‘Effective Immediately’ Jaggis Not Participating In Management, Says Gensol Engineering
The company also "categorically" denied the existence of any ongoing negotiations or undisclosed events involving the company that have not been made public.
Gensol Engineering Ltd. on Wednesday confirmed that the Securities and Exchange Board of India has issued an interim order dated April 15, 2025, against the company and its promoters.
“The company duly acknowledges this development and has taken note of all directives contained in the said order,” Gensol Engineering’s stock exchange filing stated.
The company's clarification follows an article published on the website of 'The Financial Express' on April 16, 2025.
It stated that in compliance with SEBI’s directions in the interim order, it has restrained its promoters "from holding the position of a director or a key managerial personnel in Gensol until further orders".
It added that “effective immediately” the Jaggis are no longer participating in the management of the company in accordance with SEBI’s instructions.
On Tuesday, SEBI had barred Gensol Engineering, its Chief Executive Officer Anmol Singh Jaggi and Promoter-Director Puneet Singh Jaggi from the securities markets over a fund diversion charge.
The market watchdog has also restrained both the company officials from holding any key managerial positions.
The company asserted its commitment “to providing the auditor with complete access to records and information to ensure a transparent and comprehensive audit process”.
The company said it will fully cooperate with the forensic audit to be conducted at the behest of SEBI.
The markets regulator will appoint a forensic auditor to thoroughly examine the books of accounts of the company and its related entities.
Pointing to the "stock price volatility", the company acknowledged that "the SEBI proceedings and the associated media coverage (including the referenced news article) may have adversely impacted investor sentiment."
However, the company stated it remains "focused on our business objectives and are working diligently to maintain operational stability and performance".
The company also "categorically" denied the existence of any ongoing negotiations or undisclosed events involving the company that have not been made public.
The filing also stated that the company "is dedicated to upholding the highest standards of corporate governance and transparency".
It also assured to continue “to keep the exchanges promptly informed of any further developments on this matter or any other material events in the future, in line with our regulatory obligations”.
Shares of Gensol Engineering Ltd. closed 4.99% lower at Rs 123.65 apiece on the BSE, compared to a 0.40% advance in the benchmark Sensex.
