Sebi Orders Forensic Audit, Bars Gensol

MOREOVER, WHEN THESE agencies sought statements, Gensol provided those of all lenders except those of Indian Renewable Energy Development Agency (IREDA) and Power Finance Corporation (PFC) and shared conduct letters purportedly issued by these companies, which stated that it was regular in its debt servicing.

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However, these lenders denied issuing such letters.

Sebi's investigation found that out of ₹977.75 crore availed by the Company from IREDA and PFC as term loans, ₹663.89 crore was for purchasing 6,400 electric vehicles, which were subsequently leased to BluSmart. In February, the company said it procured only 4,704 electric vehicles for a consideration of ₹567.73 crore. This was corroborated by Go-Auto, the dealer. The company was also to provide an additional equity contribution of 20%, bringing the total expected deployment of approximately ₹829.86 crore for the purchase of 6,400 EVs.

Based on these figures, an amount of ₹262.13 crore remains unaccounted, even though more than a year has passed since the company availed the last tranche of the above-mentioned financing, the order revealed.