Gensol EV Layoffs: BluSmart Parent Gensol Engineering Lays Off Remaining 100-Odd Employees Amid SEBI Probe, Will Shut Operations by April 30
2025-04-25T07:10:20Z
Gensol EV Layoffs: BluSmart Parent Gensol Engineering Lays Off Remaining 100-Odd Employees Amid SEBI Probe, Will Shut Operations by April 30latestly.com
New Delhi, April 25: Gensol Electric Vehicles Private Limited (Gensol EV) will reportedly shut down by April 30, 2025. BluSmart Parent Gensol Engineering subsidiary Gensol EV laid off its employees. As per reports, Gensol layoff has hit its remaining employees following a probe by the Securities and Exchange Board of India (SEBI). SEBI is investigating allegations of financial misconduct, which reportedly include INR 262 crore diversion of funds and the submission of false pre-orders for electric vehicles (EVs).
The company’s closure is said to be a part of investigation into the Gensol Group’s financial activities, which involves several of its subsidiaries. The ongoing SEBI inquiry has raised significant concerns regarding the company’s business practices, prompting the shutdown and job cuts. Intel Layoffs Coming This Week? Chipmaker May Announce Over 20% Job Cuts To Restructure and Streamline Operations.
As per a report of Financial Express, Gensol EV, the electric vehicle manufacturing arm of Gensol Engineering, has laid off its remaining employees. Gensol job cuts reportedly hit around 100 staff and will close its operations by April 30, 2025. The company, which was in the process of developing two-seater electric cars, is closing its operations amid a wider investigation into alleged financial irregularities, which reportedly include allegations of fund diversion and false pre-orders.
The announcement was reportedly made during a company call on Wednesday, where CEO Pratik Rajendrakumar Gupta informed the remaining staff about the closure. Reports also indicate that earlier this month, Gensol EV laid off 50 employees.
The closure reportedly follows an interim order issued by SEBI on April 16, which accused the Jaggi brothers of “systemic fraud” and “fund diversion.” Investigations reportedly revealed that Gensol secured INR 663.89 crore in term loans from Indian Renewable Energy Development Agency (Ireda) and Power Finance Corporation (PFC) to procure 6,400 EVs but delivered 4,704 units valued at INR 567.73 crore. Tech Layoffs 2025 Continue: 28,728 Employees Laid Off by 111 Companies So Far This Year Due to Various Reasons; Check Details.
Reports suggest that the remaining INR 262.13 crore was allegedly disappeared through “layered transactions” that personally benefited the Jaggi brothers. The investigation was reportedly initiated following a complaint in June 2024 concerning share price manipulation and fund diversion.
(The above story first appeared on LatestLY on Apr 25, 2025 12:40 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).
Auto-posted from news source
About The Author
