Former India captain MS Dhoni‘s investment venture has experienced a setback, this time in Gensol Engineering Ltd. The Securities and Exchange Board of India ( SEBI ) on April 15 prohibited the company’s promoters, Anmol Singh Jaggi and Puneet Singh Jaggi, from holding top positions or accessing the securities market.
The decision was taken after a probe detected financial mismanagement of almost INR 978 crore of government-guaranteed electric vehicle (EV) loans, which were supposedly used for unrelated personal expenditure.
Gensol’s share price crashed more than a whopping 75%, from a high of INR 1,126 to as low as INR 122 per share. The SEBI crackdown also led to the abandonment of a planned stock split. Independent Director Arun Menon has stepped down in the middle of the disarray.
Dhoni’s family office had invested in Gensol’s INR 420 crore Series B funding round its biggest-ever valuation. Dhoni’s ventures ran into trouble in the past as well. In the past, he was involved with the crisis Amrapali Group, which landed in legal complications. Previously, he was involved with the crisis-hit Amrapali Group, which landed in legal complications.
“Investing in BluSmart’s sustainable business model is not just about supporting a company; it’s about being part of a movement that shapes the future of mobility. In a world where innovation drives sustainable choices, I am excited to back BluSmart’s pioneering efforts in reshaping urban transportation,” Dhoni said, according to the statement during the investment period as per Republic World.
The money transgression has directly impacted BluSmart, the EV ride-hailing firm co-founded by the Jaggi brothers. Active in Delhi NCR, Bengaluru, and Dubai recently, BluSmart is said to be facing problems keeping operations running. The firm could now transform into an EV fleet supplier to platforms such as Uber.
Gensol denied any malpractice but ensured support for the ongoing forensic audit. With the regulatory fire escalating and investor confidence diminishing, both BluSmart and Gensol have an unstable future ahead of them.
MS Dhoni’s time in IPL 2025
MS Dhoni has not been at his best with the bat in the ongoing Indian Premier League (IPL) 2025. The wicketkeeper-batter became captain of the Chennai Super Kings (CSK) once again when Ruturaj Gaikwad was ruled out due to injury after the first five matches. Under Dhoni’s captaincy, CSK have lost three out of four matches.
Meanwhile, the 43-year-old has only managed 140 runs from nine innings at an average of 28 and a strike rate of 142.86. His best knock came against Lucknow Super Giants at the Ekana Cricket Stadium when he smashed an unbeaten 26 off 11 balls to take his team to victory. CSK are languishing at the bottom of the points table. They have lost two out of their nine games and will need a major miracle to qualify for the playoffs from here.
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