ICAI probe into Gensol, IndusInd Bank expected to take at least six months

The regulatory body began its review of Gennsol Engineering on April this year, which is amid the functions of regulators against the unit for allegedly removing the business fund for individual procurement. Photo: x/@gensolgroup

Charanjot Singh Nanda, President of the Institute of Chartered Accountants of India (ICAI), informed on Wednesday (June 18, 2025) that his review of Gensol Engineering, Blasmart Mobility and private lender IndusInd Bank’s financial details would take at least six months. Mr. Nanda explained in detail that the financial evaluation of three institutions is currently being evaluated by the Body Financial Reporting Review Board (FRRB).

In addition, the ICAI chief underlined that FRRB should determine anything suspect, the case would be sent to the ICAI’s disciplinary committee for a detailed investigation. The latter is contained with other things, either temporarily or permanently suspended, or the guilty fixed unit with financial punishment.

Disciplinary Committee Bench will be set up soon

Mr. Nanda informed the Disciplinary Committee’s (Decision) Bench, “Thursday (June 19, 2025) The latest” latest “. The tenure of the previous bench concluded the sign dye on 11 February. The formation included four of the five members, each of which has been included in the two members nominated by the Ministry of Corporate Affairs.

To note, the disciplinary committee is also investigating the alleged auditing laps of Edtech company Bayju. The case will also be decided by one of the benches.

Indusind, Jensol Investigation

ICAI started reviewing the financial descriptions and statutory auditor reports of IndusInd for FY 2023-24 and 2024-25 in March this year. The private lender then informed about an discrepancy in his accounting for back -derived holdings. This was then set another set of revelations about accounting discrepancies in his microfinance loan segment.

The regulatory body began its review of Gennsol Engineering on April this year, which is amid the functions of regulators against the unit for allegedly removing the business fund for individual procurement.