MUMBAI : The actions taken by Gensol Engineering’s promoters Anmol Singh Jaggi and Puneet Singh Jaggi are now the subject of intense attention following a SEBI probe revealing numerous violations of corporate governance. These two allegedly created a loan default maze through IREDA and PFC, paid themselves through the company, maneuvered Gensol’s stock price and misinformed the marketing regulators.
With Gensol’s name, loans taken were made to buy the luxury flat in Gurugram’s The Camellias, boost the stock prices, and also fund personal business ventures. In addition to these, personal spending incurs Rs 26 lakh on golf sets, Rs 23 lakh on credit card payments, and 8 lakh on interior decorations.
One impactful event consisted of Gensol transferring to Go-Auto, an auto dealership, the sum of Rs 775 crore for the purchase of electric vehicles meant for use by BluSmart, a ride hailing company . Rs 43 crore of this claimed budget was set aside for purchasing the luxury flat which was on its way to be converted from being in the promoters mother’s name into their partnership firm Capbridge Ventures.
Both above-mentioned promoters are now barred from the securities market along with being subjected to a forensic audit of Gensols’ finances. Additionally, they acknowledged that nearly 99% of Genson’s trading volume until December 2024 bound with misrepresentation was made to the mark under Genson. Describing this suggested usage as breach of sense ‘betrayal of public trust.’
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