Gensol Engineering‘s Chief Financial Officer (CFO) Jabirmahendi Mohammedraza Aga has resigned from his position with immediate effect.
The development comes just days after the company’s promoters stepped down. Gensol shared the development with the stock exchanges on Saturday.
In his resignation letter, Aga cited ongoing challenges faced by the company, including investigations by multiple regulatory bodies. He also noted that several members of the top management had already resigned from their positions.
“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,” said Aga.
“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,” he added.
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Earlier this week, Gensol Managing Director Anmol Singh Jaggi and whole-time Director Puneet Singh Jaggi resigned from the company following SEBI’s interim order.
The company is currently under regulatory scrutiny and being investigated for alleged financial misconduct and violations under The Companies Act, 2013.
The investigation revealed that funds were diverted to related parties and promoters, including Jaggi brothers, BluSmart’s co-founders, who used them for personal expenses, including buying real estate and a golf set worth Rs 26 lakh, among others.
Additionally, the NCLT on Friday issued a notice to the company, directing it to file a reply over the insolvency plea filed by IREDA, and listed the matter on June 3 for hearing.
Edited by Megha Reddy
