A few days after the resignation of the promoters of Gensol Engineering, now the company’s Chief Financial Officer (CFO) Jabirmehndi Mohammadraja Aga has also resigned with immediate effect. This information has been given in the stock exchange filing. In his resignation letter available on the stock exchange, Aga said that Gensol Engineering is currently facing significant challenges. Many regulatory bodies are investigating the company and the top management is resigning from their respective posts. My physical and mental health was being affected Mohammadraja said, ‘The extreme pressure caused by the circumstances of the company is affecting my physical and mental health. Due to which I am not able to focus on my responsibilities. Therefore, I have taken the difficult decision to resign. Because, I feel that in these difficult circumstances it is in the best interest of the company.’ The bankruptcy petition against Gensol will be heard Earlier on Friday, news came that the National Company Law Tribunal (NCLT) of Ahmedabad has ordered a hearing on the petition for bankruptcy proceedings against Gensol Engineering on Friday. On May 14, IREDA had filed a petition for insolvency proceedings against Gensol for default of Rs 510 crore. However, the court did not accept IREDA’s demand to appoint an interim resolution professional (IRP) on Gensol. NCLT said that Gensol should be given a chance to respond first. The tribunal has fixed the next hearing for June 3. Anmol-Punit Jaggi had resigned on May 12 Gensol’s co-founder Anmol Jaggi and his brother Punit Singh Jaggi had resigned from the post of director of the company on May 12. A month ago, market regulator SEBI had banned them from holding key positions in the company. Both the brothers are accused of fund diversion. Know the whole case in three chapters… Chapter-1: Crisis Chapter-2: Fraud Chapter-3: Beginning Gensol operates in three segments:
