



Ambition, greed and ground truths: 15 long reads that defined our journalism in 2025
narrated their misdeed in great detail and how Sebi’s surveillance system flagged this “unusual trading activity.” A thrilling read.Gensol & BluSmart: A tale of debt woesYet another investigation by Sood focused on two companies, one public, the second one private. BluSmart, the private business, once emerged as the third alternative in the ride-hailing business dominated by Uber and Ola back then. It became the go-to cab service for airport trips for many flyers.
Its electric cabs were clean and silent, and the drivers very well behaved and disciplined. Even on the fast Noida-Greater Noida Expressway, they refused to drive at over 60km an hour, which would violate company policy. And then, all of a sudden, the business spectacularly blew up.
The problems began at the publicly listed Gensol Engineering Ltd. Sood reviewed financial statements and spoke to many executives to piece together a fascinating account of how Gensol’s balance sheet was used to build BluSmart’s business. A governance puzzle, in short.Recently, Nehal Chaliawala and Varun Sood reviewed 9,000 voting decisions by Life Insurance Corp.
of India (LIC). What did they find? The insurer has backed or never opposed resolutions from Reliance and Adani Group in the last 14 quarters, while rejecting similar proposals from other companies. This raised several questions—governance experts, for instance, pointed out that LIC hasn’t kept pace with the best of global governance or proxy voting practices.
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