In an interim order, the Markets Capital Regulator has ordered the solar energy consulting firm to put its recent shares division in Hold | Photo credit: Reuters
The Securities and Exchange Board of India (Sebi) you have restrained gensol Engineering and its Promoters, Anmol Singh Jaggi and Puneet Singh Jaggi, From Accessing Capital Markets for Allegedly Fundrcllosors, and Fundrclosures, and Fundlosures, and Fundlosures, and Foundations, and Fundamentals, and Fundamentals, and Fundamentals, and Fundamentals, and Fundamentals and Fundamentals.
In a provisional order on Tuesday, the Markets Capital Regulator has addressed the SOLAR ENERGY CONSULTANCE SIGNATURE to put its recently announced aware shares, and prohibited the two promoters from having any managerial sign of director or key in the company.
In addition, Sebi will designate a forensic auditor to examine the gensol and account books of its related parts. The report will be submitted to the regulator within six months after the appointment, the order said.
Sebi’s investigation, which followed the complaints of the manipulation of the price of shares and breach in loan payments, showed that Gensol Engineering had taken advantage of the ₹ 977.75 million rupees in term loans of institutions such as IEDA and PFC. Of this sum, ₹ 663.89 million rupees was assigned to buy 6,400 electric vehicles (EV). However, only 4,704 vehicles were obtained worth ₹ 567.73 million rupees, with ₹ 262.13 million rates not accounted for.
FUND OF FUNDS
Pointing out a complete breakdown of internal controls and corporate governance standards in Gensol as a quoted company, the Sebi member, Ashwani Bhatia, said: “The promoters were directing a list of the funds of the public company were a tip company. The complementary company. The company accompanied. Not connected expenses, as if the company’s funds were the promoters of the promoters.”
The regulator probe showed that more than ₹ 200 million rupees were enrupted through a car dealership and turned bike to entities linked to the promoter. Some of them were used for unrelated personal executions, including the purchase of luxury real estate.
“The diversion of the company’s funds by the promoter entities reflects a culture of weak internal control, where even the loans fenced with the ring of the institutional creditors were redirected to total discretion of the promoters. Internal controls in gensol Intermediate of 29 pages.
In addition, Sebi also found that Gensol suborga falsified documents to credit rating agencies to falsely claim the appropriate debt payments.
Posted on April 15, 2025
