In an interim order dated April 15SEBI has laid naked what it calls a “full breakdown of inner controls” at Gensol Engineering Ltd, alleging that the corporate’s promoters diverted a whole lot of crores raised for electrical automobile (EV) procurement into private indulgences, luxury actual property, and questionable transactions with associated entities.
Between FY22 and FY24, Gensol raised ₹977.75 crore in time period loans from two authorities lenders—IREDA and PFC—ostensibly to acquire 6,400 electrical automobiles for leasing to BluSmart, a associated occasion.
Nevertheless, solely 4,704 EVs value ₹567.73 crore had been really delivered, as confirmed by provider Go-Auto. That left ₹262 crore unaccounted for, greater than a yr after the ultimate mortgage tranche had been acquired.
SEBI’s fund trail reveals a advanced net of transactions wherein firm funds had been first transferred to Go-Auto, and from there, funneled to promoter-linked entities together with Capbridge Ventures LLP, Matrix Fuel, Wellray Photo voltaic, and others.
In a single occasion, ₹50 crore was transferred from Go-Auto to Capbridge on the identical day Go-Auto acquired funds from Gensol. Three days later, Capbridge paid ₹42.94 crore to DLF Ltd in the direction of a luxury residence in The Camellias, Gurgaon. The property was initially booked by Jasminder Kaur, mom of Anmol Singh Jaggi (Gensol’s CEO), and later transferred to Capbridge. The ₹5 crore reserving advance she had paid was additionally traced again to Gensol.
Additional examination of private financial institution statements revealed a number of situations of private spending. Anmol Singh Jaggi allegedly used company-linked funds to purchase a golf set from TaylorMade (₹26 lakh), international forex in AED (₹1.86 crore), make bank card funds (₹9.95 lakh), and ebook journey through MakeMyTrip (₹3 lakh).
His brother, Puneet Singh Jaggi, reportedly used ₹13.5 crore acquired by related channels for transactions involving American Categorical card funds, household transfers, and different private bills.
Funds had been additionally recycled in round loops—Go-Auto moved not less than ₹8.5 crore a number of occasions by Gensol and Wellray, whereas ₹10 crore routed from PFC to Capbridge finally circled again to Go-Auto. In one more case, SEBI discovered that the promoters used ₹10 crore—originating from Gensol through Wellray—to fund their very own participation in a preferential share allotment.
Past diversion of funds, SEBI flagged false disclosures, together with inflated claims of pre-orders and non-binding agreements handed off as confirmed enterprise. A website go to to Gensol’s EV plant in Chakan revealed that no manufacturing exercise was underway, with simply 2–3 employees current and minimal energy consumption over the earlier yr.
SEBI has now barred the corporate’s promoters—Anmol and Puneet Singh Jaggi—from holding any director or key managerial place at Gensol and frozen their capacity to commerce in securities. It has additionally halted the corporate’s deliberate inventory break up, citing issues that it might lure retail traders whereas critical governance points stay unresolved.
What was supposed to be a inexperienced power story of progress and scale has, for now, been overshadowed by allegations of monetary misgovernance and misuse of public cash. A forensic audit has been ordered, and the corporate’s destiny will possible hinge on the ultimate findings.
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