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Jaggi Brothers Resign from Gensol Engineering Amid Governance Crisis

The founders stepped down following SEBI’s interim order alleging fund diversion and corporate governance failures.

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Overview

  • Anmol Singh Jaggi and Puneet Singh Jaggi resigned from their roles as Managing Director and Whole-time Director of Gensol Engineering, effective May 12, 2025.
  • The resignations follow SEBI's April 15 interim order barring the brothers from securities markets and alleging misuse of ₹262.13 crore intended for EV procurement.
  • Gensol’s stock has plummeted by over 92% in 2025, leading to its placement under enhanced surveillance by BSE and NSE.
  • The company remains under multi-agency scrutiny, including investigations by SEBI, the Enforcement Directorate, and the Ministry of Corporate Affairs.
  • Loans intended for EV procurement and EPC contracts were allegedly diverted to personal assets, shell entities, and luxury real estate by the promoters.