The Institute of Chartered Accountants of India (ICAI) is set to scrutinize 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 examine the companies’ adherence to financial regulations, with any irregularities potentially resulting in disciplinary measures and possible referral to regulatory bodies. Additionally, the Ministry of Corporate Affairs is contemplating taking action against Gensol in light of these developments. The review by ICAI underscores the importance of transparency and accountability in financial reporting, particularly in the wake of allegations of financial impropriety.