Co-founder under SEBI lens; BluSmart cabs stay off roads
Electric cab-hailing platform BluSmart remained non-operational on Thursday across Delhi-NCR, Bengaluru, and Mumbai, as the market regulator cracked down on its co-founder over alleged misuse of funds at an affiliated company.
BluSmart app, that offered more than 8,000 taxis in the three metros, stopped taking bookings on Wednesday evening and remained unoperational on Thursday as well.
Two more Gensol Engineering independent directors — Harsh Singh and Kuljit Singh Popli — have tendered their resignations amid the company facing allegations of misuse of funds, according to a regulatory filing on Thursday.
Gensol is the parent organisation of BluSmart.
On Wednesday, Gensol’s independent director Arun Menon resigned, saying there was concern on leveraging its balance sheet to fund capex of other businesses.
