Latest news with #AnmolSinghJaggi
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Business Standard
19 hours ago
- Business
- Business Standard
Ireda plans ₹2,500-3,000 crore QIP to dilute 3.76% govt stake this year
State-owned Ireda plans to raise ₹2,500-3,000 crore through qualified institutional placement route this fiscal as it looks to dilute another 3.76 per cent of the government holding in the company following a successful IPO in December 2023, a top company official said Monday. The company also said it had an exposure of ₹700 crore to the crisis-hit Gensol Engineering and it has already recovered a little over ₹100 crore by way of various instruments, including encashing their bank guarantees as well as withdrawal of the FD money. Gensol had acted as a financier and lessor of vehicles to the all-electric ride-hailing company Blue Smart. The Ahmedabad bench of the National Company Law Tribunal (NCLT) has already admitted to corporate insolvency proceedings against Gensol Engineering, following a petition by Ireda. In April this year, in an interim order, Sebi barred Gensol Engineering and promote₹-- Anmol Singh Jaggi and Puneet Singh Jaggi -- from the securities markets till further orde₹in a fund diversion and governance lapses case. We have already raised ₹2,005 crore last month through a QIP by way of government diluting 3.24 per cent stake. We are planning to raise another ₹2,500 -3000 crore in the second tranche within this fiscal, Ireda Chairman and Managing Director Pradip Kumar Das said during an interaction with the reporte₹here. This will give the company a further borrowing power worth ₹30,000 crore (this fiscal), as the thumb rule says you can borrow eight times of this money, he said, adding, We will try to optimize our equity and our borrowing so that we can optimize lending and overall minimise the borrowing cost. He said that the Government mandated the company's board to dilute up to 7 per cent this fiscal; it still has scope to dilute another 3.76 per cent stake. Das said last year Ireda borrowings were at around ₹24,000-25,000 crore. Ireda reported a 49 per cent year-on-year growth in operating profit and a 30 per cent rise in total income from operations in the first quarter of the current financial year. Ireda's outstanding loan book surged to ₹79,941 crore, a 26 per cent increase over the previous year, with significant contributions from solar, wind, and emerging technologies like green hydrogen, smart meters, and EVs, the company said.
News18
21 hours ago
- Business
- News18
IREDA plans to raise Rs 2,500-3,000 cr through QIP this fiscal
Mumbai, Jul 21 (PTI) State-owned IREDA plans to raise Rs 2,500-3,000 crore through qualified institutional placement route this fiscal as it looks to dilute another 3.76 per cent of the government holding in the company following a successful IPO in December 2023, a top company official said Monday. The company also said it had an exposure of Rs 700 crore to the crisis-hit Gensol Engineering and it has already recovered a little over Rs 100 crore by way of various instruments, including encashing their bank guarantees as well as withdrawal of the FD money. Gensol had acted as a financier and lessor of vehicles to the all-electric ride-hailing company Blue Smart. The Ahmedabad bench of the National Company Law Tribunal (NCLT) has already admitted to corporate insolvency proceedings against Gensol Engineering, following a petition by IREDA. In April this year, in an interim order, Sebi barred Gensol Engineering and promoters — Anmol Singh Jaggi and Puneet Singh Jaggi — from the securities markets till further orders in a fund diversion and governance lapses case. 'We have already raised Rs 2,005 crore last month through a QIP by way of government diluting 3.24 per cent stake. We are planning to raise another Rs 2,500 -3000 crore in the second tranche within this fiscal," IREDA Chairman and Managing Director Pradip Kumar Das said during an interaction with the reporters here. This will give the company a further borrowing power worth Rs 30,000 crore (this fiscal), as the thumb rule says you can borrow eight times of this money, he said, adding, 'We will try to optimize our equity and our borrowing so that we can optimize lending and overall minimise the borrowing cost." He said that the Government mandated the