The Gensol-BluSmart Saga News
On 24 February, Mint first reported, citing people familiar with the developments, that Blu-Smart Mobility, Anmol Jaggi’s privately-owned electric cab-hailing service, had defaulted on Rs 30 crore worth of bonds in early February because of a cash crunch. The company subsequently paid non-convertible debenture (NCD) holders. (Even before this development, another Mint story on 4 February had spotlighted Gensol's shareholding pattern: In September 2022, Hari Shankar Tibrewala had invested in the company, part of whose stake was taken in
Not just investors, Gensol promoters took independent directors too for a ride
Gensol's board has dwindled to 2 members after multiple resignations and regulatory action against its promoters. Promises to manage debt and audit related party transactions remain unfulfilled, raising concerns about the firm's over-leverage and failed business ventures in electric vehicle leasing.
4 min read18 Apr 2025Gensol: The Jaggi brothers made smart moves. So, why did they need a ‘piggybank’?
Anmol Singh Jaggi and Puneet Singh Jaggi, directors of Gensol, have been accused of securities fraud and forgery by Sebi, India’s market regulator. How did the Jaggi brothers, sons of a decorated army officer, go from being celebrated entrepreneurs to being accused of siphoning off money?
9 min read16 Apr 2025How the Gensol debacle wrecks Jaggis' other IPO plans
The Sebi order against the Jaggi brothers has been harsh enough. Now, Gensol's collateral damage has effectively stalled the IPO plans of Matrix Gas and Renewables, while Blu-Smart, which planned an IPO in the second half of next year, faces an uncertain road.
3 min read17 Apr 2025How to spot the next Gensol before it’s too late
Before Gensol’s stock crashed 80%, insiders sold at the peak—months before rating agencies flagged concerns. Here’s how tracking insider activity can give investors an early warning.
2 min read27 Mar 2025Company Outsider: The Gensol-BluSmart fiasco shows the dangers of reckless diversification
A close look at the recent travails of Gensol Engineering, and the collateral damage to Blu-Smart Mobility, shows the consequences of ‘diworsification’.
3 min read26 Mar 2025A 68% fall in Gensol stock prompts creditors to seize 7% promoter pledged shares
Last week, creditors led by Virtue Financial Services Private Ltd and SICPA India Pvt Ltd invoked 4.3% and 1.19% of the pledged shares, respectively, according to exchange data dated 17 March.
3 min read18 Mar 2025Gensol fast-charged Blu-Smart. But their ties are a governance puzzle
Gensol’s balance sheet has been used to build Blu-Smart’s business even as the cab-hailing company continues to be a privately owned one. A Mint investigation into the tale of two companies, a common promoter, debt and distress.
11 min read16 Mar 2025The curious case of Gensol promoters share pledge and cash in current accounts
Gensol’s financial crunch surfaced in public on 3 March, when Care Ratings Ltd downgraded its ₹716 crore bank loan to default, citing delays in ‘servicing of term loan obligations’.
4 min read10 Mar 2025Jaggi-led Gensol's debt woes much bigger than thought
Ireda says debt repayment is late by up to two months, contradicting Gensol's ‘minor delay’ claim
5 min read7 Mar 2025Gensol Engineering shares crash after Care Ratings downgrades bank loan
Care Ratings has downgraded Gensol's bank loan of ₹716 crore to default following delays in “servicing of term loan obligations”, sending the company's shares reeling.
2 min read4 Mar 2025