The Institute of Chartered Accountants of India (ICAI) has announced its plans 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 accusations of fund siphoning. The Financial Reporting Review Board (FRRB) will scrutinize the companies’ compliance with regulations, and any irregularities discovered could result in disciplinary measures and possible referral to regulatory bodies. Additionally, the Ministry of Corporate Affairs is contemplating further action against Gensol in light of these developments. The ICAI’s decision underscores the importance of maintaining transparency and adhering to ethical financial practices in the Indian business landscape.