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IREDA Share Price: IREDA files bankruptcy against Gensol Engineering for a defaulted amount of Rs 510 crore. IREDA and Gensol shares are in focus today.
IREDA moves to file bankruptcy against Gensol for alleged fund fraud.
IREDA Share Price, Gensol Share Price: Shares of Gensol Engineering hit 5% upper circuit at Rs 62.44 per share in the opening trade on Thursday, following IREDA’s decision to file for Bankruptcy against Rs 510 default loan. Meanwhile, IREDA’s shares trade flat at Rs 167.89 apiece in the morning session, against the previous day close at Rs 167.79 apiece.
IREDA in the filing said that it filed an application on May 14 under Section 7 of Insolvency and Bankruptcy code, 2016 against Gensol Engineering Limited for a defaulted amount of Rs 510,00,52,672.
The promoters (Anmol And Puneet Jaggi) are accused of siphoning off loan funds meant for the company, misleading investors, lenders, and regulators. The interim order not only restricts them from accessing capital markets but also prevents them from holding key positions in any listed company for the time being.
IREDA Accuses Gensol For Breaching Contract
IREDA earlier initiated an internal review in accordance with RBI guidelines and the company’s due diligence protocols, following SEBI’s findings revealing misappropriation by Gensol’s promoters Jaggi brothers for personal use, which were meant for its EV subsidiary BluSmart.
Sebi had barred the company’s promoters, Anmol Singh Jaggi and Puneet Singh Jaggi, from the securities market due to allegations of misusing public company funds for personal gain.
Jaggi Brothers Resign
Anmol Jaggi and Puneet Jaggi, managing directors at Gensol Engineering, resigned from their positions following a SEBI directive prohibiting them from holding any key position in listed companies.
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