News for Gensol Engineering Limited (GENSOL.BO)

Stock market update: IndusInd, UltraTech, Grasim, Trent, Dr Reddy’s gain; HUL, M&M, Bharti Airtel, ICICI Bank, ONGC decline.

Anmol Singh Jaggi and Puneet Singh Jaggi, once hailed as rising stars in India's clean energy sector, are now facing serious regulatory action.

SEBI bars Jaggi brothers from securities market, Gensol Engineering stock hits 52-week low, faces financial misconduct allegations.

ICAI Probe In BluSmart And Gensol: This action follows a Securities and Exchange Board of India (Sebi) probe that revealed fund diversions and governance issues, prompting concerns about auditor accountability and financial reporting practices.

Power Finance Corporation (PFC) shares declined after disclosing a Rs 307 crore outstanding exposure to Gensol Engineering, which had received a loan for electric vehicles. PFC is pursuing legal action due to alleged document falsification by Gensol.

Gensol founder Anmol Jaggi, his younger brother Puneet, and their privately owned firm Gensol Ventures owned 62.65% of the company at the end of December 2024. A good 81.7% of promoter shares were pledged to creditors.

The Enforcement Directorate (ED) is poised to investigate Gensol Engineering Ltd's promoters for alleged fund diversion and financial misconduct, following a SEBI report detailing violations and misuse of loan funds. The ED has also frozen additional shares linked to the Mahadev betting app scam, tracing them to a Dubai-based hawala operator.

India-Business News: The Enforcement Directorate is set to interrogate Gensol Engineering's promoters, Anmol and Puneet Singh Jaggi, amidst a probe into the Mahadev Book a

BSE's CEO discusses challenges and strategies for achieving a level playing field in stock exchanges.

Gensol Engineering shares crashed 5% to new 52-week lows on both BSE and NSE amid allegations of fund diversion by promoters, who have been barred by Sebi from the securities market. The regulator has also halted the planned 1:10 stock split, intensifying concerns over governance and financial misconduct.

In BluSmart downfall, former BSE chairman said the first one was the pricing of the share and the other was “diversion of funds”.

In a dramatic turn of events, regulator Sebi, through its interim order on Tuesday, barred the Jaggi brothers from accessing the securities markets until further notice. The action comes amid accusations of siphoning off loan funds from their publicly listed company Gensol Engineering for personal use, raising concerns over corporate governance and financial misconduct.

Infosys posted a drop in net profit for the March quarter. This and more in todays ETtech Top 5.

Blusmart Gensol Crisis: The Gensol scrip has already taken a severe beating on the stock exchanges and the services of Blusmart have been suspended since Wednesday afternoon, with drivers and consumers taken aback at the sudden turn of events.

SEBI uncovers fund diversion by Gensol's promoters, revealing misuse of loans for personal expenses and luxury investments.

SEBI, in its interim order, said that Jaggi brothers misused Gensol’s funds in a fraudulent manner and treated the company as a piggybank.

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 Engineering faces Sebi action for fraud and forgery, leading to plummeting stock prices and market cap decline.

Anmol Singh Jaggi and Puneet Singh Jaggi, directors of Gensol, have been accused of securities fraud and forgery by Sebi, India’s market regulator. How did the Jaggi brothers, sons of a decorated army officer, go from being celebrated entrepreneurs to being accused of siphoning off money?