Anmol and Puneet Jaggi resign from Gensol following SEBI probe

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Anmol and Puneet Jaggi resign from Gensol following SEBI probe Gensol Engineering Limited announced today that two of its top executives, Managing Director Anmol Singh Jaggi and Whole-time Director Puneet Singh Jaggi, have resigned from their positions, effective from the close of business hours on May 12, 2025. In separate resignation letters addressed to the Board of Directors, both Anmol Jaggi and Puneet Jaggi cited compliance with directions issued under the Securities and Exchange Board of India (SEBI) Interim Order dated April 15, 2025, as the reason for their departures. The resignations also include stepping down from all committee memberships within the company. The development comes a couple of days after SEBI’s order to conduct a forensic audit of Gensol Engineering’s financial statements for the financial years FY22 to FY25. The market regulator has already published findings of its probe into Gensol Engineering, BluSmart’s partner and EV lessor, which highlighted misuse of funds and also barred promoters Anmol and Puneet Singh Jaggi from accessing the securities market and holding key positions in Gensol Engineering. According to SEBI interim order, both promoters (Jaggi brothers) siphoned off hundreds of crores in company funds borrowed for the purchase of electric vehicles meant for their affiliate BluSmart for personal and related-party gains, including the purchase of a luxury apartment in Gurgaon, golf accessories, foreign currency, and travel. Following the crisis at Gensol, BluSmart suspended services in key metros such as Bengaluru, Mumbai, and Delhi. The BP Ventures– and Mayfield–backed company has been also facing protests from its driver partners over unpaid dues and job losses. While Uber was reportedly in talks to acquire BluSmart’s fleet, Evera Cabs (Prakriti Mobility) initiated the repossession of 500 electric cabs formerly operated by BluSmart recently. The embattled cab operator is reportedly in talks with two major distressed asset funds focused on the climate and mobility sectors to revive its operations. However, considering the current situation, the chances of bringing the company back on track remain negative.