Gensol Blusmart – 1.5 Rsh Bill, 2-3 workers: How NSE officials discovered EV in Gensol “has no manufacturing activity”

Before the Securities and Stock Exchange Council in India (SEBI) prevented the institutions of Gensol, Anmol and Puneet Jaggi, from occupying the main roles in listed companies, discovered a series of contradictions, some of which were linked to the company’s disclosure. In a temporary arrangement, SEBI reported that it has found variations in Gensol’s disclosures related to the pre -order of the new 30,000 EVS launched as well as a Pune manufacturing factory.

Sebi began an investigation into the company and the founders after receiving a complaint in June 2024, regarding manipulation of prices and money transfer from the company.

Ginsol disclosed on January 28, 2025 for pre -orders compared to 30,000 units of its new electric cars that were unveiled at the Momaliels World 2025 Momalies Exhibition. Once it is asked for relevant documents, the relevant company, which was announced.

Mous was in the “nature of expression of readiness”, with no details of the price or the delivery schedule. The phenomenon of the face, and the claims appear to have been misleading at the time.

In this regard, NSE actor visited the factory on April 9, which discovered the contradiction. The factory was located in the Chakan Bon area. Upon arrival at the factory, the official discovered that there was no manufacturing activity in the factory with only two factors.

Then the NSE official called for the details of the electricity bill and found that the maximum amount described by Mahavitaran (or Mahashtra State Distribution Company Limited) during the past 12 months was 157,037 rupees for the month of December 2024.

Ginsol also informed the stock exchanges on January 16, 2025, that it announced a strategic connection with a re -transfer of 2997 electric wheels. Refex may assume the current Gensol loan facilities, which up to 315 rupees. The acquisition was withdrawn after two months.

In the disclosure of February 25, Ginsol informed the exchanges that it had signed a non -binding paper for 350 rupees of the strategic treatment that involves selling it from the followers of the United States, which was combined on July 22, 2024.

The contradictions raise questions about whether investors, auditors, or analysts have noticed any contradictions – and if they do so, what are the procedures that followed?

For example, CARA CARE LIMITED (Care) and ICRA LIMITED (ICRA), on March 01, 2025, and March 04, 2025, respectively, reduced the funds based on funds based on funds that have benefited from Gensol to “D” on Debt obligations. On March 5, Gensol issued an edition, signed by Anol Singh Jaggi denied the forgery of any claims to submit debts.

Upon investigation, promoters were found by Sebi to submit fake documents to the Indian Renewable Energy Development Agency (Ireda) and Power Finance Corporation (PFC) to hide underdevelopment of loans.

CRAS stated that when they requested the required loan agreements, Jensol provided data for all lenders except Ireda and PFC. In these cases, Gensol shared a “behavior speech” claiming that Ireda and PFC, saying that Gensol was regular in debt service. Once SEBI sought to confirm Ireda and PFC on behavior messages and Nocs, both lenders categorically denied to issue such messages.

Ireda and PFC provided loans for 977.75 rupees to Gensol, of which 663.89 rupees are to buy 6400 EVS, which were later rented to Blusmart. In a response on February 14, 2025, Gensol admitted that he bought 4,704 EVS for 6400. The number was confirmed by Go-UATO PVT LTD that provides EVS. He confessed to selling 4,704 EVS to Gensol for 567.73 rupees, which is less than Ireda and PFC gave to EVS.

Ginsol was scheduled to provide an additional contribution (margin) by 20 percent, which led to a total expected publication of 829.86 rupees to buy 6400 volts. Accordingly, Sebi reported that 262.13 rupees (829.86 rupees – 567.73 rupees) remained unresolved.