NCLT Orders Freezing Of Gensol’s Bank Accounts & Lockers

NCLT orders freezing of Gensol's accounts - The Ahmedabad bench of the National Company Law Tribunal (NCLT) has ordered the freezing of bank accounts and lockers belonging to Gensol Engineering Ltd, its related entities, and 37 associated individuals and organizations. This stringent action follows serious allegations of systemic financial fraud involving the diversion of approximately ₹975 crore in loan funds that were originally allocated for Gensol's electric vehicle subsidiary. Multiple agencies, including the Ministry of Corporate Affairs (MCA), SEBI, SFIO, and RBI, are involved in the ongoing investigation into these alleged corporate governance violations and fund misuse.