India, July 17 -- The narrative that has settled around the collapse of electric ride-hailing cab company BluSmart Mobility is wrong in the conclusion many are drawing from it: that the electric cab model is broken. It is not. What failed in BluSmart's case was a company's financial architecture, governance structure and one set of promoters' honesty. As per Securities and Exchange Board's (SEBI's) interim order dated April 15, 2025, BluSmart's co-founders, Anmol Singh Jaggi and Puneet Singh Jaggi-who also ran EV-leasing firm Gensol Engineering, which owned most BluSmart vehicles-had allegedly diverted Rs 262 crore in loans meant to purchase 6,400 electric vehicles (EVs) towards a luxury apartment, foreign trips and transfers to relatives...