Govt orders probe into BluSmart, Gensol ops

The corporate affairs ministry has ordered a probe into the affairs of crisis-hit Gensol Engineering and BluSmart Mobility for alleged violations of companies law, according to officials.

Gensol Engineering came under the regulatory scanner for alleged fund diversions and corporate governance lapses after SEBI, in April, passed an order barring the company’s promoters Anmol Singh Jaggi and Puneet Singh Jaggi from the securities market for various violations.

BluSmart Mobility, which offers ride-hailing services, is promoted by Anmol Singh Jaggi. The officials on Tuesday said the ministry ordered an investigation against the companies last week under Section 210 of the Companies Act, 2013.

Shares of crisis-hit Gensol Engineering were beaten down for the 18th straight day on Tuesday and hit a fresh lower circuit limit. The stock tanked 4.99 per cent to Rs 66.97 — the lowest trading permissible limit for the day.