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Sebi finds no manufacturing at Gensol's Pune EV plant, only 2-3 labourers

Economic Times · 23d

The Securities and Exchange Board of India (Sebi) uncovered irregularities at Gensol Engineering's EV plant in Pune, finding no manufacturing activity and only 2-3 workers present. Investigations revealed misleading disclosures and potential fund misappropriation by promoters Anmol and Puneet Singh Jaggi. Sebi identified discrepancies in EV order claims and financial dealings, highlighting misuse of loans and funds. Consequently, Sebi barred Gensol and its promoters from market participation, prompting leadership changes at the company.