Overview

• SEBI's interim order revealed no manufacturing activity at Gensol's Pune EV plant, with only 2-3 labourers present and minimal electricity usage.
• The company falsely claimed 30,000 EV pre-orders, which were actually non-binding agreements with no delivery or pricing commitments.
• Promoters Anmol and Puneet Singh Jaggi diverted funds for personal expenses, including a luxury apartment and related-party transactions.
• ₹262.13 crore of state-backed loans intended for EV purchases remains unaccounted for, with only 4,704 of 6,400 planned EVs acquired.
• SEBI imposed market bans on Gensol and its promoters, barred them from directorships, and froze the company's planned 1:10 stock split.