The Delhi High Court has temporarily lifted the Look-Out Circular (LOC) against Inderpreet Singh Wadhwa — the former independent director of BluSmart Mobility — but only after asking him to park ₹25 crore as security.
Justice Swarana Kanta Sharma observed that keeping a foreign national confined in India without proven wrongdoing would be “unjustified,” especially when culpability was yet to be established.
Under the order, Wadhwa must deposit ₹25 crore and provide an additional ₹5 crore surety from a family member. He’s also been instructed to share his itinerary, contact details, and Swiss residence address with Indian authorities, updating them on any change while the probe continues.
Wadhwa, a US citizen living in Switzerland, had been stopped at Delhi’s IGI Airport in August after an LOC was issued in May amid a massive ₹2,385-crore investigation tied to Gensol Engineering Ltd and its affiliates. The Ministry of Corporate Affairs and SEBI have accused the Gensol Group of large-scale financial diversions and corporate fund misuse.
In his defence, Wadhwa argued that he had no executive or financial role at BluSmart and served only as a non-executive, later independent, director. He insisted that BluSmart and Gensol were separate entities connected merely by common promoters — and claimed to have been a whistleblower himself.
Government representatives, however, pushed back, asserting that the LOC was essential to ensure he did not flee while the investigation unfolds.
The case continues to unravel as regulators dig deeper into the web of alleged corporate irregularities linking the Gensol Group and BluSmart’s financial trail.
