GENSOL · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
Crisil Ratings Limited has issued a QUALIFIED Monitoring Agency Report with 'Issuer Not Cooperating' status for Gensol Engineering. The agency has been unable to verify the utilisation of Rs. 5.39 billion raised via a preferential issue (warrants) in June 2024, as the company has failed to provide required documents for multiple quarters in succession. Gensol is under Corporate Insolvency Resolution Process (CIRP) with a Resolution Professional managing affairs, as the Board of Directors' powers are suspended. Regulators including SEBI (which barred the promoters and ordered forensic audit in April 2025) and the Enforcement Directorate (which conducted search and seizure operations) are investigating the company. Credit ratings have been downgraded to 'Default'. Only Rs. 1.43 billion of the Rs. 5.39 billion raised has been reportedly utilised, with Rs. 3.95 billion in balance warrant conversion amounts remaining unconfirmed.
This is a serious red flag for investors — the monitoring agency cannot confirm how nearly Rs. 5.4 billion of issue proceeds have been used. The company's simultaneous regulatory investigations, insolvency proceedings, and refusal to cooperate with mandatory disclosures create extreme risk for shareholders and warrant holders.