The Institute of Chartered Accountants of India (ICAI) has announced that it will conduct a review of the financial statements of Gensol Engineering and BluSmart Mobility for the fiscal year 2024 following allegations of misconduct. This move comes in the wake of the Securities and Exchange Board of India (SEBI) imposing a market ban on Gensol’s promoters due to accusations of fund siphoning. The Financial Reporting Review Board (FRRB) will scrutinize the companies’ adherence to compliance standards, and any irregularities uncovered during the review could result in disciplinary measures as well as referrals to regulatory bodies. Additionally, the Ministry of Corporate Affairs is contemplating taking action against Gensol in light of these developments. The ICAI’s decision to review the financial statements of Gensol Engineering and BluSmart Mobility underscores the importance of transparency and accountability in financial reporting practices. Stay tuned for updates on this developing story.