<ul><li>Lenders Power Finance Corp (PFC) and Indian Renewable Energy Development Agency (IREDA) are considering legal action to recover loans from Gensol.</li><li>Promoters of Gensol, Anmol Singh Jaggi and Puneet Jaggi, also co-founded EV ride-hailing startup BluSmart.</li><li>PFC and IREDA will wait for the results of a forensic audit ordered by SEBI, which found that Gensol diverted funds and manipulated share prices.</li><li>Gensol used term loans of INR 977.75 Cr from PFC and IREDA to purchase EVs for BluSmart, but only bought 4,704 out of the intended 6,400 vehicles.</li></ul>

Gensol’s Lenders Mull Legal Route To Recover Loans: Report

Discover more