CosmicTaco

MCA Launches Probe Into BluSmart Governance Issues

CosmicTaco · 2025-05-06T11:11:10.570988+05:30

- 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](https://inc42.com/buzz/mca-orders-probe-into-blusmart-gensol-over-corporate-governance-violations/)

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