The Institute of Chartered Accountants of India (ICAI) has announced that it will be conducting a review of Gensol Engineering and BluSmart Mobility’s financial statements for the fiscal year 2024 in response to allegations of misconduct. This move comes after the Securities and Exchange Board of India (SEBI) imposed a market ban on Gensol’s promoters for alleged fund siphoning activities. The Financial Reporting Review Board (FRRB) will be examining the companies’ compliance with regulations, and any irregularities found during the review could result in disciplinary measures and potential referral to regulatory bodies. Additionally, the Ministry of Corporate Affairs is contemplating taking action against Gensol in light of the allegations. This development underscores the importance of transparency and accountability in financial reporting practices, and highlights the regulatory scrutiny that companies in India are subject to. Stay tuned for updates on this developing story.