SEBI Initiates Forensic Audit Of Gensol Engineering's Books
The forensic auditor will submit a report to SEBI within six months from the date of appointment.
The capital markets regulator has appointed Raju and Prasad Chartered Accountants to conduct a forensic audit of Gensol Engineering Ltd.'s financials.
The audit will focus on the financial statements of the company during fiscal 2022–25, Gensol said in a notice to the stock exchanges on Thursday. "The scope of the audit is detailed by SEBI in the letter dated May 7, 2025, which is attached," Gensol said. However, no letter was attached to the disclosure.
The forensic audit follows the Securities and Exchanges Board of India's interim order from April 15 against the company's promoters, wherein it underlined how the Jaggi brothers were involved in round-tripping company funds for personal use.
"The forensic auditor/audit firm so appointed as per this order shall submit a report to SEBI within six months from the date of appointment," the regulator had said in its order.
"The company remains committed to maintaining the highest standards of corporate governance, ensuring that all processes are conducted with integrity and transparency," Gensol added in its filing. The company also said that it will extend its support as required to the appointed forensic auditors.
