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The brother duo resigned from their positions after the Securities and Exchange Board of India (Sebi) asked them to distance themselves from the company.
Anmol jaggi studied B.Tech in Applied Petroleum Engineering (Photo Credit: X)
Anmol Singh Jaggi and his brother Puneet Singh Jaggi, the promoters of Gensol Engineering Ltd (GEL), a public firm involved in electric vehicles and clean energy, have been accused of misusing the company funds.
The duo resigned from their positions at ride-hailing app BluSmart after the Securities and Exchange Board of India (Sebi) asked them to distance themselves from key positions in Gensol until further notice.
The decision came after they allegedly diverted funds meant for the purchase of EVs and used them for personal means. The SEBI, in its order, claimed the promoters treated the company more like a personal business, spending loan amounts on things that were never associated with Gensol.
Meet The Jaggi Brothers:
Besides Gensol Engineering, Anmol Singh Jaggi is known as the founder of some other companies, such as BluSmart Electric Mobility and Matrix Gas, as per his LinkedIn profile.
He studied B.Tech in Applied Petroleum Engineering at the University of Petroleum and Energy Studies in Dehradun from 2003 to 2007. He currently serves as the Managing Director at Matrix Gas and Renewables Limited, an industrial gas supplier based in Ahmedabad, Gujarat.
Anmol’s brother, Puneet Singh Jaggi, co-founded Gensol, BluSmart, Param Renewable Energy, and Prescinto. He completed Chemical Engineering from IIT Roorkee.
SEBI started the detailed investigation into the company in June 2024 when it received complaints regarding fund diversion, delayed loan repayment and manipulation of the share price.
“The prima facie findings have shown misutilisation and diversion of funds of the Company in a fraudulent manner by its promoter directors, Anmol Singh Jaggi and Puneet Singh Jaggi, who are also the direct beneficiaries of the diverted funds,” Sebi shared in its report.
“The promoters were running a listed public company as if it were a proprietary firm. The Company’s funds were routed to related parties and used for unconnected expenses as if the Company’s funds were promoters’ piggy bank,” it added further.
In 2019, the Jaggi brothers, along with Punit K Goyal, launched BluSmart Mobility.
Gensol took loans worth Rs 978 crore from government institutions like IREDA and PFC, to buy electric vehicles (EVS). A portion of the money was later allotted elsewhere.
The market regulator has also ordered the appointment of a forensic auditor to look into the company’s books.
- Location :
Delhi, India, India
