Two more independent directors at Gensol Engineering resigned on Thursday amid increasing problems for the company facing the allegations of the abuse of funds. Harsh Singh and Kuljit Singh Popli offered their resignations after the independent director Arun Menon resigned. The three resignation within a few hours comes a day after Sebi on Tuesday banned Gensol Engineering and its promoters – Anmol Singh Jaggi and Puneet Singh Jaggi – from the Securities markets until further orders are in a fund deduction and management. “Under the regulations of SEBI listing regulations, we would like to inform you that Mr. Harsh Singh and Mr. Kuljit Singh Popli have used their resignation as the independent director of the company on effect,” the company said in the regulatory filing. In the letter of resignation addressed to Anmol Singh Jaggi, independent director Harsh Singh said he was aware that his decision to come at a time when the company was facing a difficult time and added: “My professional connections at Patna, however, come in the way of my contribution to the company.” He also said that there was no other reason for his resignation, Harsh Singh added: ‘I hope and wish that the company is able to rise over the current tides. My admiration for your leadership and resilience remains unwavering. ‘ While Kuljit Singh Popli, the writing of the director of the director, said that recent developments and news in the media have hurt me tremendously. “I was hoping that some positive developments would occur over the past one month, but the way things unfolded and came to light were unable to continue as an independent director,” he added. He further added: “I was hopeful that the business that grew so quickly and enjoyed good reputation and good will continue to grow and create value for all stakeholders and management issues, as brought, will not be addressed. However, this has not happened.” Independent Director Arun Menon thanks his resignation, Arun Menon Tender said there is an increasing concern about the leverage of the Gel balance sheet to finance the hoods of other businesses; and the sustainability of ministry of such high debt costs by Gel. According to the interim order of Sebi, the promoters of Gensol Engineering treated the company as their own firm. First published: 17 Apr 2025, 22:39 IST
Two more Gensol Engineering -independent directors, Harsh Singh and Kuljit Singh Popli, thank you | Company Business News
