Gensol Faces Financial Freeze Amid Fraud Allegations

• The National Company Law Tribunal (NCLT) froze Gensol's bank accounts and lockers due to alleged systemic fraud.
• The tribunal's action followed a petition by the Ministry of Corporate Affairs to secure Gensol's financial assets.
• NCLT noted serious allegations of fund diversion, governance violations, and asset alienation by Gensol's promoters.
• EV lessor SMAS Auto Leasing is seeking court intervention to reclaim vehicles leased to Gensol's subsidiary.
• Gensol's issues include debt recovery actions and investigations by SEBI and the Enforcement Directorate.

Source: Inc42