MCA Launches Probe Into BluSmart Governance Issues

• The Ministry of Corporate Affairs (MCA) has initiated an investigation into Gensol Engineering and BluSmart over alleged corporate governance violations.
• The probe, conducted under Section 210 of the Companies Act, aims to uncover any potential misconduct within the companies.
• If serious fraud is suspected, the case could be handed over to the Serious Fraud Investigation Office (SFIO).
• The investigation also follows a SEBI order banning BluSmart and Gensol's founders from directorial roles due to financial misconduct allegations.
• Amidst these challenges, BluSmart operations have ceased in major cities, leading to job losses and ongoing employee protests.

Source: Inc42