Gensol Engineering Under Scrutiny: Probe into Alleged Financial Misconduct
The corporate affairs ministry is set to conclude its investigation into Gensol Engineering Ltd and 18 other firms within three to five months. Gensol faces scrutiny for alleged financial misconduct, prompting actions from regulators like Sebi and ICAI, examining fund diversions and governance issues.
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In a significant regulatory move, the corporate affairs ministry announced its goal to wrap up investigations into Gensol Engineering Ltd and approximately 18 other related firms within three to five months. This decision follows heightened scrutiny over alleged financial misconduct.
The National Financial Reporting Authority (NFRA) has initiated a preliminary inquiry into Gensol Engineering, acting on a referral from the Securities and Exchange Board of India (Sebi), explained NFRA chief Ravneet Kaur.
Allegations against Gensol involve fund diversions and governance lapses, prompting Sebi, in April, to restrict the company's promoters, Anmol Singh Jaggi and Puneet Singh Jaggi, from the securities market due to multiple violations.
(With inputs from agencies.)
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