Sebi Upholds Ban on Gensol Founders Amid Misconduct Allegations

Markets regulator Sebi upheld its interim measures against Gensol Engineering and its former directors, Anmol Singh Jaggi and Puneet Singh Jaggi, due to issues of fund diversion and inadequate corporate governance. These measures include barring the Jaggi brothers from participating in securities markets.

The duo, also co-founders of the EV ride-hailing firm BluSmart Mobility, have been prohibited from holding any directorial or key managerial positions at Gensol. Sebi highlighted that they are under insolvency proceedings overseen by a court-appointed professional.

Sebi's detailed confirmatory order reaffirmed their April findings of financial impropriety, noting that the company's funds were misused for personal gains. The investigation will continue, with a forensic audit pending outcomes, as Sebi denies lifting imposed restrictions while awaiting potential tribunal directions regarding insolvency processes.

(With inputs from agencies.)