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Business News/Topic/    The Gensol Blusmart Saga

THE GENSOL-BLUSMART SAGA

On 24 February, Mint first reported, citing people familiar with the developments, that Blu-Smart Mobility, Anmol Jaggi’s privately-owned electric cab-hailing service, had defaulted on Rs 30 crore worth of bonds in early February because of a cash crunch. The company subsequently paid non-convertible debenture (NCD) holders.(Even before this development, another Mint story on 4 February had spotlighted Gensol's shareholding pattern: In September 2022, Hari Shankar Tibrewala had invested in the company, part of whose stake was taken into possession by the Government of India in late 2024.)Just 10 days after we wrote about the news of Blu-Smart facing a cash crunch, things turned worse for Gensol when Care Ratings downgraded the company to default.The rating agency's action marked the start of a downward spiral for the company, which then saw its share prices crash, leading to the invocation of promoter shares and raising questions on corporate governance.Finally, on 15 April, the market regulator, the Securities and Exchange Board of India, in an interim order, minced no words when it barred the Jaggi brothers from being at the helm and ordered Gensol to undertake a forensic audit on money siphoning.Here’s a list of all these stories by Mint to understand how the company, once the poster boy of renewable energy and EV space, unravelled.
Anmol Singh Jaggi was Gensol's managing director until Sebi cracked the whip on Tuesday. Premium

Not just investors, Gensol promoters took independent directors too for a ride

4 min read . 18 Apr 2025
Anmol Singh Jaggi, chairman and managing director, Gensol Engineering. (Rajesh Kumar/Mint) Premium

Gensol: The Jaggi brothers made smart moves. So, why did they need a ‘piggybank’

9 min read . 16 Apr 2025
Sebi has barred Jaggi from buying, selling or dealing with securities, either directly or indirectly. (Reuters) Premium

How the Gensol debacle wrecks Jaggis' other IPO plans

3 min read . 17 Apr 2025
Tracking insider trades can reveal market signals—learn how to spot opportunities and avoid financial pitfalls. Premium

How to spot the next Gensol before it’s too late

2 min read . 27 Mar 2025
Set up in 2019 by Anmol Singh Jaggi, Punit Goyal and Puneet Singh Jaggi, Blusmart was a pioneer with its all-electric fleet offering an alternative to Uber and Ola. (REUTERS) Premium

The Gensol-BluSmart fiasco shows the dangers of reckless diversification

3 min read . 26 Mar 2025
Anmol Singh Jaggi, CMD of Gensol and co-founder, Blu-Smart (file photo). (Mint) Premium

A 68% fall in Gensol stock prompts creditors to seize 7% promoter pledged shares

3 min read . 18 Mar 2025
A file photo of a charging hub in Gurugram, used by Blu-Smart. The cab hailing company had 8,000 cars as of September 2024. (Reuters) Premium

Gensol fast-charged Blu-Smart. But their ties are a governance puzzle

11 min read . 16 Mar 2025
In April-December 2024, 72.3%, or ₹764 crore, of Gensol’s ₹1,056 crore revenue came from the solar EPC business. Premium

The curious case of Gensol promoters share pledge and cash in current accounts

4 min read . 10 Mar 2025
Anmol Singh Jaggi, chairman and managing director Gensol Engineering. Premium

Jaggi-led Gensol's debt woes much bigger than thought

5 min read . 07 Mar 2025
Anmol Singh Jaggi is the chairman and managing director of Gensol Engineering and co-founder of BluSmart Mobility. (Anmol Jaggi/LinkedIn) Premium

Gensol Engineering shares crash after Care Ratings downgrades bank loan

2 min read . 04 Mar 2025
The iconic BluSmart EVs being charged at one of the large-scale BluSmart EV Charging Superhubs in Bangalore Premium

Blu Smart repays after ‘default'. Now it has to convince bondholders

4 min read . 24 Feb 2025
The NCLT’s Ahmedabad bench has directed BluSmart and Gensol Engineering to file their responses within seven days. Premium

NCLT issues notices to BluSmart Mobility and Gensol on 3 fresh insolvency pleas

2 min read . 03 Jun 2025
Gensol secured ₹977.75 crore in loans, including ₹663.89 crore earmarked for the purchase of 6,400 electric vehicles, which were later leased to BluSmart, a related party. (Reuters) Premium

DRT Delhi orders status quo on Gensol assets

2 min read . 23 May 2025
BluSmart suspended operations on 17 April. (REUTERS) Premium

BluSmart lessons: Investors must look beyond high-growth stories

2 min read . 14 May 2025
Gensol had borrowed from PFC and Ireda to buy 4,700 EVs, which were leased to BluSmart. (Reuters) Premium

State-run lenders for Gensol's cars dither on what to do next

3 min read . 09 May 2025
The Delhi High Court directed Gensol to submit a status report on the leased EVs within two days after the lessors expressed concerns about the vehicles’ whereabouts. (File Photo) Premium

HC bars Gensol, BluSmart from creating third-party rights over 220 more EVs

3 min read . 07 May 2025
An early assessment of BluSmart’s fleet was done by Uber’s team after the talks started in March. (Mint) Premium

Uber’s lifeline off the table for BluSmart

3 min read . 05 May 2025
The question that needs to be answered is whether it is possible to shield non-executive directors from this ordeal without neglecting evidence that may point to their involvement. (Pixabay) Premium

Non-executive directors needn’t get caught up in cases of corporate fraud

4 min read . 01 May 2025
BluSmart may have pioneered clean ride-hailing in India, but the scandal has cast doubts on the credibility of our green space. (REUTERS) Premium

Gensol fiasco: Green ventures can’t get far if they’re governance greenhorns

4 min read . 30 Apr 2025
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