MCA Looks to Conclude Investigation into Gensol and Its Affiliates in 3-5 Months

Early Closure

- MANU KAUSHIK

The Ministry of Corporate Affairs (MCA) is aiming to conclude the probe on Gensol Engineering and its related entities in three to five months, said a senior official.

Based on the findings of the investigation, the ministry will take further steps, including assessing the need to refer the case to the Serious Fraud Investigation Office (SFIO), the official said.

In early May, the MCA launched a probe against Gensol Engineering and its affiliate firms like BluSmart Mobility for alleged violation of corporate governance norms under section 210 of the Companies Act, which gives powers to the central government to investigate into the affairs of a company.