IREDA Files Complaint on Falsified Documents against Gensol Engineering
IREDA reviews Gensol Engineering account (not NPA) due to recent events, adhering to RBI rules and company policy.
In compliance with RBI regulations and the company's due diligence procedures, the Indian Renewable Energy Development Agency Limited (IREDA) has launched an internal review in response to recent events involving Gensol Engineering Ltd., its promoters, and affiliated businesses. Despite being under stress right now, Gensol's account is not considered an NPA.
The Investigation and Risk Committees of IREDA are closely examining the matter. Appropriate actions regarding collaterals and recoveries will be taken based on the outcome of the review. Regarding communications from credit rating agencies on the falsified documents, IREDA clarified that it did not issue the letters they referred to.
Join PSU Connect on WhatsApp now for quick updates! Whatsapp Channel
The promoters have diluted their shareholdings without lenders approval, constituting breach of contract. In light of this, IREDA has filed a complaint on above matters with the Economic Offences Wing (EoW) against Gensol on 24th April 2025.
IREDA is committed to acting responsibly and will update all stakeholders once the company’s assessment concludes. IREDA requests all concerned parties to refrain from speculation while the investigation is ongoing.
Read Also : Reserve Bank of India imposes monetary penalty on Union Bank of India