Corporate Affairs Ministry orders probe against Gensol Engineering, BluSmart
The Hindu
Corporate Affairs Ministry probes Gensol Engineering and BluSmart Mobility for alleged violations of companies law.
The Corporate Affairs Ministry has ordered a probe into the affairs of crisis-hit Gensol Engineering and BluSmart Mobility for alleged violations of companies law, according to officials.
Gensol Engineering came under the regulatory scanner for alleged fund diversions and corporate governance lapses after SEBI, in April, passed an order barring the company's promoters Anmol Singh Jaggi and Puneet Singh Jaggi from the securities market for various violations.
BluSmart Mobility, which offers ride-hailing services, is promoted by Anmol Singh Jaggi.
The officials on Tuesday said the ministry ordered an investigation against the companies last week under Section 210 of the Companies Act, 2013.
Under Section 210, the ministry has powers to order a probe into the affairs of a company on various grounds, including in public interest.
Earlier, the Ministry had said it would take necessary action in the matter after examining the Sebi order.
The order by the Securities and Exchange Board of India (SEBI), on April 15, came against the Gensol promoters amid accusations of siphoning off loan funds from their publicly-listed company Gensol Engineering for personal use, raising concerns over corporate governance and financial misconduct.
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