BluSmart Suspends Ride Bookings in Delhi-NCR and Bengaluru Amid SEBI Action Against Gensol Engineering Promoters Over ₹262 Crore Fund Diversion

21 posts • GPT (4o mini)

Updated Apr 16, 2025, 05:14 PM

Electric cab-hailing startup BluSmart is facing operational challenges and has suspended ride bookings in several regions, including Delhi-NCR and Bengaluru. This disruption follows a recent order from the Securities and Exchange Board of India (SEBI) against Gensol Engineering and its promoters, Anmol Singh Jaggi and Puneet Singh Jaggi, who are also associated with BluSmart. SEBI's investigation revealed that the Jaggi brothers allegedly diverted approximately ₹262 crore from loans intended for electric vehicle purchases to personal expenses, including luxury real estate and other unrelated ventures. In light of these findings, SEBI has barred the promoters from holding directorships or accessing capital markets, leading to a halt in Gensol's planned stock split and a sharp decline in its share price. BluSmart's strategic shift to integrate its electric vehicle fleet with Uber's platform is also contributing to the operational pullback, raising questions about the company's future in the competitive ride-hailing market.

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#BluSmart #Bengaluru #SEBI #Gensol Engineering #Anmol Singh Jaggi #Puneet Singh Jaggi #Jaggi #Gensol #Uber

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Sources

moneycontrol.com(11)economictimes.indiatimes.com(8)business-standard.com(4)indiatoday.in(3)

ETtech

@ETtech

BluSmart halts Delhi airport operations amid Sebi heat on promoters 📌 A passenger advisory issued by Delhi International Airport Ltd (DIAL) on Tuesday informed travelers that @BluSmartIndia's services from Terminals 1 & 3 have been paused. Read more at: https://t.co/fsjaxlA9d3

The Times Of India

@timesofindia

#BluSmart is experiencing widespread booking issues across #DelhiNCR, #Bengaluru, and #Mumbai due to its strategic shift to integrate its EV fleet with #Uber's platform. Details 🔗 https://t.co/yfPxko1trt https://t.co/jT3lA2EN2A