New Delhi, April 18 -- Promoters of Gensol Engineering Ltd (GEL) had assured the board that they would manage the company's debt better and get a Big Four auditor to vet related party transactions (RPTs), promises that remained unfulfilled even as the regulator cracked the whip on Tuesday. Meanwhile, Gensol's seven-member board has shrunk to two following the ban on its two promoters and the exit of three independent directors.

Arun Menon who had joined the board on 19 April 2022, and Kuljit Singh Popli who had joined on 10 June 2024 stepped down this week. Earlier on 13 March, Rajesh Jain left the board.

The directors who quit flagged Gensol's myriad RPTs and over-leverage in its rush to unrelated businesses like electric vehicle leasi...