On April 15, the Securities and Exchange Board of India barred Gensol Engineering promoters Anmol Singh Jaggi and Puneet Singh Jaggi from accessing the securities market. The markets regulator also prohibited them from holding any key managerial roles, following findings that funds had been diverted in a loan-financed electric vehicle purchase scheme.
According to SEBI’s investigation, Gensol raised Rs 975 crore in loans to acquire 6,400 electric vehicles but purchased only 4,704 units for Rs 567.73 crore. The regulator found that more than Rs 200 crore remained unaccounted for, triggering concerns about fund misuse.
Credit rating agencies ICRA and Care Ratings downgraded Rs 2,050 crore of Gensol’s debt to default status in February….