company's board to dilute up to 7 per cent this fiscal; it still has scope to dilute another 3.76 per cent stake. Das said last year IREDA borrowings were at around Rs 24,000-25,000 crore. IREDA reported a 49 per cent year-on-year growth in operating profit and a 30 per cent rise in total income from operations in the first quarter of the current financial year. IREDA's outstanding loan book surged to Rs 79,941 crore, a 26 per cent increase over the previous year, with significant contributions from solar, wind, and emerging technologies like green hydrogen, smart meters, and EVs, the company said. PTI IAS MR MR view comments First Published: July 21, 2025, 22:15 IST Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
NDTV
4 days ago
- Automotive
- NDTV
"Such A Sad End": Video Of BluSmart Cabs Covered In Dust At EV Charging Station Leaves Internet Nostalgic
BluSmart, India's first all-electric cab service, earned praise for offering a cleaner and more reliable alternative to traditional ride-hailing options. However, the company's operations came to a sudden halt earlier this year after its founders, Anmol Singh Jaggi and Puneet Singh Jaggi, were accused of financial misconduct. According to SEBI's interim order, the brothers allegedly diverted a portion of Rs 978 crore - funds intended for purchasing electric vehicles - towards personal luxuries, including a high-end apartment in DLF Camellias and a Rs 26 lakh golf set. Now, months after BluSmart suspended its operations, a video showing BluSmart cabs gathering dust at an electric vehicle (EV) charging station has gone viral, drawing mixed reactions from social media users. The clip was shared on X by a user with the handle @BunnyPunia, who claimed to have visited a Jio-bp EV charging hub and found several Tata Tigor EVs from BluSmart's fleet parked and covered in a thick layer of dust, appearing unused for a long time. Take a look below: Shame! Such a sad end to what was once Delhis best cab service : Blu Smart Fleet of Tata Tigor EVs eating dust. Came across this while charging the Tata Harrier EV to 100% before leaving for a range test Why can't we Delhiites ever get good reliable clean safe cab services? — Bunny Punia (@BunnyPunia) July 16, 2025 "Everywhere I see are Blu Smart parked and left. The company has of course shutdown. They are just eating dust. What was once a great, great initiative for travellers is now lying like this. Getting junk, getting dust," a person says in the video in Hindi while showing the condition of the cabs. "Shame! Such a sad end to what was once Delhi's best cab service: Blu Smart," the X user wrote in the caption of the post. "Fleet of Tata Tigor EVs eating dust. Came across this while charging the Tata Harrier EV to 100% before leaving for a range test. Why can't we Delhiites ever get good reliable clean safe cab services?" he added. Since being shared, the video has accumulated more than 991,000 views. Reacting to the clip, one user wrote, "@BluSmartIndia scam hit so many of us personally as we had got used to preferring Blu Smart over Ola and Uber. I used it quite often, esp. for pick up and drop from Airport. The cabs were cleaner and better drivers. The promoters greed collapsed such a promising business, left thousands of drivers jobless, hundreds of perfectly good cars rotting and lenders losing money! What a 'lose-lose' situation for everyone." "Yes, too sad to see. I hope someone someday buys all of these, maintains them, rebrands them and ply them in the NCR," commented another. "For early morning flights it was a life saver. Otherwise uber/ola, and indrive all used to quote a bomb and used to create artificial scarcity to create panic for traveller. Blusmart always reached 15-20 mins earlier than scheduled time with no hiccups and very reasonable prices," wrote a third user. "Correct. Always booked these when I coud in Delhi - never had a bad experience. Polite drivers and clean, comfortable cars. I hope the bankruptcy proceedings happen smoothly and these are back in service soon," said another. "Surely was a best cab service. No unnecessary hassles, on time, & no pointless arguments with drivers 4 AC or pricing a service we could rely on, no cancellation tension. Really wonder why no big startup/company is talking about reviving this. this was the best cab model imo," one user commented.
