Gensol Engineering shares: Two more Independent Directors Resign

Gensol Engineering share price: The company intimated about the resignation of two more Independent Directors Harsh Singh and Kuljit Singh Popli on Thursday post market hours. A day earlier Gensol Engineering also had intimated about the resignation of Independent director Arun Menon, citing debt concerns that had dealt a further blow to Gensol Engineering's stock, which is already suffering from intense selling pressure.

Gensol Engineering Promoters and Directors Anmol Singh Jaggi and Puneet Singh Jaggi already had resigned after stock market regulator Securities and Exchange Board of India (SEBI) strict action against the promoters. The proposed 1:10 stock split plan also had been put on hold.

Two more independent directors resign

Gensol Engineering post market hours on Thursday intimated the exchanges that Harsh Singh and Kuljit Singh Popli had tendered their resignation as the Independent Directors of the Company, with immediate effect, April 16, 2025.

Harsh Singh in his resignation letter said that he was aware that his decision comes at a time when the company is facing difficult times, however cited his other professional commitments as reasons for his resignation.

However Kuljit Singh Popli said that recent developments and news in the media have pained him immensely. Popli in his resignation letter also said that he was hoping for some positive developments to happen however the way the things have unfolded and come to light, he is not in a position to continue as the independent director.

Popli in his resignation letter also added that he was hopeful that the company has grown so fast and has been enjoying good reputation and good will, will grow and create value for shareholders and governance issues as brought out will be addressed, however that has not happened

Earlier on Wednesday Gensol had intimated about resignation of another independent Director Arun Menon's resignation from the company. Menon had cited reasons as high debt levels and concerns over the company's financial sustainability.

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