Two more independent directors resign from Gensol Engineering’s board

Two more independent directors of Gensol Engineering have resigned from the board of the company with immediate effect, referring to the recent developments in the company.

Investigations by Securities and Exchange Board of India revealed that the company’s promoters diverted loans taken for their personal use. The company and the promoters have been barred from accessing the securities markets while the promoters have been banned from holding any key managerial position in the company.

Kuljit Popli, in his resignation letter, said, “Recent developments and news in the media has pained me immensely. I was hoping for some positive developments to happen past one month, however the way things have unfolded and come to light I am not in a position to continue as independent director.”

He said that he hoped the with the growth of the company it would enjoy good reputation and goodwill and would create value for stakeholders. “However that has not happened.”

The other independent director Harsh Singh said that his professional commitments in Patna were coming in the way of his contributing to the company in a useful manner.

“I am aware that my decision comes at a time when the company is facing a difficult time. I hope and wish that the company is able to rise over the current tide.”

Earlier another independent director Arun Menon had resigned, saying that he had flagged debt concerns to the promoters nearly a year ago.

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Published on April 18, 2025