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Gensol Engineering has confirmed that the Indian Renewable Energy Development Agency (IREDA) has classified its loan accounts worth INR 673 crore as fraud and reported the matter to the Reserve Bank of India (RBI). The clarification was issued after media reports on the development. The company stated that the reports accurately reflected IREDA's order. The latest development adds to the regulatory scrutiny surrounding Gensol Engineering, which has faced multiple actions from financial and market regulators in recent months.
Gensol Engineering has confirmed that the Indian Renewable Energy Development Agency (IREDA) has classified the company's loan accounts worth INR 673 crore as fraud and has reported the matter to the Reserve Bank of India (RBI).
The clarification was submitted to the stock exchanges after media reports stated that IREDA had declared Gensol Engineering's loan accounts as fraud. Responding to the reports, the company said they were factually correct and based on the order issued by IREDA.
According to Gensol Engineering, the contents of the media reports accurately reflected IREDA's decision regarding the classification of its loan accounts.
IREDA is a government-owned non-banking financial institution operating under the Ministry of New and Renewable Energy (MNRE). The institution provides financial assistance for renewable energy and energy efficiency projects across the country and plays a key role in financing India's clean energy sector.
The latest action comes amid increased regulatory scrutiny of Gensol Engineering. Over the past few months, the company has faced multiple developments related to its financial affairs, with regulators and lenders reviewing various aspects of its operations. The classification of a loan account as fraud by a lender is reported to the RBI in accordance with regulatory requirements and can lead to further investigation and recovery proceedings.
Source PTI
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