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Informist, Wednesday, Jun. 4, 2025

 

NEW DELHI – The National Company Law Appellate Tribunal Wednesday allowed BluSmart Fleet Pvt. Ltd. and Gensol Electric Vehicle Pvt. Ltd. to file an application before the Ahmedabad bench of the National Company Law Tribunal for vacating the latter's order to freeze the companies' bank accounts. Further, the appellate tribunal advanced the hearing in the Ahmedabad tribunal to Jun. 9 from Jun. 12, in view of the urgency of the case.

 

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 petitioners argued that they were not issued an advance notice. The Ahmedabad tribunal's order was passed without giving them an opportunity of being heard, said the petitioners. 

 

Last week, the Ahmedabad tribunal ordered freezing bank accounts of Gensol Engineering, 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 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 amounted to gross violation of the Companies Act, 2013, the Centre had alleged. Investigations under the Companies Act are currently under way 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.  End

 

Reported by Surya Tripathi

Edited by Akul Nishant Akhoury

 

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