While promoters Jaggi brothers resigned from e-ride hailer BluSmart’s parent firm, Gensol Engineering Limited’s, board the board has appointed Rajesh Jain as an independent director. Th resignation is effective May 12, 2025.
Jaggi brothers’ resignations were submitted in compliance with the Securities and Exchange Board of India’s (SEBI) interim order issued on April 15, 2025. The regulator barred both Anmol and Puneet Singh Jaggi from holding directorships or key managerial roles and from participating in the securities market until further notice. SEBI has also ordered a forensic audit of Gensol’s financials for FY22 to FY25.
As a result of the order, popular e-mobility firm BluSmart has suspended operations in Delhi, Mumbai, and Bengaluru, and is facing protests from drivers over unpaid dues.
BluSmart is in talks with climate-focused distressed asset funds for a potential revival, according to various media reports.
Meanwhile, Rajesh Jain brings a wealth of experience, having recently retired from Walker Chandiok & Co LLP after over two decades, where he significantly contributed to the firm’s expansion in India. He holds over 45 years of experience in various senior roles across India, Malawi, and Zambia and was a founding partner at KPMG India.
With a background in Indian and International Auditing, M&A Advisory, and Corporate Governance, Jain has served in industries such as IT, automotive, energy, and finance. He is highly regarded for his expertise in IPOs, accounting advisory, and mentorship to entrepreneurs.
