PFC reports Gensol Engineering's forged documents to Economic Offences Wing

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PFC reports Gensol Engineering's forged documents to Economic Offences Wing - Business Standard

Quick Summary:

In response, GEL is said to have submitted “conduct letters” instead of the requested statements from IREDA and PFC, along with “no objection certificates” — documents typically required when withdrawing credit ratings.PFC approves Rs 3.

The state-owned lender further said it also holds a pledge of Gensol’s equity shares and non-convertible debentures (NCDs), a corporate guarantee from Gensol Ventures Private Limited, and personal guarantees from promoters.

This funding was for procuring 6,000 EVs, including Rs 587 crore for 5,000 electric four-wheelers (e4W) on lease to BluSmart Mobility and Rs 46 crore to procure 1,000 electric three-wheelers (e3W) for cargo operations.