IREDA says Gensol promoters diluted equity without lender approval, files EoW complaint

IREDA (Indian Renewable Energy Development Agency) has received an EOW (Economic Offences Wing) complaint alleging that Gensol's promoters diluted equity without lender approval. This suggests potential financial irregularities and a breach of agreements with IREDA, a government financial institution that supports renewable energy projects. The EOW investigation indicates the seriousness of the allegations and the potential legal consequences for Gensol's promoters if found guilty of financial misconduct and violating lending terms. This development adds to the ongoing scrutiny of Gensol. (PSU's AND Govt. Undertakings; Corporate Compliance; Criminal Law)