BluSmart Fleet, Gensol Electric move NCLAT against freezing of bank accounts
This story was originally published at 18:58 IST on 3 June 2025
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NEW DELHI – BluSmart Fleet Pvt. Ltd. and Gensol Electric Vehicle Pvt. Ltd., the companies promoted by Anmol Singh Jaggi and Puneet Singh Jaggi, have moved the National Company Law Appellate Tribunal against the order of the Ahmedabad bench of the National Company Law Tribunal to freeze their bank accounts. The appellate tribunal will hear the case on Wednesday.
Last week, the Ahmedabad tribunal ordered the freezing of the bank accounts of Gensol Engineering Ltd., its 10 subsidiaries, and several individuals on a plea by the Central government. "... this tribunal notes serious allegations of fraudulent conduct, including diversion of company funds by the promoters of Gensol Engineering Ltd," the tribunal had said. Investigation reports and regulatory findings by the Ministry of Corporate Affairs, the Securities and Exchange Board of India, and the Serious Fraud Investigation Office prima facie support the Centre's claims of systemic fraud involving substantial public interest, the tribunal had said.
The Centre had filed the petition alleging that the affairs of Gensol Engineering and its arms were being conducted in a manner prejudicial to the company's interests. The companies were found to be in blatant violation of corporate governance norms, including diversion of funds by promoter entities, and rerouting of borrowings raised for specific purposes fraudulently, which amounts to gross violations of the Companies Act, 2013, the Centre had alleged. Investigations under the Companies Act are currently underway by inspectors appointed by the Ministry of Corporate Affairs, it said.
In April, 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 securities market-related activity and from holding the post of director or key managerial position in the company till further orders. Gensol Engineering, Gensol EV Lease Pvt. Ltd., and BluSmart Mobility Pvt. Ltd. are facing several insolvency petitions in the Ahmedabad tribunal, where the hearing is underway.
Tuesday, shares of Gensol Engineering ended 2.0% lower at INR 58.08 on the National Stock Exchange. Shares of the company have declined nearly 90% in the last three months. End
Reported by Surya Tripathi
Edited by Saji George Titus
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