India, April 17 -- With Gensol Engineering under the lens of markets regulator SEBI, its independent director Arun Menon has resigned with immediate effect, citing concerns over the "debt position of the company."

In his resignation letter addressed to promoter Anmol Singh Jaggi, Menon said, "There was growing concern on the leveraging of GEL balance sheet to fund the capex of other businesses; and the sustainability of servicing such high debt costs by GEL."

Menon's resignation follows SEBI's decision to ban Gensol promoters - Anmol Singh Jaggi and Puneet Singh Jaggi - from acting as directors or key managerial personnel in any listed company. The market watchdog also barred Gensol and related entities from the stock market until furth...