Gensol Engineering Limited informed the stock exchanges that the Directorate of Enforcement (ED) conducted a search and seizure operation at its premises located in Ahmedabad and Gurgaon. The action, carried out under the provisions of the Foreign Exchange Management Act (FEMA), 1999, involved the seizure of documents, electronic devices, and financial records.
According to the company’s disclosure under Regulation 30 of SEBI’s Listing Obligations and Disclosure Requirements (LODR) Regulations, 2015, the ED also issued orders under Section 37 of FEMA, 1999, read with Section 132(3) of the Income Tax Act, 1961, to Axis Bank, HDFC Bank, and ICICI Bank.
The company received the official communication (Panchnama/Seizure Memo) on April 27, 2025. Gensol Engineering stated that the quantifiable financial impact of the enforcement action cannot be ascertained at this point.
The company added that it is currently in the process of taking appropriate legal measures regarding the matter.
