Gensol Founders Anmol Singh Jaggi, Puneet Singh Jaggi Resign Month After SEBI Order
Anmol Singh Jaggi and Puneet Singh Jaggi, the embattled founders of Gensol Engineering Ltd., have stepped down from key managerial positions, according to an exchange filing on Monday.
Anmol Jaggi resigned as the managing director of the company, whereas Puneet Jaggi has resigned as the whole-time director, as per the filing.
Consequently, they shall also cease to be members of the various committee of the company, it added.
The Jaggi brothers, in their resignation letters, cited the directive issued by the Securities and Exchange Board of India last month as the reason behind stepping down.
In its interim order issued on April 15, SEBI barred both of them from accessing the securities market and restrained them from holding any key managerial position in Gensol.
The market regulator, citing its investigation, claimed that the company's funds were diverted to buy luxury property and pay for personal expenses of promoters.
The investigation majorly revolves around Rs 975 crore in loans raised by Gensol to purchase 6,400 electric vehicles , of which only 4,704 EVs were actually procured for Rs 567.73 crore. This left over Rs 200 crore unaccounted.
Notably, Gensol had obtained loans over Rs 977 crore in term loans from Power Finance Corp. and Indian Renewable Energy Development Agency Ltd. for the procurement of EVs.
However, only 4,707 vehicles were bought and leased to BluSmart, an EV cab operator linked to the promoters. This left more than Rs 262 crore unaccounted for over a span of one year, as per the SEBI order.
The market watchdog said funds were transferred from Gensol to Go Auto Pvt Ltd for EV purchases but were subsequently routed back or diverted to other entities linked to the Jaggi brothers. These funds were then used for personal expenditures, it claimed.
In one instance, Rs 93.88 crore from an IREDA loan was transferred to Go Auto. Of this, Rs 50 crore was moved to Capbridge Ventures LLP and later used to purchase a luxury apartment in DLF Camellias worth over Rs 42 crore, as per SEBI.
In another case, Go Auto sent Rs 40 crore to Wellray Solar Industries Pvt Ltd, which later transferred funds to four other entities, it added.
-
Blue Wave Will Derail the AI Trade but Won't Dismantle the AI Era | Unhedged Position
The Democrats' sweep of the US Congress will see politics collide with economic forces both over the long and short term.
-
It's Time To Take The GST Council's Bet On Trust Global
Payment records can prove India's services exports, and clear, proportionate rules can bring foreign digital sellers into the tax net.
-
Opinion | India at 38: From Innovation Overperformer to Innovation Powerhouse
India now has 453 VC-backed deep science startups, 18 of them late-stage, after 117 percent growth since 2020. Laurus Labs, at USD 9.3 billion, is the most valuable deep science company in any middle-income economy outside China.
-
Navigating Energy Crossroads: S Jaishankar's Call For Diversified Supply Chains At G20 Ministerial Meeting
As geopolitical fault lines continue to test maritime trade routes and commodity flows, Jaishankar's message remains pertinent: true economic resilience requires open markets, protected transit lines, and a genuine commitment to multilateral cooperation rather than coercion.
-
Indians Are Travelling, But Not Every Journey Is A Holiday | The Week In Whys
Pilgrims, patients and working women are the real travellers, and the system hasn't quite caught up with them.
-
Getting To Work Costs Women More | The Reason Why
It is not just about women paying more than men. It is about women paying much more in cities than in villages.
-
AI Bias In Investing Cannot Be Eliminated, But It Can Be Governed
Framing is a particularly important example as identical financial information presented in terms of gains rather than losses can lead an LLM to reach a different assessment.
-
Joining The Dots | Dark Skies, Steady Diya: Why Hope Holds This Diwali
With war, a weak rupee and foreign outflows weighing on sentiment, policymakers at the NDTV World Summit and market veterans at NDTV Profit Ignite: Diwali Edition offered the same advice: stay invested and filter out the noise.
-
The Curious Case of Equitas Small Finance Bank And A CEO Who Quit For Stock
PN Vasudevan believes persistent investor concerns over a perceived conflict of interest had become a governance overhang on Equitas Small Finance Bank's stock, even as the lender improved profitability and asset quality.
