SEBI Action on Gensol Promoters: Anmol Singh Jaggi and Punit Singh Jaggi, promoter-directors of Ahmedabad-based solar company Gensol Engineering, have resigned from their posts. This step was taken after SEBI’s interim order, in which they were accused of financial irregularities and banned from the stock market.
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SEBI Action on Gensol Promoters
The Securities and Exchange Board of India (SEBI) has made an interesting revelation regarding corporate governance violations at the construction and engineering company Gensol Engineering. The company’s co-promoter, Anmol Singh Jaggi, is accused of purchasing a luxury apartment in DLF Camellias in Gurgaon using company funds.
Allegations Against Gensol Promoters
According to documents from real estate data analytics firm CRE Matrix, Jaggi bought this 7,430 sq ft apartment for a settlement amount of Rs 37.92 crore. The property was registered in the name of Capbridge Ventures LLP (in which Anmol and his brother, Punit Singh Jaggi, are designated partners) on 4 August 2023.
Stamp duty of Rs 2.65 crore: According to the documents, a stamp duty of Rs 2.65 crore was paid on the deal, and the payment for the apartment was made on September 30, 2022. The flat also includes four car parking slots.
What are DLF Camellias? ‘The Camellias’ is one of the most exclusive residential projects in Gurugram, offering high-end apartments for the wealthy and big businessmen.
SEBI Action on Gensol Promoters: What is in SEBI’s Interim Order?
On October 6, 2022, Capbridge Ventures transferred Rs 42.94 crore to DLF Limited. The apartment was earlier booked in the name of Anmol Singh Jaggi’s mother, Jasminder Kaur, who had paid Rs 5 crore as booking advance.
After Capbridge made the full payment, the flat was allotted in its name, and DLF refunded Rs 5 crore, but according to SEBI, this amount was transferred to another related party, Matrix Gas and Renewables.
SEBI Action on Gensol Promoters: What action did SEBI take?
SEBI has banned Gensol Engineering and Jaggi brothers from the securities market in the case of fund diversion and governance lapse. The regulator said in its interim order that both promoters had treated the listed company as their personal property.
According to SEBI, the Jaggi brothers not only purchased this luxury flat but also misused the company funds in purchasing an expensive golf set, credit card bills and transferring money to relatives. Not only this, Jaggi also took spa treatment worth Rs 10.36 lakh from the investors’ money.
Apart from this, Jaggi spent Rs 3 lakh on personal trips through MakeMyTrip, Rs 1.86 crore on UAE Dirhams and Rs 17.28 lakh on expensive watches and jewellery. SEBI also said that the promoters ran the company like their “piggy bank”, transferring funds to related parties while ignoring the interests of shareholders.
SEBI cracks down on Gensol promoters!
— ACI Magazine (@ACImagazine) April 17, 2025
Anmol & Puneet Jaggi used company funds to buy a luxury flat, golf sets & boost Gensol’s stock price.
SEBI called it a “big betrayal of public trust” & ordered a full audit.#Gensol #SEBI #CorporateFraud #StockMarket #InvestorAlert pic.twitter.com/GPcYniWKmB
Bluesmart is also in Trouble, Cab Booking Problem
According to the media report, it’s double trouble for Anmol Jaggi. His co-founded ride-hailing platform BluSmart has also started halting its operations. On Wednesday, many users complained that they were unable to book cabs on the app. Let us tell you that Bluesmart had recently tried to raise $50 million (about Rs 415 crore) in funds, but due to disputes related to Gensol, this deal failed.
Jay Chavda He is the Founder and Writer of businesspulsecare.com. He is an I.T Engineer, Freelancer, Businessman. He posts Business, Stock/Share Market, Finance Related News and updates on the website. 🔗