SEBI alleged that funds were diverted from Gensol Engineering (listed entity) to private promoter entities & promoters. Promoters of Gensol have also been accused of funding and using a private entity (Wellray) to trade in the scrip of Gensol.
1 / 9Gensol Engineering, the embattled engineering company, appears to be looking at times more turbulent than before, as SEBI has taken action against its promoters, Anmol Singh Jaggi and Puneet Singh Jaggi. The two are also founders of BluSmart, a ride-sharing company.Â
2 / 9The market regulator SEBI has restrained Anmol Singh Jaggi and Puneet Singh Jaggi. The regulatory body has levelled multiple allegations against the promoters.
3 / 9In addition, Anmol Singh Jaggi and Puneet Singh Jaggi have also been restrained from buying, selling, or dealing in securities.
4 / 9SEBI has alleged that the company availed ₹978 crore from IREDA and PFC as term loans. Of this, ₹663.89 crore was for purchasing 6,400 electric vehicles.
5 / 9The SEBI has alleged that the promoters diverted these funds for the personal expenses of the promoter, including the purchase of high-end real estate, including the ultra-luxury DLF Camellia, which includes 4 BHK, 5 BHK, and 6 BHK luxury apartments.
6 / 9The promoters allegedly spent about ₹33 lakh towards American Express Card bills, ₹66 lakh on foreign currency, ₹17 lakh on luxury watches, and about ₹26 lakh on a golf set.
7 / 9SEBI also said that there have been multiple instances of round-tripping of funds between Go-Auto and Gensol entities.
8 / 9SEBI alleged that funds were diverted from Gensol Engineering (listed entity) to private promoter entities and promoters.
9 / 9Promoters of Gensol have also been accused of funding and using a private entity (Wellray) to trade in the scrip of Gensol.
