Skip to main content

Enforcement Directorate Conducts Raids at Gensol Engineering Premises

Company discloses regulatory search at multiple locations under foreign exchange laws, with documents and electronic records seized during April 27 operation.

Sarthak MahajanBy Sarthak Mahajan calendar 28 Apr 2025 Views icon2505 Views Share - Share to Facebook Share to Twitter Share to LinkedIn Share to Whatsapp
Enforcement Directorate Conducts Raids at Gensol Engineering Premises

Gensol Engineering Limited, a listed company on both the BSE and NSE, disclosed today that the Directorate of Enforcement (ED) conducted search and seizure operations at the company's premises in Ahmedabad and Gurgaon.

According to the regulatory filing submitted to stock exchanges, the raids were carried out under provisions of the Foreign Exchange Management Act (FEMA), 1999. The ED officials seized several documents, electronic devices, and financial records during the operation that took place on April 27.

In compliance with SEBI regulations, Gensol Engineering informed investors that orders under Section 37 of FEMA read with Section 132(3) of the Income Tax Act were issued to multiple banks including Axis Bank, HDFC, and ICICI Bank, potentially restricting certain financial operations.

The company's Chief Financial Officer, Jabir Mahendi M Aga, signed the disclosure stating that "the quantifiable financial impact on the Company cannot be ascertained at this point in time." The filing also mentioned that the company is "in the process of taking appropriate legal measures" in response to the enforcement action.

RELATED ARTICLES

DriveX Opens Three New Retail Stores Across Bengaluru and Chennai

auther Dev Vadchhedia calendar24 Aug 2026

Pre-owned two-wheeler platform adds outlets to expand its southern footprint.

Weekly News Wrap: Skoda-VW’s India Bet, Olectra’s EV Push, Govt’s Electronics Drive

auther Kiran Murali calendar23 Aug 2026

The automotive industry is balancing localisation, electrification and capacity expansion as companies adapt to changing...

EXCLUSIVE: SIAM Seeks Removal of 2.5% Import Duty on Aluminium Scrap

auther Anurag Chaturvedi calendar22 Aug 2026

Automakers say the levy is inflating input costs and crumbling competitiveness as India's dependence on imported scrap d...