The investment project of former India captain MS Dhoni has failed, this time with Gensol Engineering Ltd. On April 15, the Securities and Exchange Board of India (SEBI) banned Anmol Singh Jaggi and Puneet Singh Jaggi, the company’s promoters, from holding executive roles or having access to the securities market.
The judgement was made after an investigation found that about INR 978 crore in government-guaranteed electric vehicle (EV) loans had been mismanaged and purportedly utilised for unrelated personal expenses.
From a peak of INR 1,126 to a low of INR 122 per share, Gensol’s share price plummeted by more than 75%. A planned stock split was also shelved as a result of the SEBI action. In the midst of the chaos, Independent Director Arun Menon resigned.
In its largest-ever valuation, Gensol’s INR 420 crore Series B capital round included an investment from Dhoni’s family office. Dhoni’s business endeavours have also encountered difficulties in the past. He had previously been a part of the Amrapali Group problem, which resulted in legal issues. He formerly worked with the Amrapali Group, which was embroiled in legal issues due to its crises.
“Investing in BluSmart’s sustainable business strategy means more than just helping a company; it means joining a movement that will influence how people travel in the future. “I am thrilled to support BluSmart’s innovative efforts in transforming urban transport in a world where innovation drives sustainable choices,” Dhoni stated in a statement made during the investment period, according to Republic World.
BluSmart, the EV ride-hailing company that the Jaggi brothers co-founded, has been adversely harmed by the financial crime. BluSmart, which has recently operated in Delhi NCR, Bengaluru, and Dubai, is reportedly having trouble maintaining operations. The company might now start supplying EV fleets to websites like Uber.
Gensol guaranteed support for the current forensic audit while denying any misconduct. Both BluSmart and Gensol face an uncertain future as the regulatory fire grows and investor confidence declines.
MS Dhoni’s IPL 2025 tenure
In the current Indian Premier League (IPL) 2025, MS Dhoni has not been playing at his best with the bat. Following the first five games, Ruturaj Gaikwad was out due to injury, and the wicketkeeper-batter was once again named captain of the Chennai Super Kings (CSK). CSK has dropped three of their last four games while Dhoni has been captain.
The 43-year-old, meanwhile, has only amassed 140 runs from nine innings with a strike rate of 142.86 and an average of 28. When he hit an undefeated 26 off 11 balls to lead his team to victory against the Lucknow Super Giants at the Ekana Cricket Stadium, it was his finest knock. At the bottom of the points table, CSK is lingering. They will need a huge miracle to advance to the playoffs from here, as they have lost two of their last nine games.
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