US EditionHow Gensol promoter used company funds to buy ultra-luxury DLF Camellias flat
- SEBI has barred Anmol Singh Jaggi and Puneet Singh Jaggi from holding any directorship in Gensol Engineering Limited and accessing the market due to misusing company funds for personal expenses, including purchasing a luxury apartment in Gurgaon.
- The Jaggi brothers diverted funds meant for electric vehicle purchases to related entities, ultimately using Rs 42.94 crore to buy an apartment in DLF Camellias, a luxury project in Gurgaon.
- SEBI noted that the company's funds were used for personal expenses, revealing a significant breakdown in corporate governance and claiming that these diversions will result in losses for investors.
- The actions by the Jaggi brothers led SEBI to conclude there was a complete breakdown of corporate governance within Gensol Engineering.
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5 Articles
Gensol and BluSmart promoter Anmol Singh Jaggi diverted EV loans to purchase a DLF Camellias flat: SEBI
'The promoters were running a listed public company as if it were a propriety firm. The company's funds were used for unconnected expenses, as if the company's funds were promoters' piggybank,' says SEBI
Gensol promoters used firm like personal piggy bank: Sebi
Gensol Engineering's promoters treated the listed company as a proprietary firm, diverting corporate funds to buy a high-end apartment in The Camellias, DLF Gurgaon, splurging on a luxury golf set, paying off credit cards, and transferring money to close relatives, Sebi revealed in its interim order.
Gensol Get SEBI’s Whiplash, Gupshup Trims 500 Jobs & More
Jaggi Brothers Accused Of Using Gensol’s Funds As Piggybank SEBI has barred Gensol promoters and BluSmart cofounders, Anmol and Puneet Singh Jaggi, from holding any directorial or key managerial roles at the EPC company, and restricted them and the company from accessing the securities market. The action stems from allegations of fraudulent diversion and misuse of company funds by the Jaggi brothers. What’s The Catch? Gensol took a loan of INR 9…
BluSmart Parent’s Promoters Used EV Loans To Buy Flats In DLF Camellias, Says SEBI
DLF Camellias is perhaps India’s most prestigious address, and is home to some of the most expensive flats in the country, but at... The post BluSmart Parent’s Promoters Used EV Loans To Buy Flats In DLF Camellias, Says SEBI appeared first on OfficeChai.
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