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Gensol CFO Resigns Amid Regulatory Heat, Data Chaos, and Financial Crisis
Mumbai | May 17, 2025: Jabirmahendi Mohammedraza Aga, the Chief Financial Officer (CFO) of Gensol Engineering Ltd, has stepped down amidst escalating investigations and severe internal disarray within the company.
In a filing with the stock exchange, Gensol confirmed Aga’s resignation dated May 16, 2025, citing mounting pressure and deteriorating working conditions.
In his resignation letter, Aga wrote:
“The company is under intense scrutiny from multiple regulatory bodies. Top-level resignations, including those of the MD and Directors, have already occurred. Critical data disorganization is severely impacting our ability to respond to ongoing investigations due to the absence of a structured support system.”
He further expressed that the stress of the situation had taken a toll on his mental and physical health, stating:
“The pressure is affecting my well-being and has led to a total loss of focus on my duties. I believe resigning is in the company’s best interest under these challenging conditions.”
This follows a turbulent period for the company. Just days earlier, Indian Renewable Energy Development Agency Ltd (IREDA) filed an insolvency plea against Gensol, alleging a default of ₹510 crore.
On May 12, Managing Director Anmol Singh Jaggi and Whole-Time Director Puneet Singh Jaggi also resigned. In addition, SEBI has barred both the company and the Jaggi brothers from accessing the securities market until further notice.
The company’s shares have been in a dramatic free fall, dropping by over 91% in just six months. From a high of ₹2,300 per share in October 2023, the stock now trades at ₹65.56, marking a severe erosion of investor wealth.
