Two more Gensol Engineering independent directors, Harsh Singh and Kuljit Singh Popli, resign | Company Business News

Two more independent directors at Gensol Engineering Ltd. resigned on Thursday amid mounting troubles for the company under regulatory scanner.

The three resignation with a span of few hours came came a day after Sebi on Tuesday barred Gensol Engineering and its promoters —  Anmol Singh Jaggi and Puneet Singh Jaggi —  from the securities markets till further orders in a fund diversion and governance lapses case.

“Pursuant to Regulation 30 of SEBI Listing Regulations, we wish to inform you that Mr. Harsh Singh (DIN : 10362879) and Mr. Kuljit Singh Popli (DIN : 01976135), has tendered their resignation as the Independent Director of the Company, with immediate effect, the reasons are mentioned in their resignation letter. Consequently, They shall also cease to be a Member of the various Committee of the Company,” said the company in filing.

Earlier in the day, independent director Arun Menon tendered his resignation.

In his resignation letter addressed to Anmol Singh Jaggi, one of the promoters of the company, Menon said, “There was growing concern on the leveraging of GEL balance sheet to fund the capex of other businesses; and the sustainability of servicing such high debt costs by GEL.”