Gensol case: Ministry of Corporate Affairs to take necessary action after examining Sebi order

Sebi received a complaint in June 2024 related to the manipulation of share price and diversion of funds from Gensol and thereafter, started examining the matter.

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26 Aug, 2025 12:21

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The Ministry of Corporate Affairs (MCA) on Monday said it will take necessary action in the Gensol Engineering matter after examining market regulator Sebi’s order against the company.

The Ministry of Corporate Affairs (MCA) told news agency PTI that it is examining the Sebi order in light of the provisions of the Companies Act, 2013.”Necessary action would be taken accordingly,” the ministry said

Anmol Singh Jaggi and Puneet Singh Jaggi, promoters of Gensol Engineering, face a capital market ban and charges of fund diversion. The brothers are also promoters of

ride-hailing service company BluSmart.

Gensol Engineering's promoters treated the listed company as a proprietary firm, diverting corporate funds to buy a high-end apartment in The Camellias, DLF Gurgaon, splurging on a luxury golf set, paying off credit cards, and transferring money to close relatives, Sebi said in its interim order.

Sebi, through its interim order on Tuesday last week, barred brothers Anmol Singh Jaggi and Puneet Singh Jaggi from accessing the securities markets until further notice. The action comes amid accusations of siphoning off loan funds from their publicly listed company Gensol Engineering for personal use, raising concerns over corporate governance and financial misconduct.

Gensol Engineering is engaged in providing solar consulting services, engineering, procurement and construction (EPC) services, and leasing of electric vehicles, among others. Sebi received a complaint in June 2024 related to the manipulation of share price and diversion of funds from Gensol and thereafter, started examining the matter.

Additionally, Sebi directed Gensol Engineering to put its planned stock split into the ratio of 1:10 on hold.