Gensol, BluSmart may face corporate affairs ministry probe over alleged fund diversion

The Ministry of Corporate Questions is reportedly discussed in a formal investigation Genol Engineering Artarography and its adjacent to the Blust Marts of alleged corporate governance violations, including the subversive of the foundation. A decision is expected to initiate an investigation within two weeks, according to officials mentioned in the economic time report.

It is said that the ministry examines the material in the public domain, as well as with certain information. The focus, and the officials quoted in the reports should assess whether the promotional measures are abused for personal gain, such as the purchase of a luxury apartment, they convey to the advancement of family members.

At the beginning of this week, India (SEBI) securities and exchange board promoted Gensol to Emolin and Kunette, participating in capital markets. The order referred to the alleged falsification of documents and subversions and is called a forensic audit in the financial sphere. BlusMART, all electric swimming platform stimulated by the same individuals, began disabling operations immediately after SEBI order.

Business today could not check the requirements for the report on their own.

In the center of contradiction, Gensol’s alleged misconception is used by Gensol to use the Indian Energy Energy Development Agency and Power Finance Corporation. Of this, 663.89 or ₹ 663.89 Crore was of special importance to purchase 6,400 electric vehicles (EVS), which should have leased to Blussmart.

However, Gensol, in fact, Gensol said in a February reaction that only 4,704 EVS was acquired. The GO-Auto provider confirmed that the number of vehicles of that quantity for the total value of 567.73 Crore. Given that Gensol also required to invest an additional 20% equity, the expected cost of vehicles was ₹ 829.86 Crore- ₹ 262 Crore, as needed.

At the moment, no notice was given to any company. If the preliminary assessment of the ministry approves the concerns of management, the case can escalate the full investigation, it is possible that the serious investigation office of the fraud (SFIO) may be guided.