Gensol Engineering CFO Resigns Amid Probe: ‘Immense Pressure Adversely Affecting My Mental Well-Being’

Amid the ongoing probe against Gensol Engineering, its Chief Financial Officer (CFO) Jabirmahendi Mohammedraza Aga has resigned, according to a BSE filing released on Saturday. Aga had cited the immense physical and mental pressure due to ongoing regulatory investigations as the main reason for his exit.

His exit has come days after Gensol Engineering's Managing Director, Anmol Singh Jaggi, and Whole-time Director, Puneet Singh Jaggi resigned from their positions, followed by the crisis.

"We wish to inform you that Mr. Jabirmahendi Mohammedraza Aga has resigned vide his resignation letter dated 16.05.2025 from the post of Company Chief Financial Officer," noted the company in its press release.

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Resignation Due To Immense Pressure, Impact on Mental Health

Several top management leaders have already resigned from their roles in the company amid ongoing investigations. The immense pressure from difficult situations has taken a hit on Aga's physical and mental well-being, said the outgoing Gensol Engineering CFO in his resignation letter.

"The Company is currently facing significant challenges, with multiple regulatory bodies conducting investigations. As you are aware, the top management has already resigned from their respective roles. Furthermore, the disorganization of critical data across various departments is hindering our ability to effectively respond to the ongoing inquiries due to a lack of a cohesive support system," read his resignation letter.

"The immense pressure resulting from these circumstances is adversely affecting my physical and mental well-being, leading to a complete loss of focus on my responsibilities. Therefore, I have made the difficult decision to resign, believing it to be in the best interest of the Company under these trying conditions," he further stated in his resignation letter.

Gensol Engineering is facing crisis amid allegations of misusing funds for personal uses. The troubled company is also facing investigations for the same. On Friday, the National Company Law Tribunal (NCLT) issued a notice to the company in response of an insolvency petition filed by the Indian Renewable Energy Development Agency (IREDA).

Gensol Engineering is facing allegations of an alleged default of Rs 510 crore. One of its associated companies Blusmart is also facing trouble in its operations due to investigations. The ride-hailing services provider had to shut its operations in Delhi few months ago.

Anmol Singh Jaggi, former managing director of Gensol, had co-founded Blusmart. Jaggi brothers had resigned from their position last week amid ongoing crisis.

Gensol Turmoil Saga

Gensol-Blusmart turmoil began in April when the Indian market regulator SEBI had claimed that Gensol had failed to meet loan obligations. One of them was related to loans borrowed for purchasing electric vehicles for Blusmart's services.

According to market regulator SEBI, the Jaggi brothers used Gensol's money wrongly and submitted fake documents to banks and investors.As a result, SEBI has banned the Jaggi brothers from being directors at Gensol and stopped them from taking part in India's securities market.

A month later, IREDA had lodged a complaint against Gensol with the Economic Offences Wing. The government-owned NBFC had accused Gensol of document falsification. Later, Power Finance Corp, another creditor had also made similar claims against Gensol.
In April, Enforcement Directorate had detained Gensol's co-founder Puneet Jaggi and had also conducted searches at the beleaguered company's premises in Delhi, Gurugram and Ahmedabad.