Anmol Jaggi, Puneet Jaggi resign from Gensol’s board after SEBI’s interim order
In an interim order issued by SEBI following an investigation into the company, the Jaggi brothers were found to have used company funds for personal expenses, including buying real estate and a golf set.
Gensol Engineering's managing director Anmol Singh Jaggi and whole-time director Puneet Singh Jaggi have tendered their resignation, the company announced in an exchange filing.
The move comes after SEBI issued an interim order directing the Jaggi brothers to step away from the company.
Earlier, TechCrunch reported that a group of BluSmart investors is looking to infuse another $30 million into the company. The EV ride-hailing startup, which has halted operations, is a related entity of Gensol, and counts the Jaggi brothers as its co-founders along with Punit Goyal.
BluSmart had leased the majority of its vehicles from Gensol.
“I declare that I am resigning due to the direction given under SEBI Interim Order dated April 15, 2025,” said Anmol and Puneet in separate resignation letters filed with the stock exchanges.
The company is currently under heightened regulatory scrutiny and being investigated for alleged financial misconduct and violations under The Companies Act, 2013. The Ministry of Corporate Affairs (MCA) and SEBI are looking into the allegations against the company regarding fund diversion and misuse of loans intended for BluSmart’s EV acquisitions.
According to the investigation undertaken by SEBI, based on which the interim order was issued, Gensol had mis-utilised funds obtained as loans and diverted a portion to promoters and promoter-related entities.
Additionally, the investigation disclosed that funds were diverted to related parties and promoters, including EV ride-hailing startup BluSmart’s co-founders Anmol Singh Jaggi and Puneet Singh Jaggi, who used them for personal expenses, including buying real estate and a golf set worth Rs 26 lakh, among others.
Edited by Kanishk Singh