In a significant development, the Indian Renewable Energy Development Agency (IREDA) has officially filed a complaint with the Economic Offences Wing (EOW) against Gensol.The move comes after serious concerns were raised during internal investigations.
The enforcement directorate has conducted search operations at Gensol Enginnering and it's Promotors puneet singh Jaggi from Delhi hotel
These search operations were conducted at Gensol offices located at Delhi, Gurugram and ahmedabad under the provisions of Foreign exchange management act (FEMA)
Promotors brothers Jaggi Brothers are already under the scanner of federal probe agency following by a SEBI reports Against them for financial misconduct and corporate misgovernance
Following this matter now IREDA also files EOW Complaint Against Gensol (Indian Renewable Energy Development Agency Limited is an Indian public sector enterprise which provides financial assistance and other services to projects related to renewable sources of energy and energy and Gensol Engineering Limited is primarily an India-based company specializing in the renewable energy sector, particularly solar power. They offer engineering, procurement, and construction (EPC) services for solar projects, along with advisory services to various stakeholders)
Here’s a quick breakdown of the situation:
Internal Review in Progress:IREDA’s investigation and risk committees are closely examining the entire matter. An internal review process has been initiated, strictly following the Reserve Bank of India (RBI) guidelines.
Account Under Stress but Not NPA:As per the current status, Gensol’s account is under financial stress. However, it has not yet been classified as a Non-Performing Asset (NPA), giving some breathing room for further resolution.
Allegations of Falsified Documents:The complaint filed by IREDA highlights concerns about falsified documents allegedly submitted by Gensol. This raised red flags about the credibility of information provided.
No Letters to Credit Rating Agencies:Interestingly, IREDA clarified that it did not issue any letters to credit rating agencies regarding Gensol, which could have impacted the company’s ratings.
Dilution of Promoter Holding Without Approval:Another major concern pointed out in the EOW complaint is the dilution of Gensol’s promoter holdings without obtaining the necessary lender approvals
IREDA Stock Performance
Amid this announcement and some concerns related Gensol Enginnering Fraud Ireda Shares Falls 5% to ₹166.71 on Friday'd Trading Session
Ireda Shares Under selling pressure since last six months; Stock Down 16% in last Six months
IREDA Q4 Performance
In Q4 IREDA Announced Strong Performance. Company's Net Profit in March Quarter Rose 49% YoY to ₹502 Crore Company's Net Revenue Surges by 37% YoY to ₹1,904 Crore and Ireda's loan book increased by 28% YoY to ₹76,250 Crore and Loan Sanctioned Grew by 27% to ₹47,253 Crore
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