'No manufacturing, misused funds': Sebi slams Gensol for misleading investors over governance lapses
Sebi's investigation uncovered alleged financial irregularities at Gensol Engineering, including no manufacturing activity at its EV plant despite grand announcements. The regulator found discrepancies in pre-orders, suspicious transactions, and fund diversion by promoter directors Anmol and Puneet Singh Jaggi. Consequently, Sebi barred Gensol and the Jaggis from the securities market and directed a halt to the stock split.
Sebi's investigation uncovered alleged financial irregularities at Gensol Engineering, including no manufacturing activity at its EV plant despite grand announcements. The regulator found discrepancies in pre-orders, suspicious transactions, and fund diversion by promoter directors Anmol and Puneet Singh Jaggi. Consequently, Sebi barred Gensol and the Jaggis from the securities market and directed a halt to the stock split.
