US EditionJaggi brothers controversy: SEBI bars Gensol Engineering's founders from holding key positions in company
- Securities and Exchange Board of India has barred Anmol Singh Jaggi and Puneet Singh Jaggi from the securities market due to fund diversion and weak financial controls in Gensol Engineering.
- SEBI found that Gensol diverted funds from a Rs 978 crore loan, using some for personal expenses instead of electric vehicle projects, resulting in a stock decline of 5%.
- SEBI's interim order prohibits the Jaggi brothers from holding key roles in Gensol and mandates a forensic audit of the company's finances.
- The company's market value dropped significantly from Rs 4,300 crore to Rs 506 crore, impacting thousands of retail investors due to a lack of investor confidence.
16 Articles
16 Articles
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Just nine months ago, BluSmart, the electric cab-hailing startup that promised to disrupt India’s mobility space, was riding high. In July 2024, it raised ₹200 crore in fresh funding from a marquee list of investors, including cricketing legend M.S. Dhoni and Swiss firm Responsability Investments. With a total of ₹710 crore raised since December 2023, […]
Two more independent directors resign from Gensol Engineering - GAGA INDIA
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