Mumbai/New Delhi: A Critical Financial Review Underway

The Institute of Chartered Accountants of India (ICAI) has initiated a pivotal review of the financial statements and statutory auditor's report for Gensol Engineering and BluSmart Mobility for the fiscal year 2023-24. This action comes amidst revelations of fund diversion by the promoters of BluSmart, leading to a Sebi probe.

Forensic Audit Fast-Tracked Following Sebi Investigation

BluSmart's engagement of Grant Thornton for a forensic audit marks a significant turn in the saga, with sources indicating a thorough examination of the company's books is imminent. The startup, once a contender against giants like Ola and Uber, has suspended operations, casting shadows over its future.

Investor Watch: BP Ventures' Stance

Despite holding a 14% stake in BluSmart, BP Ventures has remained tight-lipped about the developments, only affirming its commitment to the Indian market and ongoing evaluation of new investments aligned with BP's strategy.

ICAI's FRRB Takes Charge

The Financial Reporting Review Board (FRRB) of ICAI is now at the helm, scrutinizing the compliance of financial statements with accounting principles and disclosure requirements. The outcome could lead to disciplinary actions, underscoring the gravity of the review.

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