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Context is everything.
Detailed stories on technology startups, business and economic current affairs.
Detailed stories on technology startups, business and economic current affairs.
Ghost directors, family members on the payroll and shadow operators—inside the tangled web of power and money at BluSmart and Gensol.
As we began investigating BluSmart, we realized it wasn’t just a company—it was a web. A tangled network of associates, relatives and confidants, all navigating the system while blurring the lines between business and personal interests.
Some held formal positions. Others were just names on paper. But all of them, in one way or another, were mixing business with personal loyalty—and possibly, complicity.
The cast of characters wasn’t just the usual close-knit circle often seen in Indian businesses—it was a structural red flag. Many in this network occupied strategic or financial roles with overlapping interests, weakening accountability and undermining governance. …
Atanu Chakraborty’s resignation does not appear as damaging as the bank’s response to it. The ‘all is well’ narrative needs an independent audit.
A letter from one of BluSmart’s largest investors reveals how the ride-hailing startup’s promoters withheld critical information from the shareholders and the board while providing consistently inaccurate financial forecasts.
With his back to the wall, the founder is exploring options that could benefit him much more than others. Even at the expense of the customers, investors, vendors and employees.
