Menon’s resignation occurred one day after Sebi on Tuesday prohibited Genol engineering and its promoters, Anmol Singh Jaggi and Puneet Singh Jaggi, from the stock markets until they are more orders in a case of diversion of funds and governance.
In his renunciation letter addressed to Anmol Singh Jaggi, one of the company’s promoters, Menon said: “There was a growing conern in the leverage of the general gel balance to finance the capex of other companies; and the sustainability of the Sut Btebt service costs costs costs costs costs.”
The Markets control agency also ordered Gensol Engineering LTD (GEL) to suspend the division of actions announced by him and prevented the promoters from occupying the position of director or a key management personnel in any company appears on the list.
The order occurred after the Bag Board and Exchange of India (Sebi) received a complaint in June 2024 related to the manipulation of the price of the shares and the deviation of gel funds and, subsequently, began to examine the matter.
Menon has presented his resignation as independent director of the company, with immediate effect, Gel said in a regulatory presentation on Wednesday.
“In constant part, it will also cease to be a member of several company committees,” he said.
Menon has cited the restrictions of his current employer, as well as “adding limited value to the company” as reasons for his resignation.
“I would like to take it back last year, July/August 2024, when I tried to reach you to seek clarity about the company’s debt position, and had also offered assistance to reduce the cost of interest through a debt restructuring route.
While you had sent me a message that you would call again, he never progressed, “he told Anmol Singh Jaggi in the letter.
In addition, he pointed out that “he had also spoken with Mr. Parmar (the secretary of the Gel Company, Rajesh Parmar) 2-3 occasions and asked him for a meeting with the CFO, which never seemed to materialize.”
“There was a growing group in the general gel balance to finance the capex of other companies; and the sustainability of the service of such high costs of gel,” said the letter shared by the company along with the last presentation.
“Since I felt that I was adding a limited value to the company, it had expressed last year to Mr. Parmar that I would like to present my resignation, but it was tolerant to endure until Matrix’s OPI was successfully convinced,” Menon said.
“My current job, where our father is a physical education company, also restricts myself from the role of ID of Bar Up in companies,” he added.
As indicated in the interim order, Sebi will appoint a forensic auditor to thoroughly examine the company’s account books and its related entities.
“Gensol Willlully Cooperation with the Forensic Audit that will take place at the Beest in Sebi,” he said Wednesday.
The company had also said that Anmol Singh Jaggi and Puneet Singh Jaggi no longer participate in the company’s management according to Sebi’s instructions.
According to the interim Order of Sebi, the promoters of Gensol Engineering treated the company as a owner company, diverting corporate funds to buy a high -end apartment in the camelias, DLF Gurgaon, waste a luxury golf set and transfer cards.
According to Sebi, the company obtained a total of RS 977.75 million rupees in loans from IREDA and PFC, or that RS 663.89 million rupees Spilessyuuly meant for the purchase of 6,400 electric vehicles (EV).
The EVs were acquired by the company and subsequently leased to Blusmart, a related part.
However, in an answer presented to Sebi in February, Gensol admitted that he had acquired only 4,704 electric vehicles to date, much less than 6,400 for which he had resorted to the funds.
This was corroborated by Go-Car Private Limited, the EV supplier, who confirmed to deliver 4,704 units to the company for a total consideration of RS 567.73 million rupees.
Since the Gensol was also obliged to provide a capital contribution of 20 percent addition, the expected total disbursement for the EVs was around RS 829.86 million rupees. According to this calculation, RS 262.13 million rupees remains without accounting.