Mobility

Did BluSmart and Gensol’s downfall begin in the boardroom?

Pranav Balakrishnan

Nikhil Patwardhan

May 14, 2025 | 9 Min Read

Behind BluSmart’s collapse lies an oversight problem. Did independent directors with financial interests in the company they were supposed to monitor potentially enable the promising startup’s mismanagement and ignore obvious red flags?

On Monday, May 12, Anmol Singh Jaggi and his brother Puneet Singh Jaggi stepped down from their respective roles at Gensol Engineering, the renewable energy company they co-founded in 2012.

With Gensol now engulfed in allegations of fraud and corporate misgovernance after a damning report from the Securities and Exchange Board of India exposed a web of financial irregularities inside the company, their resignations were an inevitability.

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