Particle.news
Download on the App Store
23 ARTICLES
·
last wk.

SEBI Bars Gensol Promoters Over Fund Diversion Scandal

Promoters Anmol and Puneet Singh Jaggi accused of misusing EV loans for personal luxuries, triggering regulatory scrutiny and investor losses.

BluSmart is in the soup after SEBI alleged financial misconduct by the promoters of the company.
Anmol Singh Jaggi is accused of diverting company funds for personal use.
SEBI Bhavan at BKC Bandra in Mumbai.
BluSmart customers across India have reported trouble booking cabs

Overview

  • SEBI has barred Gensol Engineering and its promoters from the securities markets and key managerial roles, citing fund diversion and governance failures.
  • Loans allocated for purchasing 6,400 electric vehicles resulted in only 4,704 EVs being procured, leaving Rs 262 crore unaccounted for.
  • Promoters allegedly diverted funds for personal use, including Rs 42.94 crore for a luxury apartment and Rs 50 lakh invested in a startup.
  • A forensic audit has been mandated to examine Gensol's accounts, with a report due within six months.
  • Gensol's stock has plummeted over 80% in 2025, eroding investor wealth and raising concerns about financial transparency.