On Tuesday, Gensol Engineering announced that IREDA, a state-owned financial institution, had labelled the company’s loan accounts as “fraud.” According to sources, Gensol’s loan accounts of Rs 673 crore have been labelled as “fraud” by IREDA, which has subsequently referred the problem to the Reserve Bank of India. In response, the company has gone public with its explanation.The reports in question are based on the aforementioned directive issued by IREDA and contain accurate information, according to Gensol Engineering.
The Indian Renewable Energy Development Agency Limited (IREDA) is a non-banking financial entity that falls under the purview of the Ministry of New and Renewable Energy (MNRE). Its mission is to facilitate the establishment of renewable energy projects through the promotion, development, and extension of financial assistance.
IMage: ET
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