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Context is everything.
Detailed stories on technology startups, business and economic current affairs.
Detailed stories on technology startups, business and economic current affairs.
Anmol Singh Jaggi’s EV ride-hailing company faces its latest setback as the NCLT admits an insolvency plea against it.
Electric vehicle ride-hailing startup BluSmart has been admitted into insolvency proceedings by the National Company Law Tribunal, Ahmedabad. This is the latest chapter in a prolonged corporate governance crisis that has beset the company.
The insolvency proceedings were initiated following a petition by financial creditor Catalyst Trusteeship over unpaid financial obligations of Rs 1.28 crore. The tribunal found that BluSmart defaulted on servicing its Rs 15 crore debt raised through 15 secured, redeemable, non-convertible debentures issued in April 2023.
Specifically, BluSmart defaulted on instalments of Rs 64.17 lakh and Rs 63.31 lakh due in March and April 2025, respectively—the tribunal …
Ghost directors, family members on the payroll and shadow operators—inside the tangled web of power and money at BluSmart and Gensol.
A letter from one of BluSmart’s largest investors reveals how the ride-hailing startup’s promoters withheld critical information from the shareholders and the board while providing consistently inaccurate financial forecasts.
With his back to the wall, the founder is exploring options that could benefit him much more than others. Even at the expense of the customers, investors, vendors and employees.
