Mumbai— Anmol Singh Jaggi and Puneet Singh Jaggi, top executives of scam-hit Gensol Engineering Ltd, have resigned from their leadership roles, the company informed stock exchanges on Monday. Anmol, the Managing Director, and Puneet, a Whole-Time Director, have also stepped down from all company committees, following regulatory pressure.
In his resignation letter, Anmol Singh Jaggi cited the Securities and Exchange Board of India’s (SEBI) interim order issued on April 15 as the reason for his departure. “I am resigning from the post of Managing Director with effect from the close of business on May 12, 2025… due to the direction given under SEBI’s Interim Order,” he wrote, thanking the board and employees for their support.
The resignations come after the Securities Appellate Tribunal rejected Gensol’s plea to stay SEBI’s interim order, which accused the company and its promoters of financial misconduct, including fund diversion and poor governance. SEBI has been given four weeks to issue a final ruling after the company files its response.
According to SEBI’s order, Gensol promoters Anmol and Puneet Singh Jaggi misused company funds, treating Gensol as their personal “piggy bank.” The company lacked financial oversight and diverted loan funds meant for electric vehicle (EV) purchases to related parties.
Gensol had borrowed ₹977.75 crore from IREDA and Power Finance Corporation (PFC) between FY22 and FY24, earmarking ₹663.89 crore for the purchase of 6,400 EVs. However, the company only procured 4,704 vehicles worth ₹567.73 crore, as confirmed by supplier Go-Auto.
SEBI’s investigation further revealed that Gensol’s Pune-based EV plant had no active manufacturing, with only a handful of laborers on a leased site. Gensol is also accused of forging letters from IREDA and PFC to mislead credit agencies into believing it was servicing its loans.
Meanwhile, PFC has filed a police complaint in Delhi against Gensol for submitting falsified documents to secure loans under false pretenses. Gensol is the parent company of BluSmart, an electric vehicle ride-hailing service. (Source: IANS)
