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Gensol Engineering Limited announced on May 14, 2025, that the Hon'ble Securities Appellate Tribunal (SAT) has disposed of the company's appeal against an ex-parte interim order issued by SEBI on April 15, 2025.

• The SAT order, uploaded on May 9, 2025, grants Gensol Engineering an opportunity to file its response to SEBI's interim order within two weeks.
• Following this, SEBI has been directed to hear the company within two weeks and pass an appropriate order within four weeks thereafter.
• The Hon'ble Appellate Tribunal made no observations on SEBI's interim order.
• The company stated that the delay in preparing and finalizing this disclosure occurred due to a vacancy in the office of the Compliance Officer and a lack of appropriate numbers of directors and Key Managerial Personnel.
• Gensol Engineering is currently seeking legal assistance from its advisors and counsels to prepare its response to the SEBI interim order.
• The quantifiable financial impact on the company due to this matter cannot be ascertained at this time.

• Indian Renewable Energy Development Agency (IREDA) has filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) for initiating the Corporate Insolvency Resolution Process (CIRP) against Gensol Engineering Limited before the National Company Law Tribunal (NCLT), Ahmedabad Bench.
• The petition pertains to defaults and potential defaults under five loan facilities availed by the company from IREDA.
• Prior to filing the petition, IREDA had sent loan recall notices and demand notices on 4 May 2025 and subsequently invoked the personal guarantees of the promoters on 13 May 2025.
• According to the petition, the default amount claimed is ₹ 510,00,52,672 (Rupees Five Hundred Ten Crores and Fifty-Two Thousand Six Hundred and Seventy-Two Only).
• The company stated that its operations came to a standstill due to a SEBI Interim Order dated 15 April 2025, leading to a barrage of litigation and claims from various parties.
• Gensol Engineering is seeking appropriate legal assistance and is taking necessary steps to protect its interests.
• The expected financial implication cannot be determined at this initial stage of the matter before the NCLT.

Gensol Engineering Limited has announced that the Hon'ble Securities Appellate Tribunal (SAT) has disposed of the Appeal filed by the Company against the ex-parte interim order of SEBI dated 15 April 2025.

Key details from the SAT order, uploaded on 09 May 2025:

• SAT has granted Gensol Engineering Limited an opportunity to file its response on the SEBI interim order within two weeks.
• SEBI has been directed to hear the Company within two weeks after receiving Gensol's response.
• SEBI is then directed to pass an appropriate Order within four weeks after the hearing.
• The Hon'ble Appellate Tribunal made no observations on the SEBI interim order itself.
• Gensol stated the delay in this disclosure occurred due to the vacancy in the Compliance Officer position and lack of appropriate number of directors and Key Managerial Personnel.
• The Company is currently seeking legal assistance from its advisors to prepare the response to the SEBI Interim Order.
• The quantifiable financial impact on the Company cannot be ascertained at this point in time.

Gensol Engineering Limited announced the resignation of Mr. Anmol Singh Jaggi from the position of Managing Director and Mr. Puneet Singh Jaggi from the position of Whole-time Director, effective from the close of business hours on May 12, 2025.

• Both directors stated in their resignation letters that the reason for their resignation is the direction given under a SEBI Interim Order dated April 15, 2025.
• Consequently, they will also cease to be members of various committees of the Company.
• The company has provided the necessary details regarding the cessation of the directors as required by SEBI regulations.

Gensol Engineering Limited has responded to a clarification sought by the stock exchanges regarding a news report published by www.livemint.com on 25.04.2025.

• The news report was titled "HC bars Gensol, BluSmart from transferring EVs leased by Orix to a third party."
• Gensol clarified that the report is based on an ex-parte interim order passed by the Hon’ble High Court of Delhi on 25.04.2025.
• This order was issued in the matter Orix Leasing and Financial Services India Ltd. vs Gensol Engineering Ltd. & Ors., where Gensol's submissions were not made before the court.
• The company is seeking legal assistance regarding available options.
• Gensol also stated that the entire lease payment for 37 out of 175 leased vehicles has already been made to Orix Leasing and Financial Services India Ltd.
• The matter is sub judice, and Gensol is taking necessary steps to protect its interests, committing to inform exchanges of material developments.