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ED detains Gensol co-promoter Puneet Singh Jaggi, conducts searches against firm

Business Today

Business Today · 4m ago

ED detains Gensol co-promoter Puneet Singh Jaggi, conducts searches against firm

The Enforcement Directorate detained Gensol co-promoter Puneet Singh Jaggi and conducted searches on Gensol Engineering amid allegations of misappropriated loans for electric vehicles and EPC contracts. The Ministry of Corporate Affairs has launched an inquiry into the company, spurred by SEBI's accusations of share price manipulation. SEBI has barred Gensol's promoters from market activities, while the Prevention of Money Laundering Act and FEMA investigations continue, alongside a complaint from Power Finance Corporation.

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Sebi cracks down on Gensol Engineering, bars promoters from markets for fund diversion

Economic Times

Economic Times · 4m ago

Sebi cracks down on Gensol Engineering, bars promoters from markets for fund diversion

The Securities and Exchange Board of India (Sebi) has issued an interim order against Gensol Engineering and its promoters for financial mismanagement and fund diversion. The promoters, Anmol Singh Jaggi and Puneet Singh Jaggi, are barred from acting as directors, and trading in securities is prohibited. Sebi's investigation uncovered fund routing to promoter-linked entities, misuse of loans, and weak internal controls. This prompted the regulatory action to safeguard investor interests and uphold market integrity.

Who are Anmol and Puneet Singh Jaggi, at the centre of the Gensol crisis?

Economic Times

Economic Times · 4m ago

Who are Anmol and Puneet Singh Jaggi, at the centre of the Gensol crisis?

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.

Independent directors exit Gensol after co-founders probed

VCCircle

VCCircle · 4m ago

Independent directors exit Gensol after co-founders probed

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.

ED conducts search operations at Gensol Engineering premises; seizes documents, electronic devices

Economic Times

Economic Times · 4m ago

ED conducts search operations at Gensol Engineering premises; seizes documents, electronic devices

The Directorate of Enforcement (ED) conducted search operations at Gensol Engineering's Ahmedabad and Gurgaon premises under the Foreign Exchange Management Act, 1999. They seized documents and electronic devices. Gensol's shares fell 5% amid an ongoing crisis, marking a 47% decline over 13 trading days. Promoters Anmol Singh Jaggi and Puneet Singh Jaggi are under scrutiny by SEBI for alleged loan diversion, leading to a capital market ban and their resignation from the board.

BluSmart-Azure: A tale of two corporate governance lapses and a common link

VCCircle

VCCircle · 4m ago

BluSmart-Azure: A tale of two corporate governance lapses and a common link

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.

Eversource Capital offers to buy BluSmart for ₹850 crore

Inshorts · 4m ago

Eversource Capital offers to buy BluSmart for ₹850 crore

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.

DLF Camellias in spotlight for the wrong reason as SEBI probes Gensol fund diversion

VCCircle

VCCircle · 4m ago

DLF Camellias in spotlight for the wrong reason as SEBI probes Gensol fund diversion

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.

IREDA says Gensol promoters diluted equity without lender approval, files EoW complaint

YourStory

YourStory · 4m ago

IREDA says Gensol promoters diluted equity without lender approval, files EoW complaint

Indian Renewable Energy Development Agency (IREDA) filed a complaint with the Economic Offences Wing against Gensol Engineering's promoters for diluting their shareholding without lender approval, breaching contract terms. Focused on buying electric vehicles, Gensol faces scrutiny due to alleged fund misuse by its promoters Anmol and Puneet Singh Jaggi. BluSmart, associated with Gensol, ceased operations, intensifying lender concerns about potential non-performing assets. The issue is under internal review, with IREDA aiming for remedial actions.

Gensol shares continue to slide; hit new lower circuit limit

YourStory

YourStory · 3m ago

Gensol shares continue to slide; hit new lower circuit limit

Shares of Gensol Engineering fell 5% after promoters Anmol Singh Jaggi and Puneet Singh Jaggi resigned following SEBI's interim order, which barred them over fund diversion and governance lapses. The stock hit a 52-week low, down 95.39% from its high, continuing to slide for 23 sessions, dropping 68.28%. SEBI also halted Gensol's planned stock split. The Jaggi brothers resigned as directors effective May 12, 2025, amid regulatory scrutiny.

Gensol promoters quit board; BluSmart begins shutting ops

Economic Times

Economic Times · 4m ago

Gensol promoters quit board; BluSmart begins shutting ops

Gensol Engineering's promoters, Anmol and Puneet Singh Jaggi, resigned from directorial roles following a SEBI order barring them due to alleged financial misconduct. The regulator accused them of misusing company funds for personal luxuries. Concurrently, ride-hailing platform BluSmart, co-founded by Anmol Jaggi, began shutting operations amid failed fundraising and spillover effects from Gensol's troubles. SEBI plans to appoint a forensic auditor to examine Gensol's financial activities, while BluSmart navigates operational challenges.

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