Sat May 17 04:41:46 UTC 2025: **Summary:**

Gensol Engineering, already under scrutiny due to SEBI’s investigation into alleged fund diversions and corporate governance lapses by its promoters (the Jaggi brothers), faces further turmoil. The Chief Financial Officer, Jabirmahendi Mohammedraza Aga, has resigned with immediate effect. He cites the ongoing investigations, the resignation of top management, disorganized data hindering the company’s ability to respond to inquiries, and the immense pressure affecting his well-being as reasons for his departure. This resignation comes after Mr. Aga’s reappointment to the CFO role in March, following the previous CFO’s departure. Gensol is also facing an insolvency petition from the Indian Renewable Energy Development Agency Limited, with a hearing scheduled for June 3rd. BluSmart Mobility, promoted by one of the Jaggi brothers, has suspended operations after SEBI issued its order.

**News Article:**

**Gensol Engineering CFO Resigns Amidst Investigations and Turmoil**

**Chennai, May 17, 2025** – Gensol Engineering Limited, already reeling from a SEBI investigation and the resignation of its promoters, faces further challenges with the immediate resignation of its Chief Financial Officer, Jabirmahendi Mohammedraza Aga. Mr. Aga cited the ongoing investigations into alleged fund diversions and corporate governance lapses, initiated by SEBI in April, as a key factor in his decision.

In his resignation letter, Mr. Aga highlighted the “significant challenges” facing the company, including the departure of top management, disorganized critical data hindering responses to regulatory inquiries, and the immense pressure affecting his physical and mental well-being. He stated his resignation was “in the best interest of the Company under these trying conditions.”

This resignation comes just months after Mr. Aga’s reappointment to the CFO role in March, following the departure of Ankit Jain. At the time, the company expressed confidence in Mr. Aga’s ability to “steer” them through the “tough time.”

Gensol Engineering has been under intense scrutiny since SEBI barred its promoters, Anmol Singh Jaggi and Puneet Singh Jaggi, from the securities market due to alleged financial improprieties. BluSmart Mobility, an e-cab service promoted by Anmol Singh Jaggi, has also suspended operations following the SEBI order.

The company is further burdened by an insolvency petition filed by the State-run Indian Renewable Energy Development Agency Limited, with a hearing scheduled for June 3rd before the National Company Law Tribunal. The future of Gensol Engineering remains uncertain as it navigates these regulatory hurdles and leadership changes.

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