New Delhi, April 18
Two more independent directors at Gensol Engineering Ltd have resigned amid mounting troubles for the company, as the Securities and Exchange Board of India (SEBI) barred Gensol promoters Anmol Singh Jaggi and Puneet Singh Jaggi over alleged fund diversion and record falsification.
Harsh Singh and Kuljit Singh Popli have left the company with immediate effect, according to an exchange filing. This comes a day after another independent director, Arun Menon, tendered his resignation.
In his resignation letter, Popli said he was "pained" by the recent developments. "I was hoping for some positive developments to happen past one month, however the way things have unfolded and come to light, I am not in a position to continue as Independent Director," he wrote.
"I was hopeful that the company that has grown so fast and had been enjoying good reputation and goodwill, will continue to grow and create value for all stakeholders and governance issues as brought out will be addressed. However that has not happened (sic)," he added.
On the other hand, Harsh Singh cited other "professional commitments" for quitting.