BluSmart cab services to be closed? Anmol Singh Jaggi suspends operations after Sebi...

Gensol Engineering's promoters, Anmol and Puneet Singh Jaggi, have resigned from their directorial roles at the company following a Sebi interim order that barred them from participating in the securities market due to alleged financial misconduct. As per the order, they are restrained from holding any directorial or key managerial positions within the company until further notice. This development was disclosed by the company in a regulatory filing, stating that the brothers are no longer involved in the management of Gensol Engineering, effective immediately, in compliance with the Securities and Exchange Board of India's (Sebi) instructions, as reported by the ET. 

BluSmart to discontinue cab services?

Interestingly, Anmol Jaggi is also associated with BluSmart, a ride-hailing company, as a co-founder. Amidst the recent controversy surrounding Gensol Engineering, BluSmart has reportedly begun suspending its cab services in certain areas of Delhi-NCR, Bengaluru, and Mumbai. Users have faced difficulties booking cabs from specific locations like Delhi Airport and parts of New Delhi and Gurgaon. Although it was previously reported that BluSmart might discontinue its ride-hailing business and transition its vehicles to Uber, there has been no official confirmation from the company regarding either the suspension of services or plans to shift to another platform. As of now, the situation remains unclear, with no formal statement issued by BluSmart about the service disruptions.

BluSmart operations temporarily suspended in certain areas

Delhi International Airport issued an advisory to passengers, stating that BluSmart has temporarily suspended its operations at the airport. However, the airport assured travellers that adequate cab and taxi services are available. This development comes after reports emerged that BluSmart's operations had significantly scaled back amid the crisis surrounding its co-founder Anmol Jaggi's company, Gensol Engineering. As of early this month, BluSmart's daily rides had plummeted to around half of its peak volume of 25,000-30,000 rides per day, which it had achieved last year. The troubles seem to be compounding for BluSmart, as the company had recently faced challenges in raising $50 million in funding, partly due to the spillover impact of the issues surrounding Gensol Engineering.