ICAI Launches Financial Review on Embattled Gensol and BluSmart

The Institute of Chartered Accountants of India (ICAI) will review the financial statements of Gensol Engineering Ltd and BluSmart Mobility for the 2023-24 fiscal due to alleged financial misconduct and governance issues. Concerns over fund diversions have prompted regulatory scrutiny and potential action from corporate authorities.

The Institute of Chartered Accountants of India (ICAI) is set to review the financial statements of Gensol Engineering Ltd and BluSmart Mobility Pvt Ltd for the fiscal year 2023-24. This move follows recent allegations of financial improprieties within Gensol Engineering, including accusations of fund diversions by its promoters.

ICAI President Charanjot Singh Nanda confirmed that the decision was made during the Financial Reporting Review Board's meeting. The review will scrutinize compliance with accounting standards and regulations, impacting both companies' statutory auditors' reports.

If significant irregularities are discovered, ICAI may conduct detailed investigations and collaborate with regulatory bodies. Currently under SEBI's lens, these developments arise amid broader concerns about corporate governance in the Indian business landscape.

(With inputs from agencies.)