PFC lodges complaint against Gensol Engineering with Economic Offences Wing for forged documents

Power Finance Corporation (PFC), State Non Bank Financial Society, has filed a complaint with the arms of economic offenses (EOW) vs. Gensol Engineering Ltd (GEL) to submit false documents. This operation is following the investigation taken under the policy of the PFC anti-discrimination policy, the irregularities found during the rating rating of the following. “PFC is actively pursuing further actions and explores all possible options,” the company announced in its official issue.

Contradictions broke out when credit rating agencies tried to check the documents submitted by Gensol, which ensure solar consulting and engineering services. Instead of the requested terms of the requested period, Gensol reports that “Current Letters” from IREDA and PFC, “No Objectives”.

Such documents are usually needed to remove credit ratings, not for the purposes required. The PFC clarified that it did not release any letter to the rating agencies, particularly, and ICRA, the PTI reported.

In January 2023, the PFC punished Gensolic Engineering 633 RS Loan as part of the government’s electric vehicles (EV) such as the electronic bus of the prime minister. The foundations intended to purchase 6,000 electric cars, including 587 Crore for 5,000 electric four wheels of BlusMART Mobility and RS 46 Crore 1000 electric three-wheel drive for shipping. However, the three-wheel loan was not used, and only RS 352 Crore was provided for four wheels.

“The repayments of the allocated amount started with RS 45 RS Rs, leaving the main review of Rs 307, as April 18, 2025. April 18.

“By January 31 2025, Gensol regularly served his duties. The PFC offered a debt service reserve account (DSRA) that clearly “PFC is actively implementing further action.”

At the moment, Gensol presented 2,741 electric transport, which were hypothetical to PFC according to third-party inspections. In April 2025, Gensol Rsaid RS 45 Crore leaving the outstanding balance of Rs 307.

The company regularly serviced its duties in the fourth quarter of January 2025.

Recently, India (SEBI) securities and exchange council have filed a case against Gensol Engineering and its promoters, Anmol Singh Jaggi and Puneet Singh Jaggi, in one case, the foundation’s subversive and management. Sebi has banned them from participating in securities markets to further notice.

In addition, SEBI has instructed Gensol Engineering Ltd (Gel) to suspend the split of shares, which was previously announced by the company. Proposals have been banned from directing the position of director or core management staff in any firm mentioned.

This operation began after Sebi suffered a complaint in June last year based on the manipulation of deviations and deviations. Sebi has been investigating that question.