Ireda files EoW complaint as Gensol promoters dilute equity 'sans approval'

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Ireda files EoW complaint as Gensol promoters dilute equity 'sans approval' - Business Standard

Quick Summary:

Indian Renewable Energy Development Agency (IREDA), one of two public sector lenders who had loaned money to scam-hit Gensol Engineering for buying electric vehicles, on Friday said the promoters of the firm breached the contract by diluting shareholding without lenders' approval.

"Following recent developments concerning Gensol Engineering Ltd and its promoters and associate companies, IREDA has initiated an internal review in accordance with RBI guidelines and the company's due diligence protocols," IREDA said in a stock exchange filing.

The Investigation and Risk Committees of IREDA are closely examining the matter, it said, adding appropriate actions regarding collaterals and recoveries will be taken based on the outcome of the review.