ICAI probe into Gensol, IndusInd Bank expected to take at least six months -OxBig News Network

The regulating body commenced their review of Gensol Engineering April this year amidst regulators’ actions against the entity for allegedly having diverted business funds raised for personal purchases. Photo: X/@GensolGroup

President of the Institute of Chartered Accountants of India (ICAI), Charanjot Singh Nanda informed Wednesday (June 18, 2025) that their review of the financial statements of Gensol Engineering, BluSmart Mobility and private lender IndusInd Bank would take at least six months. Mr. Nanda elaborated that the financials of three entities are presently being evaluated by the regulating body’s Financial Reporting Review Board (FRRB).  

Further, the ICAI chief underlined that should the FRRB determine anything suspicious, the matter would be referred to ICAI’s Disciplinary Committee for a detailed investigation. The latter is vested with the power to, among other things, either temporarily or permanently suspend, or accord financial penalties to the entity determined guilty. 

Disciplinary committee bench to be formed soon  

Mr. Nanda informed the (judgement) bench of the disciplinary committee would be re-constituted “latest by Thursday (June 19, 2025) evening”. The tenure of the previous bench had concluded sine die on February 11. The formation comprises four benches of five members each inclusive of two members nominated by the Ministry of Corporate Affairs.  

Imperative to note, the disciplinary committee is also investigating alleged auditing lapses of the edtech company Byju’s. The matter would also be decided by one of the benches.  

IndusInd, Gensol probe 

ICAI had initiated a review of IndusInd’s financial statements and statutory auditor reports for FY 2023-24 and 2024-25 in March this year. The private lender had back then had informed about a discrepancy in their accounting for derivative holdings. This was followed by another set of disclosures about accounting discrepancies in their microfinance loans segment.

The regulating body commenced their review of Gensol Engineering April this year amidst regulators’ actions against the entity for allegedly having diverted business funds raised for personal purchases.