Capital markets regulator Securities Change Board of India (SEBI) has barred Gensol Engineering and its promoters, Anmol Singh Jaggi and Puneet Singh Jaggi, from the securities markets until additional orders in a fund diversion and governance lapses case.
Anmol Singh Jaggi.has been debarred from holding the place of a director or key managerial personnel in Gensol till additional orders.(LinkedIn/Anmol Jaggi)
In response to a PTI report, SEBI has additionally debarred Anmol Jaggi and Puneet Singh Jaggi from holding the place of a director or key managerial personnel in Gensol till additional orders.
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Who is Anmol Singh Jaggi?
1. According to his LinkedIn profile, Anmol Jaggi holds a Bachelor of Technology (B.Tech) degree in Applied Petroleum Engineering from Dehradun-based University of Petroleum and Energy Studies.
2. Besides Gensol, he is also the co-founder of BluSmart, managing director of Matrix Gas and Renewables Limited, Jaggi’s LinkedIn profile stated.
3. According to SEBI, “The prima facie findings have shown mis-utilisation and diverson of funds of the company (GEL) in a fraudulent manner by its promoter directors, Anmol Singh Jaggi and Puneet Singh Jaggi, who are also the direct beneficiaries of the diverted funds”.
4. In its order, the market regulator alleged that promoters Anmol Jaggi and Puneet Jaggi “were running a listed public company as if it were a propriety firm.”
“GEL’s funds had been routed to associated events and used for unconnected bills as if the corporate’s funds had been promoters’ piggy banks,” the SEBI order claimed.
5. Jaggi can also be accused of getting violated the provisions of PFUTP (Prohibition of Fraudulent and Unfair Commerce Practices) guidelines, SEBI added.
The interior controls at Gensol look like free and thru the short layering of transactions, funds have seamlessly flowed to a number of associated entities/people, Sebi’s whole-time member Ashwani Bhatia mentioned within the order.
It additionally directed the agency to nominate a forensic auditor to look at the books of accounts of Gensol and its associated events.
In response to PTI, SEBI directed Gensol Engineering Ltd (GEL) to placed on maintain the inventory break up introduced by it.