Two more independent directors of Gensol engineering have renounced the company’s board with immediate effect, referring to recent developments in the company.
The investigations of the Board of Securities and Exchange of India revealed that the promoters of the company diverted loan tasks for personal use. The company and promoters have been forbidden to access stock markets, while promoters have been forbidden to occupy any key gerial position in the company.
Kuljit Popli, in his renunciation letter, said: “Recent developments and news in the media have hurt me unbeatly. I expected some positive developments beyond a month, however, the way in which things have developed and arrive at the ininpendent.
He said he expected that with the company’s growth he would enjoy a good reputation and good will and create value for interested parties. “However, that has not happened.”
The other independent director, Harsh Singh, said that his professional commitments in Patna were filed on the way to contribute to the company in a useful way.
“I am aware that my decision comes at a time when the company faces a difficult time. I hope and wish that the company can rise on the current tide.”
Previously, another independent director Arun Menon had resigned, saying that he had marked debt concerns to promoters almost a year ago.
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Posted on April 18, 2025