16 April 2025 (Punjab Khabarnama Bureau): Capital markets regulator Securities Exchange Board of India (SEBI) has barred Gensol Engineering and its promoters, Anmol Singh Jaggi and Puneet Singh Jaggi, from the securities markets till further orders in a fund diversion and governance lapses case.
According to a PTI report, SEBI has also debarred Anmol Jaggi and Puneet Singh Jaggi from holding the position of a director or key managerial personnel in Gensol until further orders.
Who is Anmol Singh Jaggi?
1. According to his LinkedIn profile, Anmol Jaggi holds a Bachelor of Technology (B.Tech) degree in Applied Petroleum Engineering from Dehradun-based University of Petroleum and Energy Studies.
2. Besides Gensol, he is also the co-founder of BluSmart, managing director of Matrix Gas and Renewables Limited, Jaggi’s LinkedIn profile stated.
3. According to SEBI, “The prima facie findings have shown mis-utilisation and diverson of funds of the company (GEL) in a fraudulent manner by its promoter directors, Anmol Singh Jaggi and Puneet Singh Jaggi, who are also the direct beneficiaries of the diverted funds”.
4. In its order, the market regulator alleged that promoters Anmol Jaggi and Puneet Jaggi “were running a listed public company as if it were a propriety firm.”
“GEL’s funds were routed to related parties and used for unconnected expenses as if the company’s funds were promoters’ piggy banks,” the SEBI order claimed.
Summary: SEBI has barred Anmol Singh Jaggi from securities market for misusing ₹977.75 crore in loans intended for EV purchases, diverting funds for personal expenses and investments.