gensol engineering ltd

The Enforcement Directorate (ED) raided gensol engineering ltd offices and detained co-promoter Puneet Singh Jaggi amid financial misconduct allegations. This action, triggered by a SEBI report, accuses the Jaggi brothers of diverting funds obtained from Power Finance Corporation and IREDA Ltd into assets held by promoters and shell companies.

The Enforcement Directorate is set to interrogate Gensol Engineering's promoters, Anmol and Puneet Singh Jaggi, amidst a probe into the Mahadev Book app's illegal betting and money laundering activities. The ED has already frozen over 500,000 shares of the company, suspecting stock price manipulation using illicit funds routed through foreign portfolio investors.

ICAI will review Gensol Engineering and BluSmart Mobility's FY24 financial statements due to misconduct allegations. This decision follows SEBI's market ban on Gensol's promoters for fund siphoning. The FRRB will assess compliance, and irregularities may lead to disciplinary action and referral to regulatory authorities, while the ministry of corporate affairs considers action against Gensol.

Puneet Jaggi, a promoter of Gensol Engineering, has been detained by the Enforcement Directorate. He will be questioned about alleged FEMA violations. The probe focuses on potential fund diversions for foreign exchange acquisition. Searches occurred in Delhi, Gurgaon, and Ahmedabad. Anmol Jaggi, his brother, is expected to be summoned soon.

Sebi's investigation uncovered alleged financial irregularities at Gensol Engineering, including no manufacturing activity at its EV plant despite grand announcements. The regulator found discrepancies in pre-orders, suspicious transactions, and fund diversion by promoter directors Anmol and Puneet Singh Jaggi. Consequently, Sebi barred Gensol and the Jaggis from the securities market and directed a halt to the stock split.

Anmol Singh Jaggi and Puneet Singh Jaggi, promoters of BluSmart Mobility and Gensol Engineering, face accusations of diverting loan funds for personal use, including luxury real estate. SEBI has barred Anmol Singh Jaggi from key positions and market access due to alleged fund misuse and governance failures at Gensol Engineering. The company's stock price has significantly declined following these revelations.

Gensol Engineering faces further turmoil as two more independent directors, Harsh Singh and Kuljit Singh Popli, resign amidst allegations of fund misuse. This follows Arun Menon's resignation, who cited concerns about the company's increasing debt burden to finance capital expenditures for other ventures and its ability to manage the associated high debt servicing costs.

BluSmart, the electric car service operating in Delhi-NCR, Bangalore, and Mumbai, faced booking disruptions on Wednesday, leaving many passengers stranded. This comes as BluSmart's co-founder, Anmol Singh Jaggi, and Gensol Engineering are under scrutiny by SEBI for alleged fund diversion and governance lapses.

A handwritten note revealed Ashneer Grover's ambition to challenge Ola and Uber with Anmol Jaggi, founder of Gensol Engineering and BluSmart. Jaggi invested in Grover's startup, Third Unicorn, raising concerns amid SEBI's investigation into Gensol for alleged financial misappropriation. Grover, distancing himself, claims to be a victim, highlighting his investments in BluSmart and Matrix.

Ashneer Grover, BharatPe's co-founder, claims to be a 'victim' after SEBI's action against Gensol Engineering and BluSmart's operational halt. Grover invested ₹1.5 crore in BluSmart and ₹25 lakh in Matrix. He clarified he has no operational role and offered to reveal his financial details to prove legitimacy.

Gensol Engineering's shares plummeted after SEBI barred the company and its promoters, Anmol Singh Jaggi and Puneet Singh Jaggi, from the securities market due to fund diversion allegations and corporate governance lapses. SEBI's investigation revealed forged documents and misleading statements to rating agencies and lenders.

BluSmart is experiencing widespread booking issues across Delhi-NCR, Bengaluru, and Mumbai due to its strategic shift to integrate its EV fleet with Uber's platform. This transition follows financial difficulties, including high cash burn rates and regulatory action against Gensol Engineering, linked to BluSmart's co-founder. The company has already scaled down its services significantly amid ongoing scrutiny and financial instability.

Sebi's investigation reveals Gensol Engineering promoters, Anmol and Puneet Jaggi, diverted company funds for personal enrichment, including luxury purchases and stock manipulation. They misused loans, forged documents, and misled regulators. Funds were used to buy a luxury flat and inflate Gensol's stock price through artificial trading.

BluSmart's ties with Gensol Engineering, promoted by Anmol and Pramod Jaggi, may end up being too much to bear. A deep dive into how the Jaggi brothers allegedly diverted hundreds of crores that were meant for EV purchases for personal use

BluSmart, Gensol's EV ride-hailing platform, has paused new bookings amid operational restructuring, shifting its fleet to Uber. SEBI revealed Gensol promoters diverted funds meant for EV procurement to purchase a luxury apartment. The investigation highlighted fund transfers from Gensol routed back through related entities, and BluSmart has reportedly delayed salary payments.

Anmol and Puneet Jaggi were celebrated as the poster boys of India’s cleantech revolution for being the face of the much-loved cab service BluSmart. But behind the scenes, they were allegedly misleading investors, lenders and regulators