Once acclaimed as a promising disruptive of clean technology, GENSOL ENGINEERING Now he is at the center of attention for all the wrong reasons. After a dramatic stock accident or 90 percent From its maximum point, the company faces serious accusations of Fund fun, luxury expensesand Bad corporate governance.
Let’s break this high voltage Raised in Sebi And how the grace of the company developed.
It all started with RS 978 million rupees on EV loans
Between 2021 and 2024, Gensol Tok Term loans worth 978 million rupees of two lenders backed by the government, IREDA and PFC, buy 6,400 electric vehicles. These evs were meean to be leased to Extra -Mart -MobilityAn electric cabin service co -founded by the promoter Anmol Singh Jaggi.
But the red flags soon emerged.
Only 4,704 electric vehicles were bought; Where did the rest?
According to Sebi, Gensol only acquired 4,704 EVSCOST RS 568 million rupees. That left a RS 262 million rupees In the books. The remaining funds supposedly Diverted by personal luxuries.
A RS 42 million luxury rupees and luxurious expenses expense
This is how the money path was unbalanced:
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RS 42.94 million rupees I used to buy a high -end apartment in The camellias, Gurgaon
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Spend golf equipment” Foreign trip” luxury purchasesand Credit card invoices
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Funds dragged through companies linked to promoters such as Capbridge Ventures” Solar Wellrayand Matrix gas
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Alleged misuse extended to GENSOL EV lease” Gosolar companiesand Extinguish
False loan behavior letters? Sebi discovers more
To mask the possible breaches of loans, GENSOL supposedly presented False “make letters” To IREDA and PFC, falsely claiming a timely refund. When Sebi verified crossed, both lenders denied issuing such letters.
This triggered a Degraded to “d” Of rating agencies such as ICRA and CarefulSignaling Predetermined risk.
Sebi Grieta The phrases markets of the Interim Order of whip
On April 17, Sebi spent a hard Interim Order:
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Promising Anmol and Puneet Jaggi were treated Of the stock market
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Prohibited from any KMP director or roles In listed companies
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Divided Actions Plan waiting Amid the fear of promoting retail investors
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Forensic audit Ordered to track more irregularities
Sebi left no words: “The promoters directed a public company as if it were their personal care.”
Free fall stock: from RS 4.3 billion rupees at 506 million rupees
Once with a RS 4.3 billion market rupeesThe gensol value has now been reduced to RS 506 million rupees. The action, which once quoted up RS 1,100is now stuck eating RS 116.54; to Huge 90 percent clash From its peak.
The Fullmart link adds more fuel to fire
Fuller, which was meean to benefit from the EV lease project, has been under the scanner as a Coinmedia entity. Sebi pointed out that the funds tightened inside and outside the companies related to the extinction of more complexity to the case.
What is the way in which an ambitious clean energy history is now mired in the scandal? With the confidence of shattered investors, the fast action of Sebi aims to restore the order, but for retail investors who bought green dream, the damage is already done.