Jaggi brothers to step away from Gensol following SEBI’s interim order

The company has also denied entering into an agreement or being in discussions for any merger, acquisition, asset sale or other significant transactions that had not been disclosed.

Apr 16, 2025 - 17:28

Jaggi brothers to step away from Gensol following SEBI’s interim order

BluSmart’s bigger EV leaser Gensol Engineering on Wednesday said that its promoters, Anmol Singh Jaggi and Puneet Singh Jaggi, will step away from holding any positions in the company until further orders from SEBI.

The market watchdog had issued an interim order against Gensol on April 15th after an investigation showed suspicious diversion of funds by its promoters.

Meanwhile, BluSmart—a company which was co-founded by Anmol and Puneet along with Punit K Goyal, halted operations in selected regions of Delhi NCR and Bengaluru today amid a cash crunch triggered by an unsuccessful attempt to raise funds earlier this year.

In a BSE filing, Gensol dismissed being in discussions or having entered any agreement pertaining to a merger, acquisition, asset sale or any other transaction that had not been previously disclosed to public bourses.

Also Read

BluSmart to deploy 300 electric cabs on Uber’s platform

“We acknowledge that the SEBI proceedings and the associated media coverage may have adversely impacted investor sentiment, which in turn has been reflected in recent stock price volatility,” the Gurugram-based firm said.

Shares of the company closed down about 5% at Rs 123.65 a share on BSE.

Additionally, Gensol added that it will fully cooperate with the forensic audit that will be conducted at the behest of SEBI. The market regulator will appoint a forensic auditor to examine the books of accounts of the company and its related entities.

According to SEBI’s investigation, the company diverted funds to related parties and promoters, and a portion of it was used to buy luxury real estate, golf sets and for other personal expenses.

In a strongly worded report, SEBI said, “The promoters were running a listed public company as if it were a proprietary firm”.

Edited by Jyoti Narayan