The Institute of Chartered Accountants of India (ICAI) has announced that it will be conducting a review of the financial statements for the fiscal year 2024 of Gensol Engineering and BluSmart Mobility. This move comes in response to allegations of misconduct against the two companies. The decision to review the financial statements follows a market ban imposed by the Securities and Exchange Board of India (SEBI) on Gensol’s promoters due to accusations of fund siphoning. The Financial Reporting Review Board (FRRB) will be examining the compliance of the companies, and any irregularities discovered during the review process could result in disciplinary action and potential referral to regulatory authorities. Additionally, the Ministry of Corporate Affairs is also considering taking action against Gensol in light of the allegations. The review by ICAI underscores the importance of transparency and adherence to financial regulations in the Indian business landscape. It highlights the need for companies to maintain strict compliance with financial reporting standards to ensure accountability and integrity in their operations. Stay tuned for further updates on this developing story.