Gensol Engineering CFO Resigns During Ongoing Investigations

Gensol Engineering’s Chief Financial Officer, Jabirmahendi Mohammedraza Aga, has resigned from the company. The resignation was submitted on May 16, 2025, and disclosed in a stock exchange filing.

As of 09:52 AM on May 19, 2025, Gensol Engineering share price was trading at ₹68.3, up 4.99% for the day. However, the stock has declined 91.72% over the past 6 months and 92.46% over the past year.

Cites Investigations 

In his resignation letter, Aga said, “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 disorganisation 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”

“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 added.

Leadership Exits Continue

Aga’s resignation follows the departure of Managing Director Anmol Singh Jaggi and Whole-time Director Puneet Singh Jaggi on May 12, 2025. Both were named in SEBI’s interim order on April 15, which restricted them and the company from accessing the securities market.

Insolvency Petition Filed by IREDA

On May 17, the Indian Renewable Energy Development Agency (IREDA) filed an insolvency petition against Gensol Engineering, claiming a loan default of ₹510 crore. The National Company Law Tribunal (NCLT) has issued a notice and asked the company to file a reply before the next hearing on June 3. While IREDA requested the appointment of an Interim Resolution Professional, the tribunal has not approved that step yet.

SEBI Case Developments

SEBI’s interim order was issued on April 15, following a June 2024 complaint related to fund misuse and share price manipulation. Gensol appealed to the Securities Appellate Tribunal (SAT), which allowed the company to submit a response. SEBI has been directed to review the response and issue a final order in four weeks.

Read more: Gensol Share Price Locked in 5% Lower Circuit After CFO Resignation.

Conclusion

With an active SEBI case, an insolvency petition pending before the NCLT, and a sharp collapse in share value, the company is now under intense regulatory and financial pressure. The exits of the CFO and board members, coupled with internal disorganisation, raise further questions. As deadlines approach for both SEBI’s response window and the NCLT hearing, Gensol’s next steps will be closely watched across regulatory, investor, and legal circles.

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