New Delhi— Trouble continues to mount for Gensol Engineering Ltd as two more independent directors, Harsh Singh and Kuljit Singh Popli, have stepped down, following regulatory action by the Securities and Exchange Board of India (SEBI) against company promoters over alleged financial misconduct.
The resignations, disclosed in a stock exchange filing, come just a day after independent director Arun Menon also resigned. The exits follow SEBI’s move to bar Gensol promoters Anmol Singh Jaggi and Puneet Singh Jaggi from key managerial roles due to allegations of fund diversion and falsification of records.
In his resignation letter, Popli expressed disappointment over the company’s recent controversies. “I was hoping for some positive developments, but the way things have unfolded, I am no longer in a position to continue as an independent director,” he wrote. Popli said he believed the company had the potential to grow and maintain its good reputation, but that governance issues remained unaddressed.
Harsh Singh cited conflicting professional commitments for his departure, noting he could no longer contribute meaningfully to the company. “A more experienced person is needed on the board to help steer the company through these difficult times,” he said.
Before the resignations were made public, Gensol Engineering’s stock—parent to EV ride-hailing company BluSmart—fell another 5% on Thursday, locking in the lower circuit on the National Stock Exchange at ₹116.54. The stock is now down nearly 90% from its 52-week high of ₹1,124.90.
SEBI has barred the Jaggi brothers from holding any key roles at Gensol, effectively ousting them from leadership. Gensol stated it has complied with the regulator’s order. SEBI’s probe found that Anmol Singh Jaggi allegedly diverted company funds for personal and family use.
Meanwhile, BluSmart, Gensol’s EV subsidiary, has reportedly paused ride bookings and is considering a shift to becoming a fleet partner for Uber—adding to the company’s mounting challenges. (Source: IANS)
