Gensol Engineering’s Chief Financial Officer (CFO), Jabirmahendi Mohammedraza Aga, has resigned from his role with immediate effect, citing multiple regulatory investigations.
Aga’s resignation follows the recent exits of the company’s Managing Director, Anmol Singh Jaggi, and Whole-time Director, Puneet Singh Jaggi.
In his resignation letter dated May 16 and addressed to the company’s board, Aga referred to the regulatory probes and the departure of top executives as indicators of growing disorder within the organization.
“The Company is currently facing significant challenges, with multiple regulatory bodies conducting investigations. As you are aware, the top management has already resigned from their respective roles. Furthermore, the disorganization of critical data across various departments is hindering our ability to effectively respond to the ongoing inquiries due to a lack of a cohesive support system,” Aga said in his resignation letter, which Gensol Engineering updated on stock exchanges.
“The immense pressure resulting from these circumstances is adversely affecting my physical and mental well-being, leading to a complete loss of focus on my responsibilities. Therefore, I have made the difficult decision to resign, believing it to be in the best interest of the Company under these trying conditions,” he added.
On Friday, Gensol Engineering share price ended at 5% upper circuit at ₹66.29 apiece on the BSE.
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