Gensol Engineering independent director Arun Menon resigns

Gensol Engineering, the beleaguered firm that came under market regulator Sebi’s lens for fund diversions and governance lapses, said that its independent director Arun Menon has resigned with immediate effect. In his resignation letter addressed to Anmol Singh Jaggi, one of the promoters of the company, Menon said, “There was growing concern on the leveraging of GEL balance sheet to fund the capex of other business’s; and the sustainability of servicing such high debt costs by GEL.”