The Print
18-06-2025
- Business
- The Print
ICAI to complete review of fin statements of IndusInd Bank, Gensol in 6 months
'(FRRB) will take at least six months or more to come to a conclusion on what is happening. It is a long drawn process…,' ICAI President Charanjot Singh Nanda said while responding to a query on IndusInd Bank and Gensol. ICAI's Financial Reporting Review Board (FRRB) has started reviewing the financial statements of the two entities and depending on the findings, disciplinary action will be initiated against the auditors concerned. New Delhi, Jun 18 (PTI) Chartered accountants' apex body ICAI on Wednesday said it will take at least six months to complete the review of the financial statements of fraud-hit IndusInd Bank and Gensol Engineering and ascertain whether there were audit lapses at the two entities. FRRB is reviewing the IndusInd Bank's financial statements for 2023-24 and 2024-25 and that of Gensol Engineering and BluSmart Mobility for 2023-24. If the FRRB finds that the books of the entities were not true and fair, the matter will be referred to ICAI's disciplinary committee for further action. Starting with a March 10 disclosure about a potential hit to the net worth because of incorrect recognition of derivative trades over the last two years, the last two months have been tumultuous for IndusInd Bank. In March, the bank reported a Rs 1,979 crore accounting lapse in its derivative portfolio, followed by its internal audit review finding that Rs 674 crore was incorrectly recorded as interest from microfinance business, besides a Rs 595 crore 'unsubstantiated balances' in 'other assets' of balance sheet. Gensol Engineering has come under the regulatory scanner for alleged fund diversions and governance lapses, with regulator Sebi barring the company's promoters Anmol Singh Jaggi and Puneet Singh Jaggi from the securities market for various violations. BluSmart Mobility, which offers ride-hailing services, is promoted by Anmol Singh Jaggi. Nanda also informed that ICAI will host the GCC Summit Series on the theme 'From Ledger to Global Leadership: Chartered Accountants Shaping Global Capability Centres'. In this series, the first summit will be held in New Delhi on June 27–28, 2025, with regional editions to follow in Ahmedabad (GIFT City), Mumbai and Hyderabad. The initiative aims to reinforce India's growing leadership in the Global Capability Centres (GCC) ecosystem, highlighting the critical and evolving role of Indian Chartered Accountants in the global services landscape. The summit series will bring together industry stalwarts, policymakers, academicians and global stakeholders to discuss emerging trends, foster strategic partnerships and catalyse innovation in the GCC space. ICAI said several government bodies have extended their support to the GCC Summit Series as Eco Partners, including the Ministry of External Affairs (MEA), Ministry of Electronics and Information Technology (MeitY), IFSCA, SEPC, Invest India, NSDC, and IIM Sambalpur. With over 1,800 GCCs currently operating in India and employing more than 1.9 million professionals, the country has firmly positioned itself as a global hub for finance, innovation, and business operations. 'India is uniquely positioned to lead the next phase of the GCC evolution. Chartered Accountants are central to driving digital finance, regulatory integrity and global governance,' Nanda said. ICAI, this year, has constituted a dedicated group under its Directorate of International Trade, Services & WTO to promote India as a global hub for accounting and finance-focused GCCs. This initiative seeks to strengthen the contribution of Chartered Accountants in finance leadership and global operations, leveraging Bharat's skilled talent pool to build a GCC-ready workforce. Chartered accountants, Nanda said, are playing a pivotal role in delivering strategic and operational excellence in areas like finance, compliance, taxation, risk management, governance, and business analytics. Their growing presence and influence within GCCs underscore their importance in navigating today's complex global business environment. PTI NKD NKD BAL BAL This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
Time of India
16-06-2025
- Business
- Time of India
NCLT admits insolvency pleas against Gensol and EV arm over ₹728 cr default
The Ahmedabad bench of the National Company Law Tribunal (NCLT) has admitted two insolvency petitions filed by the Indian Renewable Energy Development Agency (Ireda) against Gensol Engineering Ltd (GEL) and its electric vehicle leasing subsidiary, Gensol EV Lease Pvt Ltd (GEVL), initiating corporate insolvency resolution processes (CIRP) against both entities, reports ToI. In its petition against Gensol Engineering, Ireda cited a default of ₹510 crore related to term loans extended for various renewable energy projects undertaken by the company. The tribunal, while admitting the case under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, noted that Ireda had sufficiently demonstrated the existence of financial debt and a default. Separately, insolvency proceedings were also initiated against GEVL over unpaid dues amounting to ₹218 crore. GEVL had borrowed funds through multiple term loans to support its electric vehicle leasing operations and related infrastructure projects. The defaults, according to Ireda, were triggered under cross-default clauses tied to Gensol Engineering's loan repayments. The borrowings were backed by personal guarantees from promoters Anmol Singh Jaggi and Puneet Singh Jaggi, as well as corporate guarantees from Gensol Engineering. The insolvency admission marks a significant development for the Gensol group, which has been active in the clean energy and EV mobility sectors.
