The company has filed a complaint with the Economic Offences Wing (EoW) against Gensol over falsified documentation, clarifying that they did not issue the letters referred to.
IREDA has classified Gensol’s account as one “under stress” but is yet to classify it as an “NPA.”
“The investigation and risk committees of IREDA are closely examining the matter and appropriate actions regarding the collaterals and recoveries will be taken based on the outcome of the review,” the state-run renewable energy financier said in an exchange filing.
IREDA went on to say that the promoters of Gensol diluted their shareholdings without approval of lenders, constituting a breach of contract, therefore prompting the company to seek legal recourse and file a complaint with the EoW.
Earlier this week, Power Finance Corporation (PFC) had mentioned that ₹307 crore out of the ₹352 crore it disbursed to Gensol remains unpaid. Similar to IREDA, PFC too, filed a complaint against Gensol with the EoW.
However, IREDA has not classified its total exposure to Gensol in Friday’s release.
Sources had told CNBC-TV18 on Thursday that the Enforcement Directorate had arrested Puneet Jaggi in Delhi and is conducting searches against Gensol as part of the FEMA probe.
The ED has begun the investigation based on the SEBI action against both Anmol and Puneet Jaggi, sources added.
Shares of IREDA ended 5% lower on Friday, in-line with the sell-off in the markets at ₹166.71. The stock is still down nearly 50% from its all-time high of ₹310.
