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HC Bans Anmol Jaggi-founded Firm Gensol, BluSmart from Transferring Leased EVs to a 3rd Party

OutlookIndia

OutlookIndia · 4m ago

HC Bans Anmol Jaggi-founded Firm Gensol, BluSmart from Transferring Leased EVs to a 3rd Party

The Delhi High Court has prohibited Gensol Engineering and BluSmart Mobility, co-founded by Anmol Jaggi, from creating third-party rights over 175 leased electric vehicles (EVs). This action follows a petition from Japanese firm Orix, which leased the vehicles, alleging non-payment and agreement violations. Additionally, Gensol is under surveillance by the Securities and Exchange Board of India for governance lapses and financial irregularities concerning undisclosed transactions and mismanagement of substantial loans.

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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.

Delhi HC curbs Gensol, BluSmart from creating third-party rights over 220 EVs leased to SMAS Auto, Shefasteq OPC

Economic Times

Economic Times · 3m ago

Delhi HC curbs Gensol, BluSmart from creating third-party rights over 220 EVs leased to SMAS Auto, Shefasteq OPC

The Delhi High Court has restrained Gensol Engineering and BluSmart Mobility from transferring third-party rights over 220 electric vehicles (EVs) leased by SMAS Auto Leasing India and Shefasteq OPC, due to failure in lease payments. The court appointed receivers to manage the assets but denied vehicle repossession as requested by lessors. This follows prior court actions and aligns with ongoing scrutiny of Gensol's financial practices, including allegations of fund diversion and governance issues.

Gensol promoter Anmol Jaggi invested in Ashneer Grover's startup using diverted funds: Sebi interim order

Economic Times

Economic Times · 4m ago

Gensol promoter Anmol Jaggi invested in Ashneer Grover's startup using diverted funds: Sebi interim order

BluSmart cofounder Anmol Singh Jaggi allegedly misappropriated Rs 25.76 crore from Gensol Engineering, transferring funds to family and related entities, including Ashneer Grover's startup, Third Unicorn, while using some for personal expenses. The Securities and Exchange Board of India (Sebi) highlighted major corporate governance issues, leading to a ban on Gensol's promoters from managerial roles and market trading. Gensol, focusing on solar projects, provided electric vehicles to BluSmart under a leasing model.

Delhi HC Bars Gensol, BluSmart from Transferring 220 Leased EVs, Appoints Receivers

OutlookIndia

OutlookIndia · 3m ago

Delhi HC Bars Gensol, BluSmart from Transferring 220 Leased EVs, Appoints Receivers

The Delhi High Court has restrained Gensol Engineering and BluSmart Mobility from transferring 220 leased electric vehicles, appointing receivers to take control. This legal action, based on the Arbitration and Conciliation Act 1996, prohibits the repossession of vehicles by lessors. The court also mandated Gensol and BluSmart to disclose asset and liability details, following concerns over vehicle subleasing. This is part of a larger lease dispute involving BluSmart Cabs and their financial management.

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.

BluSmart pauses services in key cities

Entrackr

Entrackr · 4m ago

BluSmart pauses services in key cities

BluSmart, an electric ride-hailing company, has reportedly paused ride bookings in parts of Delhi-NCR and Bengaluru, following a SEBI investigation into Gensol Engineering, a company linked to BluSmart. This pause suggests a possible transition to becoming a fleet partner for Uber, potentially transferring 700-800 electric vehicles to Uber's platform. Amidst these developments, SEBI has accused BluSmart co-founder Anmol Singh Jaggi of fund diversion from Gensol for personal use, leading to trading restrictions for Gensol and associated entities. The company was in the process of raising $50 million in its Series B round.

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.

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.

What are the allegations against Jaggi brothers, founders of BluSmart?

Inshorts · 4m ago

What are the allegations against Jaggi brothers, founders of BluSmart?

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.

Anmol and Puneet Jaggi resign from Gensol following SEBI probe

Entrackr

Entrackr · 3m ago

Anmol and Puneet Jaggi resign from Gensol following SEBI probe

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.

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