Gensol Engineering: Difficulties increased for the company, what is the new news

News Topical, Digital Desk : The problems for smallcap company Gensol Engineering are increasing continuously. Amidst the ongoing investigation, the company's CFO Jabirmahendi Mohammadraza Agha has resigned from his post with immediate effect. The company informed the stock market about this decision on Saturday. Agha has cited the impact of the ongoing investigation on the company as the reason for his decision. According to the company, he resigned on Friday. Earlier, many other officials involved in the company's management had also resigned. The CFO said in his resignation that amid the ongoing investigation and the resignation of officials, he is facing a lot of difficulties in answering the questions being asked, which is having a bad effect on both his physical and mental health and he is not able to focus on his responsibilities. This is why he is resigning.

Recently, the company's Managing Director Amol Singh Jaggi and full-time director Puneet Singh Jaggi have also resigned from their posts. In his resignation letter to the company board on May 16, Aga said that the company is currently facing investigations by several agencies. Top management officials have already resigned and the necessary data of various departments is not organized at the moment, which is affecting our response capabilities necessary to cooperate in the investigation. Aga also said that his mental and physical health is being affected due to the ever-increasing pressure and he is not able to focus on his responsibilities. He said that in these adverse circumstances, I have taken this tough decision, so that the right step can be taken in the interest of the company. In response to a bankruptcy petition filed by IREDA, the National Company Law Tribunal has issued a notice to the company on Friday. The tribunal has directed Gensol to file a reply by June 3. IREDA has alleged that the company has defaulted on Rs 510 crore, and on this basis, a demand has been made to start the bankruptcy process. During the hearing, the agency also appealed to the tribunal to appoint an interim resolution professional so that control of the company could be taken. However, the tribunal has refused to appoint an IRP for now. In Friday's trading, the company's stock saw a sharp rise, the stock closed at 66.29 with a gain of 5 per cent. However, in June last year, the stock was at the highest level of the year at 1126. That is, in less than a year, the company and its investors have lost more than 90 percent of their investment value.

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