Athira Sethu
Kochi, 17 April 2025
A serious matter has arisen at Gensol Engineering, which is a listed firm. As per a fresh report by SEBI (the Securities and Exchange Board of India), one of the promoters of the company, Anmol Singh Jaggi, has possibly spent company funds for personal purposes.
SEBI states that Anmol Singh Jaggi used corporate loans to assist in purchasing an extremely pricey flat in “The Camellias,” a luxury residential project in Gurgaon. Here is how this happened:
Gensol borrowed Rs 71.41 crore from IREDA (a lender with government backing) and contributed Rs 26 crore from its own coffers. Between them, that’s roughly Rs 97 crore. Shortly after receiving the funds, Gensol dispatched it to Go-Auto, a car dealer associated with the firm.
On the same day, Go-Auto paid Rs 50 crore to Capbridge Ventures — a firm owned by Gensol’s promoters. Capbridge Ventures subsequently made the payment of Rs 42.94 crore to DLF, the developer of The Camellias. This was in consideration for purchasing the apartment.
SEBI discovered that this apartment was purchased under the name of a company (Capbridge Ventures), in which Anmol Singh Jaggi and his brother (Puneet Singh Jaggi) are key associates.
Prior to this, Rs 5 crore had also been paid as advance booking by their mother Jasminder Kaur. This also belonged to Gensol. The advance was returned later by DLF, but the money was not returned to Gensol. It went to another group company called Matrix Gas and Renewables.
DLF assured SEBI that the payment was made on October 6, 2022.
SEBI was very concerned about this. It stated that Gensol’s internal controls were totally in shambles. The promoters used this public company as if it were their own business.
Due to these actions, SEBI has now prohibited Gensol Engineering, Anmol Singh Jaggi, and Puneet Singh Jaggi from participating in the capital markets.
This is to say that they can no longer raise or transact money through the stock market until further notice.
