PFC lies complaint with Eow against Gensol Engineering on forged documents | Company Business News

New Delhi: State-owned Power Finance Corporation Ltd (PFC) said on Tuesday night that he had filed a complaint with the Delhi Economic Offenses (Eow) over the alleged submission of forged documents by Gensol Engineering Ltd. Coin. Mint reported on Tuesday morning that PFC could approach the serious Fraud Investigation Office and the Eow engineer, and it was investigated at all options investigated by loads. Pvt. Ltd., including the shift of the Companies Law. In a statement, the power sector -oriented lender said he was actively pursuing further action in the case. He added that, apart from the submission of a complaint with the Eow, PFC also investigated the case internally under his policy against fraud. PFC said it did not issue the letters they referred to, the communications of credit rating agencies and ICRA issued on the forged documents, “the statement says.” PFC is committed to protecting its interests and securing the recovery of his loan while maintaining transparency in its operations. ” For the sake of the context, Gensol allegedly forged letters from PFC and Ireda to show that it was regularly in debt service to the borrowers, which the Rating Agency Icra had earlier highlighted in a statement. India’s commitment under the Paris Agreement to reduce carbon intensity and the government’s adoption of electric vehicles (EV) through schemes such as Fame and PM e-bus Seva, PFC, £ 633 to Gensol Engineering Ltd. in January 2023. EVs- £ 587 crore for acquiring 6,000 EVs- £ £ £ £ £ £ £ Electric four-wheel makers for Lease at Blusmart Mobility’s Rit Hak Service, and £ 46 for the acquisition of 1,000 electric three cargo operations. However, the three loan was not used, it added. Out of the £ 587 crore loan sanctioned on the electrical four-wheeled vehicles, PFC paid only £ 352 crore to Gensol for leasing 3000 EVs to extinguishes to extinguishes. To date, 2.741 vehicles have been delivered and hypotiated to the PFC, as confirmed by third -party agencies appointed by PFC, the lender shooter said. The other lender is sure that PFC’s announcement that it has the hypothesis for more than 90% of the electric cars for which it lent money to gensol, raises more questions for the other lender to the beleaguered company – Indian Renewable Energy Development Agency Ltd (Ireda). According to the interim order of the market regulator Securities and Exchange Board of India (Sebi), Gensol borrowed money for buying 6.400 cars at PFC and Ireda. With PFC claiming to fund only 3,000 cars, it implies Ireda money for the purchase of the remaining 3.400 cars. However, Gensol has only 4,704 cars to show for the money it borrowed. With 2,741 of these vehicles hypoticed with PFC, it leaves a maximum of 1.963 cars that are possibly under Ireda’s hypothesis. In other words, Ireda is likely to be 1,437 cars short, according to the revelations made by SEBI and PFC. Inquiries sent to Ireda late Tuesday night did not elicit an answer. The company also did not respond to Mint’s questions about the subject sent on Friday. Meanwhile, PFC’s statement added that the company has a promise of Gensol’s shares and non-conceptible debentures, a corporate guarantee of Gensol Ventures Pvt. Limited, and personal guarantees of promoters. “Liquid assets in the form of tra -balances, DSRA balances and fixed deposit by extinguishing with a lien marked on PFC are also in place,” the statement added. Tra refers to trust and retention account, and DSRA refers to the reserve account for debt services. The company added that the refunds on the paid amount began with the repayment of £ 45 crore, which left a principal of £ 307 on April 18. “Until January 31, 2025, Gensol served his fees regularly. In the fourth quarter of the third quarter, PFC called on the debt service reserve account to clear the fees of February and March 2025,” the statement said Tuesday. PFC’s shares on the BSE closed at £ 438 on Tuesday, higher by 0.44%, from its previous closure. Ireda’s stock closed 1.65% at £ 178.60. First published: 22 Apr 2025, 23:19 IST