Gensol Engineering says loan accounts declared as fraud by IREDA

New Delhi: Gensol Engineering on Tuesday said the company's loan accounts have been declared as 'fraud' by the state-owned finance institution IREDA.

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The company filed its clarification before stock exchanges following reports that IREDA has declared the loan accounts of Rs 673 crore of Gensol as 'fraud' and reported the matter to the Reserve Bank of India.

"The contents of the said reports are factually correct and are based on the aforesaid order issued by IREDA," Gensol Engineering said.

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Indian Renewable Energy Development Agency Limited (IREDA) is a non-banking financial institution under the Ministry of New and Renewable Energy (MNRE), which has been engaged in promoting, developing and extending financial assistance for setting up projects related to new and renewable energy.

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