BluSmart Services Unavailable After SEBI Order On Gensol And Jaggi Brothers
Electric ride-hailing platform BluSmart, which has ties to Gensol Engineering Ltd.'s fund-diverting Jaggi brothers, is not able to service customers across its three cities of operations. Cab rides across Mumbai, Delhi NCR and Bengaluru are unavailable on BluSmart's app, with no time slots till May 7.
This follows India's market regulator's interim order against Gensol Engineering and its promoters, Anmol Singh Jaggi and Puneet Singh Jaggi. The order banned the brothers from accessing the securities market, and halted Gensol's proposed stock split. SEBI also directed the appointment of a forensic auditor to review the company's books.
The order against the Jaggi brothers outlined instances of document fabrication and large-scale diversion of term loans sanctioned for electric vehicle procurement.
BluSmart, co-founded by the Jaggis, claims to be India's first and largest zero emission ride-hailing service. The app has over 30 lakh downloads and the platform has offered over 1.45 crore rides, according to the company website.
BluSmart was already in trouble late in March, when Refex Industries' green mobility unit withdrew a proposal to take over 2,997 electric vehicles worth Rs 315 crore from Gensol. These vehicles, in turn, were supposed to have been leased to BluSmart.
Refex Green Mobility, in a notice to investors, had said that both companies had mutually decided to not proceed with the transaction owing to "evolving commitments".
NDTV Profit has reached out to BluSmart for comments.
-
The Economic Imperative: Analysing The Material Driving Force Behind India-Canada Strategic Reset
This economic complementarity is further reinforced by deep institutional investment ties and talent mobility, which form the bedrock of the bilateral framework.
-
Medicine Pricing: Where Must Profit Stop?
India must confront excessive margins, hidden incentives and regulatory gaps that threaten the integrity of medicine.
-
Why Amazon And Flipkart Are Struggling To Beat Meesho In India's Smaller Cities
With 274 million users and lowest-cost logistics, Meesho is defending its value commerce crown against giants like Amazon and Flipkart.
-
High US Salaries, No Green Card Certainty: The Financial Calculation Facing Indian H-1B Families
The suspension of PERM processing at eight technology employers does not cancel existing H-1B visas. What it does is force a question many Indian families have been avoiding: is the US salary worth tying your career and family plans to one employer?
-
Swiggy vs Eternal: Food Delivery's Two Rivals Are No Longer In The Same Race
Eternal is building a private AI assistant, dark.ai. Swiggy is still working out how to make Instamart pay, with an operating loss of Rs 895 crore in the July-September quarter while Blinkit stayed profitable.
-
Where You Live Shapes How You Get To Work | The Reason Why
Two-wheelers are the most popular way to get to work in India, accounting for nearly 43% of workplace commutes.
-
Unhedged Position: Can India See An Indonesia-Style Time Correction?
The Nifty is trading below levels it first clocked in 2024. Is there, then, as I have suggested in the headline, potential that the current time correction drags on painfully for the next three-five, even ten years?
-
Navigating Friction And Energy Realities: An Analysis Of Marco Rubio's October Visit To India
Occurring at a critical juncture marked by stalled trade negotiations and escalating geopolitical pressures over global energy supplies, the visit offers a profound window into modern US-India relations.
-
India Exports Capital. Why Not Export Trusteeship?
The big question, then, is whether India can build an institution that global borrowers, investors, banks, and lawyers can trust, even without an Indian connection.
-
France's Economy & Politics Are In Crisis | The Reason Why
Let's look at how the French economy and politics evolved under Nicolas Sarkozy, Franois Hollande and Emmanuel Macron.
