The regulator has resigned by citing serious financial misconduct while banning promoters from the securities market.
Both directors have mentioned that recent events have suffered very much and it is unfortunate that they had to resign under such difficult circumstances.
In the interim order, Sebi said that there is a “complete breakdown” of corporate governance at the renewable Energy and Electric Vehicle (EV) Pay FIRM.
The regulator accused the promoters of treating a listed company like “Personal Piggy Bank”, with a high-lasting apartment in Gurgaon’s DLF Camellias for a high-lasting apartment and 26 million golf sets, including luxury purchases.
The regulator investigation launched by a June 2024 complaint revealed that the gencer was abused by 977.75 million IRDA and PFC loans, which means to buy 6,400 EVs. Only 4,704 vehicles were purchased, which were released from more than 207 crore unaccounted.
Used for some personal costs, promoter-linked entities, such as Go-Aut toe and Capbridge Ventures, were allegedly exposed.
Gensole Engineering said it would fully cooperate with the forensic Audit DIT conducted at the behest of Sebi. The regulator will appoint a forensic ITOR detector to thoroughly investigate the books of the accounts of the company and the companies related to it.
Gansol’s unrest pointed to corporate governance in India, where SEBI chief Tuhin Kanta Pandey said on Thursday that it was necessary for the protection of shareholder interests, especially minority shareholders.
Speaking at the CII conference, Pandey said for listed companies that strong governance mechanisms are required to enhance investors’ confidence through transparent ads, board freedom and effective inspection.
Pandey further noted that the SEBI will expect the Higher a bar on the rule, but there should be a true and permanent change from the corporate boardroom.
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