The corporate affairs ministry (MCA) has reportedly ordered a probe into Gensol Engineering and its related entity, EV ride-hailing startup BluSmart, to ascertain if the companies indulged in corporate governance violations.

“Investigation ordered under Section 210 of Companies Act has been ordered last week,” Economic Times quoted a source as saying.

Section 210 of the Companies Act deals with investigation into the affairs of a company. As per the report, the investigation will also cover the other affiliates of Gensol.

The probe report will be submitted to the MCA in the next three months, the report said. The government could hand over the probe to the Serious Fraud Investigation Office (SFIO) if the preliminary investigation reveals “serious allegations of fraud”, it added.

This comes weeks after SEBI, in an interim order last month, banned BluSmart cofounders and Gensol promoters Anmol Singh Jaggi and Puneet Singh Jaggi from holding the position of a director of the troubled engineering, procurement and construction (EPC) company.

The markets regulator alleged that the Jaggi brothers falsified documents, indulged in share price manipulation, misappropriated company funds, among others. SEBI also ordered a forensic audit of the books of Gensol and its related entities, which includes BluSmart.

Meanwhile, the Jaggi brothers are also under the scanner of Enforcement Directorate (ED) over alleged violations of forex regulations. Last month, the . However, he received anticipatory bail from the Delhi High Court earlier this month.

(This is a breaking story and will be updated soon.)

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