Gensol Engineering Ltd (GEL) is facing internal turmoil as three independent directors—Arun Menon, Harsh Singh, and Kuljit Singh Popli—resigned following a Sebi order.

Their resignations were triggered by concerns over GEL’s high debt costs and the leveraging of its balance sheet to fund other businesses. Arun Menon noted that his offer to help with debt restructuring was ignored and cited governance concerns. Popli expressed disappointment over the lack of positive developments and unresolved governance issues. Additionally, promoters Anmol Singh Jaggi and Puneet Singh Jaggi have stepped down from management roles in compliance with Sebi’s interim order. The resignation wave casts uncertainty over the planned IPO of Matrix Gas & Renewables, a Gensol Group company.