On Thursday, Ashneer Grover, co-founder of BharatPe, took to social media to express his outrage following his name being linked to a controversy involving Gensol Engineering. The former judge of "Shark Tank India" firmly declared that he is the real victim in this situation, revealing his substantial investments of ₹1.5 crore in BluSmart and ₹0.25 crore in Matrix Gas & Renewables. Recent reports highlighted mutual investments between Grover and Anmol Jaggi, the co-founder of BluSmart, which took place between 2023 and 2024.

Ashneer Grover’s Strong Response

Grover’s frustration was palpable as he criticized the media for what he called ‘shameful and cheap journalism.’ He emphasized his position as a victim in the ongoing saga, stating, “Dragging my and my company’s name into this Gensol/BluSmart fiasco is rather shameful. I hope the involved companies can navigate through this turmoil for the benefit of their stakeholders.” His remarks were shared on X, formerly known as Twitter.

• Key Investments:
  • ₹1.5 crore in BluSmart
  • ₹0.25 crore in Matrix Gas & Renewables

Media Criticism and Allegations

Grover did not hold back in his assessment of the media landscape, alleging a ‘witch hunt’ against him and his enterprises. He even suggested that journalists could benefit from masterclasses to enhance their career skills.

The controversy stems from a report by the Securities and Exchange Board of India (SEBI), which found that Anmol Singh Jaggi and Puneet Singh Jaggi, promoters of Gensol, had allegedly misappropriated company funds for personal gain. According to a detailed 29-page order, they reportedly diverted ₹50 lakh from Gensol to invest in Grover’s startup, Third Unicorn, among other personal expenses.

Investment Timeline and Company Developments

Grover’s investment in Matrix Gas & Renewables came about six months after the allegations surfaced. The company, linked to Jaggi and his associated firms, had initially planned an IPO, but this was scrapped in March of the previous year. Official documents indicate that Ash Grove LLP, with Grover and his wife Madhuri Jain as designated partners, also participated in this funding round.

• Notable Timeline:
  • Grover’s investment in Matrix occurred six months after the Gensol controversy began.
  • Matrix Gas & Renewables abandoned its IPO plans in March of the previous year.

As the situation unfolds, Ashneer Grover remains steadfast in defending his reputation while navigating the complexities of the evolving business landscape. His commitment to transparency and accountability in investment practices continues to resonate among stakeholders and the public alike.

For more insights on the Gensol controversy and its implications, check out this detailed analysis on the latest developments in corporate governance.