2 weeks Ago By [email protected] (Sagarika Chakraborty)
Updated April 18th 2025, 13:34 IST In a recent development in the Gensol-BluSmart case, two more independent directors have resigned amid troubles from the market regulator Sebi. In a recent development in the Gensol-BluSmart case, two more independent directors have resigned amid troubles from the Indian markets regulator Securities and Exchanges Board of India (Sebi). Sebi has barred the promoters of Gensol Engineering Anmol Singh Jaggi and Puneet Singh Jaggi over the allegation of diverting funds and record falsification.
Who Are The Independent Directors Who Have Quit? Harsh Singh as well as Kuljit Singh Popli have left the company with immediate effect, as per an exchange filing. This development came in a day after yet another independent director Arun Menon, tendered his resignation. Popli said in his resignation letter that he was "pained" by the recent developments in the company, adding that he was "hoping for some positive developments to happen past one month, however the way things have unfolded and come to light" he feels that he is not in a position to continue as the Independent Director of the firm.
Additionally, he was hopeful that the company which has grown so fast and had been enjoying a good reputation and goodwill will continue to grow and create value for all stakeholders and governance issues as highlighted will be addressed. However, that has not happened. Harsh Singh has cited other "professional commitments" as the reason for quitting Gensol Engineering.
"I am aware that my decision comes at a time when the Company is facing a difficult time. However, my professional commitments at Patna are coming in the way of my contributing to the company in a useful manner. I sincerely feel that a more experienced person in my place is required on the Board as an independent director to steer the company through in these difficult times," he wrote.
The stock of Gensol Engineering crashed another 5% before the announcement of the two more independent directors was announced, which took the total fall to nearly 90% from the 52-week high of Rs 1,124.90. The shares of Gensol Engineering were trading at Rs 116.
54 on Thursday at the NSE. Sebi's Probe Into The Case The markets regulator has prohibited the Jaggi brothers from holding any managerial positions in the firm, effectively removing them from their leadership roles and the company has complied with this order. Sebi also noted that the promoter Anmol Singh Jaggi had allegedly transferred the company funds to family members as well as personal use.
Further BluSmart has also stopped ride bookings and it is planning to become a fleet partner for Uber. Also Read: US To Move Towards Digital Ad Break Ups: How Will The Google Monopoly End? Published April 18th 2025, 13:13 IST.
