ICAI to Collaborate with SEBI to Detect Frauds after IndusInd, Gensol

06 May 2025 CW Team

The Financial Reporting Review Board (FRRB) at ICAI announced last week that it was reviewing the financial statements and statutory auditor’s report of Gensol Engineering and its affiliate, BluSmart Mobility. Nanda mentioned that the review was expected to be completed within the next six months. FRRB officials confirmed that the review process would be a thorough, three-tier exercise.

Before ICAI's decision, the Ministry of Corporate Affairs (MCA) had stated that it was reviewing SEBI's interim order against Gensol Engineering concerning alleged fund diversion and forged documents.

Gensol's fraud came to the market regulator's attention in 2024 when SEBI received a complaint related to share price manipulation and fund diversion within the company. In mid-April, SEBI issued an interim order that prohibited the promoters of Gensol, Anmol Singh Jaggi and Puneet Singh Jaggi, from holding key managerial positions and from dealing in the securities market.

Additionally, the ICAI president shared that the institute is also working on the financial aspects of the 'One nation, one election' proposal, which is currently under consideration.

News source: Financial Express

The Institute of Chartered Accountants of India (ICAI) has formed a partnership with the Securities and Exchange Board of India (SEBI) to detect corporate frauds, following the discovery of financial irregularities at IndusInd Bank and Gensol Engineering. Under the proposed agreement, the ICAI will prepare a working paper to explore potential areas where the two organisations can collaborate. Charanjot Singh Nanda, the president of ICAI, explained on Saturday that a research group would be formed within ICAI to identify areas where meaningful discussions with SEBI could take place. He emphasised that India is a favourable investment destination, and it is crucial for SEBI to ensure the safety of investments. As the regulator for accounting, SEBI aims to involve ICAI in creating an environment that helps reduce fraud. The Financial Reporting Review Board (FRRB) at ICAI announced last week that it was reviewing the financial statements and statutory auditor’s report of Gensol Engineering and its affiliate, BluSmart Mobility. Nanda mentioned that the review was expected to be completed within the next six months. FRRB officials confirmed that the review process would be a thorough, three-tier exercise. Before ICAI's decision, the Ministry of Corporate Affairs (MCA) had stated that it was reviewing SEBI's interim order against Gensol Engineering concerning alleged fund diversion and forged documents. Gensol's fraud came to the market regulator's attention in 2024 when SEBI received a complaint related to share price manipulation and fund diversion within the company. In mid-April, SEBI issued an interim order that prohibited the promoters of Gensol, Anmol Singh Jaggi and Puneet Singh Jaggi, from holding key managerial positions and from dealing in the securities market. Additionally, the ICAI president shared that the institute is also working on the financial aspects of the 'One nation, one election' proposal, which is currently under consideration. News source: Financial Express

Infrastructure Urban

02 Jun 2026

VECV Sales Rise 7.8 Per Cent In May 2026

VE Commercial Vehicles recorded sales of 7,978 units in May 2026, compared to 7,401 units in May 2025, registering growth of 7.8 per cent. This included 7,789 units from the Eicher brand and 189 units from the Volvo brand.Eicher branded trucks and buses reported sales of 7,789 units during the month, up 7.3 per cent from 7,258 units a year earlier. In the domestic commercial vehicle market, Eicher sales rose 9.1 per cent to 7,375 units from 6,758 units in May 2025.Exports declined 17.2 per cent to 414 units from 500 units in the corresponding month last year. Volvo Trucks and Volvo Buses recor..

Infrastructure Urban

02 Jun 2026

Table Space Strengthens DESYN Leadership Team

Table Space has announced strategic leadership appointments within DESYN, its integrated Design and Build business, as it looks to strengthen operations across key enterprise and GCC markets in India. DESYN was launched as a strategic extension of Table Space’s workspace solutions portfolio to meet rising demand for agile, high-quality and rapidly deployable enterprise workspaces.Shruti Ookabhoy has joined DESYN as Executive Director and will lead the Design vertical, focusing on design capability, operational excellence and team development across markets. She brings over 22 years of experi..

Infrastructure Transport

02 Jun 2026

Concord Associate Bags Rs 2.79 Bn Kavach Order

Concord Control Systems said its associate company, Progota India, has received a Rs 2.79 bn domestic order from Indian Railways for the supply, installation, testing and commissioning of on-board Kavach 4.0 loco equipment.The order is scheduled for execution within 12 months and strengthens Concord’s role in India’s railway safety and signalling ecosystem. Kavach is India’s indigenous automatic train protection system, designed to improve operational safety by helping prevent signal passing at danger and reducing collision risks.Gaurav Lath, Joint Managing Director, Concord Control Syst..