Entrepreneur Speaks Out on Investment Controversy

Ashneer Grover, the co-founder of BharatPe and a personal investor in BluSmart, has publicly addressed the recent SEBI crackdown on Gensol Engineering and the operational suspension of the EV cab service provider BluSmart. Grover describes himself as a 'victim' of the unfolding situation, highlighting his personal investments in the affected companies.

Personal Investments at Risk

Grover disclosed that he had invested Rs 1.5 crore in BluSmart and Rs 25 lakh in Matrix, expressing his concerns over the current challenges faced by these entities. "Dragging my and my company’s name in this Gensol/BluSmart fiasco is rather shameful," he stated, emphasizing his victim status in the scenario.

Clarifying His Role

Grover clarified that he holds no operational role in either Gensol or BluSmart, positioning himself solely as a shareholder without involvement in managerial or financial decisions. He expressed hope for BluSmart's survival amidst the crisis, for the sake of all stakeholders involved.

Transparency Offer

In a bold move to prove the legitimacy of his investments, Grover offered to make his bank account and tax return details public. He reiterated that in a private limited company, the onus is on incoming shareholders to declare their source of funds, not the company's responsibility to verify them.

Background: SEBI's Investigation

The controversy stems from a SEBI probe into financial misconduct by the co-founders of Gensol Engineering, revealing misuse of company funds intended for BluSmart's electric vehicle purchases. The findings led to market bans for the promoters and a forensic audit of Gensol's finances.