Gensol CFO Jabirmahendi Mohammedraza Aga quits, amid ongoing investigations

Gensol Engineering has been in the spotlight since April, when Securities and Exchange Board of India (SEBI) barred the company’s promoters for alleged fund diversions and corporate governance lapses. File
| Photo Credit: Photo: X/@GensolGroup

Gensol Engineering Limited said its Chief Financial Officer Jabirmahendi Mohammedraza Aga has resigned with immediate effect, citing the ongoing challenges faced by the company in wake of the ongoing investigations.

In his resignation letter dated May 16, Mr. Aga noted that the Company is currently facing significant challenges, with multiple regulatory bodies conducting investigations. 

Also read: Jaggi brothers: How the Gensol founders fell

“As you are aware, the top management has already resigned from their respective roles. Furthermore, the disorganization of critical data across various departments is hindering our ability to effectively respond to the ongoing inquiries due to a lack of a cohesive support system,” he pointed out in his resignation letter, which was shared by the company in a stock exchange announcement. 

“The immense pressure resulting from these circumstances is adversely affecting my physical and mental well-being, leading to a complete loss of focus on my responsibilities. Therefore, I have made the difficult decision to resign, believing it to be in the best interest of the Company under these trying conditions,” Mr. Aga said.

On March 6, Gensol said Mr. Aga has been reappointed as its Chief Financial Officer, succeeding Ankit Jain, who has decided to pursue other opportunities.

“His (Aga) long-standing association with Gensol and his proven track record make him the ideal candidate to guide our financial operations. We are confident that his expertise will be invaluable as we steer the current market landscape and drive our strategic growth initiatives. We are going through a tough time, and Jabir is the man best suited to lead us through it,” Mr. Anmol Singh Jaggi had said in a statement on March 6.

Gensol Engineering has been in the spotlight since April, when Securities and Exchange Board of India (SEBI) barred the company’s promoters — brothers Anmol Singh Jaggi and Puneet Singh Jaggi — from the securities market for alleged fund diversions and corporate governance lapses. The brothers have resigned from the company post SEBI’s order.

BluSmart Mobility, an e-cab service promoted by Mr. Anmol Singh Jaggi has suspended operations since the SEBI order.

Gensol is also facing an insolvency case. On June 3, The National Company Law Tribunal will hear the insolvency petition filed by State-run Indian Renewable Energy Development Agency Limited against the company.