On May 7, the Securities Appellate Tribunal (SAT) refused to stay SEBI’s interim order. The Appellate Tribunal directed Gensol to file its reply to the interim order passed by SEBI and further directed the markets regulator to pass a final order within four weeks of hearing Gensol.
On May 28, NCLT ordered for freezing of bank and demat accounts, restrained trading of securities and directed asset disclosures of Gensol Engineering and 16 other companies and their promoters.
The Tribunal further admitted the petition filed by the Central government through the Ministry of Corporate Affairs (MCA) against Gensol and its associated entities under Sections 241, 242, 246 read with Section 339 of the Companies Act, 2013, citing grave violations…
