The Institute of Chartered Accountants of India (ICAI) has announced a review of Gensol Engineering and BluSmart Mobility’s financial statements for the fiscal year 2024 in response to allegations of misconduct. This move comes after the Securities and Exchange Board of India (SEBI) imposed a market ban on Gensol’s promoters for allegedly siphoning funds. The Financial Reporting Review Board (FRRB) will examine the companies’ compliance with financial regulations, with any irregularities potentially resulting in disciplinary measures and referrals to regulatory bodies. Meanwhile, the Ministry of Corporate Affairs is contemplating further action against Gensol in light of these developments.