Gensol Engineering CFO Jabirmahendi Steps Down Amid Regulatory Probes

Gensol Engineering Ltd.'s Chief Financial Officier Jabirmahendi M. Aga, resigned, citing regulatory challenges the company has been facing now. His resignations followed the exit of Managing Director Anmol Singh Jaggi and Whole-Time Director Puneet Singh Jaggi.

In his resignation dated May 16, Aga said that currently Gensol Engineering is facing 'significant challenges' with multiple regulatory bodies investigating the company. Amid the investigations, the disorganisation of critical data across various departments is hindering employees' ability to respond to the ongoing enquiries due to lack of proper support system.

These factors have created immense pressure which is affecting Aga's mental and physical well-being, he said in the resignation letter. He asked to be free from his duties with immediate effect.

Wednesday, Indian Renewable Energy Development Agency Ltd. filed a bankruptcy application against Gensol Engineering Ltd. for a default of Rs 510 crore.

Indian Renewable Energy Development Agency's action came after the complaint with the Economic Offences Wing in late April over alleged falsified documents and Gensol's dilution of promoter holding without its approval.

Gensol Engineering has been facing troubles since Securities Exchange Board of India barred the company and its former managing director and whole-time director from accessing the securities market. The regulator said that the company has conducted fund diversion for personal motives.