The Institute of Chartered Accountants of India (ICAI) is set to review 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 suspected fund siphoning activities. The Financial Reporting Review Board (FRRB) will scrutinize the companies’ compliance with accounting standards, and any irregularities discovered could result in disciplinary measures and potential referral to regulatory bodies. Additionally, the Ministry of Corporate Affairs is contemplating further action against Gensol in light of these developments. The review by ICAI underscores the importance of transparency and accountability in financial reporting practices, particularly in the wake of allegations of financial impropriety. Stay tuned for updates on this developing story.