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What are the allegations against Jaggi brothers, founders of BluSmart?
Inshorts
·
3m ago
Medial
Brothers Anmol and Puneet Singh Jaggi, Co-founders of BluSmart and publicly-listed Gensol Engineering, allegedly misdirected ₹978 crore loans towards expenses unrelated to the purpose of loans. SEBI said they used funds meant for EVs to buy luxury flats in DLF Camellias, pay personal credit card dues, invest ₹50 lakh into Ashneer Grover's Third Unicorn and buy a ₹26-lakh golf set.
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BluSmart-Azure: A tale of two corporate governance lapses and a common link
VCCircle
·
3m ago
Medial
Brothers Puneet Singh Jaggi and Anmol Singh Jaggi, co-founders of BluSmart Mobility Pvt Ltd and Gensol Engineering Ltd, are under regulatory scrutiny and a multi-agency investigation. They face allegations of misappropriation of funds and money laundering, with a possible common connection to another corporate scandal. The case highlights significant corporate governance lapses in their operations, raising concerns about their business practices and overall transparency.
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Independent directors exit Gensol after co-founders probed
VCCircle
·
3m ago
Medial
Independent directors have resigned from Gensol Engineering following allegations against co-founders Anmol and Puneet Jaggi for fund misuse. The Securities and Exchange Board of India (SEBI) has barred the brothers from the stock market and initiated a forensic audit of Gensol, connected to the procurement of EVs for ride-hailing service BluSmart. As governance issues surfaced, directors Harsh Singh, Kuljit Singh Popli, and Arun Menon stepped down, with BluSmart also suspending operations.
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Eversource Capital offers to buy BluSmart for ₹850 crore
Inshorts
·
3m ago
Medial
Investment firm Eversource Capital has made a non-binding offer to buy ride-hailing startup BluSmart for around ₹850 crore, CNBC-TV18 reported. Under the potential deal, BluSmart founders Anmol and Puneet Singh Jaggi are likely to be asked to step down. BluSmart has suspended operations after SEBI launched a probe into the Jaggi brothers and their firm Gensol Engineering.
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Who are Anmol and Puneet Singh Jaggi, at the centre of the Gensol crisis?
Economic Times
·
3m ago
Medial
Anmol and Puneet Singh Jaggi, promoters of BluSmart, are accused by India's Securities and Exchange Board of diverting funds from their solar company, Gensol Engineering, and manipulating stock prices. Initially celebrated in the renewable energy sector, the Jaggi brothers now face severe allegations of financial misconduct. Anmol founded Gensol and BluSmart, while Puneet co-founded Gensol and Prescinto Technologies, and founded Param Renewable Energy, indicating their significant involvement in energy startups.
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MCA orders probe into Gensol, BluSmart for corporate governance violations
Economic Times
·
3m ago
Medial
The corporate affairs ministry has initiated an investigation into Gensol Engineering Ltd, BluSmart, and affiliates for potential corporate governance breaches. This move follows the Securities and Exchange Board of India's (Sebi) earlier actions against the Jaggi brothers, Gensol's promoters, for alleged fund diversions and document falsifications. The inquiry will focus on potential fund misuse, including personal expenses by promoters, amid allegations of misutilized loans meant for electric vehicle purchases. A report is expected within three months.
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NCLT Ahmedabad bench admits insolvency petitions against Blusmart Mobility - The Economic Times
Economic Times
·
8d ago
Medial
The National Company Law Tribunal's Ahmedabad bench admitted an insolvency petition against BluSmart Mobility, a ride-hailing startup, due to unpaid dues of Rs 1.28 crore. The tribunal appointed a resolution professional to manage the bankruptcy process and oversee BluSmart's assets. BluSmart, founded by the Jaggi brothers of Gensol Engineering, had halted operations and faced financial difficulties. Catalyst Trusteeship, as a financial creditor, sought legal action for the defaulted payments.
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Gensol Saga: bright beginnings, dark turns; Jaggi brothers face Sebi action
Economic Times
·
3m ago
Medial
Brothers Anmol and Puneet Singh Jaggi, founders of Gensol Engineering and BluSmart Mobility, face Sebi's action for alleged financial misconduct, including fund siphoning from Gensol Engineering. While initially lauded for contributions to renewable energy and electric mobility, their reputation suffered due to accusations of financial mismanagement. Sebi's investigation uncovered fund diversions intended for Gensol's EV purchases being used for personal expenses. Consequently, Sebi barred them from accessing securities markets, citing investor harm concerns.
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DLF Camellias in spotlight for the wrong reason as SEBI probes Gensol fund diversion
VCCircle
·
3m ago
Medial
DLF Camellias, an ultra-luxury project in Gurugram, is under scrutiny as SEBI investigates Gensol Engineering Ltd and BluSmart founders for allegedly diverting state-loan funds meant for electric vehicle purchases to acquire a high-end apartment there. SEBI has issued an interim order against Anmol Singh Jaggi and Puneet Singh Jaggi, banning them from key roles and the securities market. This case highlights The Camellias as a preferred choice for startup founders and high-net-worth individuals.
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Anmol Jaggi pitched strategic changes at BluSmart ahead of Sebi crackdown on Gensol
Economic Times
·
3m ago
Medial
Anmol Singh Jaggi, co-founder of BluSmart, proposed three strategic changes to the EV ride-hailing firm amidst a Sebi crackdown on Gensol Engineering Ltd for financial irregularities. The options included shifting fleet operations to Uber, obtaining interim funding from BP Ventures, and an asset sale to Eversource Capital. These strategies aimed to improve BluSmart's operational efficiency and financial health. Ultimately, BluSmart ceased operations following allegations of fund misappropriation by Jaggi and his brother.
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IBM could be a quiet beneficiary of BluSmart, Gensol founders’ fund diversion
VCCircle
·
3m ago
Medial
As regulatory scrutiny focuses on loan defaults and fund diversions by Gensol Engineering Ltd and BluSmart Mobility founders, Anmol Singh Jaggi and Puneet Singh Jaggi, attention has not centered on IBM Corp. Despite the involvement in controversies with the founders, IBM remains largely out of the spotlight in the ongoing investigations led by the Securities and Exchange Board of India. The outcome may quietly benefit IBM amidst the tightening regulatory landscape.
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