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 had already resigned following the stock market regulator Securities and Exchange Board of India (SEBI) strict action against the promoters. The proposed 1:10 stock split plan has also 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, effective April 16, 2025.
Harsh Singh, in his resignation letter, stated that he was aware that his decision comes at a time when the company is facing difficult times; however, he cited his other professional commitments as reasons for his resignation.
Kuljit Singh Popli expressed in his resignation letter that recent developments and news in the media have caused him immense distress. He mentioned that he was hoping for some positive developments, but given the way things have unfolded, he is not in a position to continue as an independent director.
Popli also added that he was hopeful that the company, which has grown quickly and has enjoyed a good reputation and goodwill, would continue to grow and create value for shareholders and resolve the governance issues raised; however, that has not occurred.
Earlier on Wednesday, Gensol had intimated about the resignation of another Independent Director, Arun Menon. Menon cited high debt levels and concerns over the company’s financial sustainability as reasons for his resignation.
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