Independent Directors Resign Amid Gensol Engineering's Financial Turmoil

Gensol Engineering faces resignations from independent directors Harsh Singh and Kuljit Singh Popli amid financial misuse allegations. Previous resignations and regulatory actions signal growing concerns over the company's governance and debt management, raising questions about its future stability and reputation in the financial market.

In a significant development, two independent directors, Harsh Singh and Kuljit Singh Popli, resigned from Gensol Engineering following allegations of financial impropriety. Their departure, documented in a regulatory filing, highlights growing governance issues within the company.

The resignations came after fellow director Arun Menon stepped down, citing concerns over the company's debt management and financial sustainability. Menon's resignation emphasized challenges in leveraging Gensol's balance sheet.

Adding to the turmoil, Sebi has barred Gensol and its promoters from participating in securities markets amid fund diversion and governance lapse allegations, raising fears about the company's stability.

(With inputs from agencies.)