July 29 (Reuters) – Indian electric cab firm BluSmart has entered insolvency, an order from a company law tribunal showed, amid mounting corporate governance issues after a regulatory probe alleged its co-founder diverted funds meant for vehicle purchases.
BluSmart suspended operations in April after India’s market regulator barred co-founder Anmol Jaggi from the securities market.
The ban followed allegations that Jaggi diverted funds from his publicly listed affiliate, Gensol, for personal use—including the purchase of a $5 million luxury apartment and a golf set worth $30,379.
The National Company Law Tribunal admitted insolvency proceedings against BluSmart, following a petition filed by financial creditor Catalyst Trusteeship on May…