Gensol CFO resigns, days after exit of promoters

Jabirmahendi M Aga, chief financial officer of embattled solar energy firm Gensol Engineering has resigned, the company said in a stock exchange filing on Saturday.

Aga's resignation comes days after Gensol Engineering's founders Anmol Singh Jaggi and Puneet Singh Jaggi quit.

In his resignation letter, Aga flagged that "disorganisation of critical data across various departments is hindering" the company's ability to effectively respond to the ongoing

inquiries that are being conducted by multiple regulatory authorities.

"The immense pressure resulting from these circumstances is adversely affecting my physical and mental well-being, leading to a complete loss of focus on my responsibilities," he wrote.

Gensol Engineering is currently under the scanner of several regulatory agencies including the Securities and Exchange Board of India (Sebi), the Ministry of Corporate Affairs and the Directorate of Enforcement (ED).

These investigations have come in the aftermath of an interim order by Sebi in April, which flagged that the Jaggi brothers diverted funds from Gensol Engineering -- that were loaned to it by government agencies to purchase electric vehicles -- for personal use.

One such lender, the Indian Renewable Energy Development Agency (Ireda) has moved the National Company Law Tribunal (NCLT) seeking insolvency proceedings against Gensol.

The NCLT, last week, admitted the plea and issued a notice to Gensol Engineering.

Meanwhile, electric ride hailing firm BluSmart -- also founded by the Jaggi brothers -- suspended operations in April as a result of cash crunch and a failed attempt and fundraising.

ET reported on May 15 that several lenders and lessors have started taking possession of BluSmart vehicles and are looking to sell these cars or lease it to other players.

Following the Sebi findings, three independent directors had resigned from the board of Gensol Engineering.

Friday, Gensol Engineering's share price hit the 5% upper circuit at Rs 66.29 on the BSE.