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Gensol Engineering’s CFO Jabirmahendi Aga quits company amid rising scrutinyThis comes days after the Indian Renewable Energy Development Agency Ltd (IREDA) filed an insolvency application against Gensol Engineering Ltd, citing a default of ₹510 crore.By Juviraj Anchil  May 17, 2025, 1:56:14 PM IST (Published)2 Min ReadAmid investigations, the embattled Gensol Engineering’s Chief Financial Officer (CFO) Jabirmahendi Mohammedraza Aga has resigned from the company.

Gensol CFO Quits

In an exchange filing, the company said, "We wish to inform you that Mr. Jabirmahendi Mohammedraza Aga has resigned vide his resignation letter dated 16.05.2025 from the post of Company Chief Financial Officer. "

The company has been under immense pressure ever since discrepancies emerged in the functioning of the company and the spurious conduct of its promoters.

This was reflected in the Aga's resignation letter.

Also Read: IREDA files insolvency application against Gensol Engineering over ₹510 crore dues

In the letter, the former CFO said, "The Company is currently facing significant challenges, with multiple regulatory bodies conducting investigations. As you are aware, the top management have already resigned from their respective roles. Furthermore, the disorganization of critical data across various departments is hindering our ability to effectively respond to the ongoing inquiries due to a lack of a cohesive support system."

Furthermore, the letter said, "The immense pressure resulting from these circumstances is adversely affecting my physical and mental well-being, leading to a complete loss of focus on my responsibilities. Therefore, I have made the difficult decision to resign, believing it to be in the best interest of the Company under these trying conditions."

This comes days after the Indian Renewable Energy Development Agency Ltd (IREDA) filed an insolvency application against Gensol Engineering Ltd, citing a default of ₹510 crore.

Previously, on May 12, Managing Director Anmol Singh Jaggi and whole-time Director Puneet Singh Jaggi had also resigned.

SEBI has placed restrictions and barred the Gensol and Jaggi brothers from accessing the securities market until further notice.

Gensol Stocks

The shares of Gensol Engineering have been in a free fall since the allegations surfaced. While the company shares closed the previous trading week with gains, the current value of the company shares stands at ₹65.56 per share.

This is far behind its high of ₹2,300 per share in October 2023.

The company's shares have declined by ₹695.39, or 91.38%, in just the past 6 months of trade.

Also Read: Shareholder Value Erosion: Stock plunges 94% from peak after falling in 48 out of last 50 sessions

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