Government took action on the irregularities in Gensol Electric, what is the information received from sources

The government has now started its own investigation in the Gensol Electric case. According to information received by CNBC TV18 from sources, the Ministry of Corporate Affairs is keeping an eye on this matter. Sources have informed that an investigation has been started on its own initiative and the information given by the company to the regulators and its accounts will be investigated. According to the source, action will be taken against the company on the basis of whatever comes out in the investigation. At present, no time limit has been set for this investigation.

What is the matter Recently, SEBI has taken strict action against the company and the promoters. SEBI has banned the company and the promoters from buying and selling securities directly and indirectly, and has also ordered a ban on stock split. Also, a forensic auditor has been appointed to investigate the accounts on allegations of financial irregularities. SEBI said in its order that the promoters had taken a loan to buy electric vehicles. This loan was a total of Rs 978 crore and was taken from IREDA and PFC between 2021 and 2024. According to the company, 6400 EVs were to be purchased from this amount and it was to be leased to BluSmart. However, SEBI said that the promoters misused this amount and used it for themselves, even a luxury apartment was bought with this amount. According to the investigation, the company had to buy 6400 EVs but it bought only 4704 EVs. Amidst all this, the account of Rs 262 crore was not being found. Further investigation revealed the transfer of funds and its misuse. 

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