into a vehicle lease agreement with Blu-Smart Fleet and a corresponding services agreement with Gensol EV Lease. Under the arrangement, the petitioner was to procure the electric vehicles through Go Auto. The vehicles were to be delivered to Blu-Smart Fleet, who undertook to exclusively operate them and pay fixed monthly rentals to the petitioner.

 

The electric vehicles were expected to be delivered, registered and made operational in Blu-Smart's fleet by December or latest by January. While the petitioner was awaiting the delivery, it received information in April of the financial crisis of Blu-Smart Fleet and Gensol EV Lease. The petitioner apprehended that Go Auto might hand over the electric vehicles to Gensol EV Lease or some other related entity or even sell off these to third parties.

 

Last month, the Securities and Exchange Board of India said it was probing Gensol Engineering and its promoters for diverting loans taken from Power Finance Corp. Ltd. and Indian Renewable Energy Development Agency Ltd. The regulator also issued an interim order against the company and its promoter-directors, Anmol and Puneet Jaggi, barring them from any securities market-related activity and from holding the post of director or any key managerial position in the company till further orders. 

 

At 1404 IST, shares of Gensol Engineering were down 2.0% at INR 62.98 on the National Stock Exchange.  End

 

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

 

Reported by Surya Tripathi

Edited by Vandana Hingorani

 

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