The Institute of Chartered Accountants of India (ICAI) has announced that it will be conducting a review of the financial statements of Gensol Engineering and BluSmart Mobility for the fiscal year 2024 in response to 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 over accusations of fund siphoning. The Financial Reporting Review Board (FRRB) will be examining the companies’ compliance with regulations, with any irregularities potentially resulting in disciplinary measures and referrals to regulatory bodies. Additionally, the Ministry of Corporate Affairs is also contemplating taking action against Gensol in light of these developments. The ICAI’s decision underscores the importance of transparency and accountability in financial reporting, particularly in the wake of such serious allegations. Stay tuned for further updates on this developing story.