Gensol Engineering Fund Transfer: Sebi Stops Stock Split, CEO Anmol Jaggi’s Luxury Lifestyle – Event Schedule
Gensol Engineering Fund transfer: The Securities and Exchange Commission of India (SEBI) banned Gensol Engineering founder Anmol Singh Jaggi and brother Puneet Jaggi from coming from the securities market on April 15 until further orders were made in the transfer of funds.
The two brothers were also prohibited from holding primary executive positions at Gensol Engineering (including as directors or management). Capital Markets regulators are exploring companies and Jaggis in fund transfers and governance.
The regulator’s 29-page temporary order documents show that in addition to actions against Anmol Singh Jaggi and Puneet Singh Jaggi, Gensol Engineering’s shares were hit after SEBI put the company’s planned shares on hold.
In June 2024, SEBI received complaints accusing the share price manipulation and transfer of funds from Gensol Engineering (aka Gel) to personal expenses of CEO Anmol Singh Jaggi and his brother Puneet.
Gensol was founded in 2012 by Jaggis. SEBI survey shows that in 2022, Gensol Engineering borrowed a loan ₹714,10 million from IREDA ₹My account is 260 million. These funds are worth it ₹970 million, later transferred to Go-Auto, a car dealership company associated with the company. go-auto sent ₹Capbridge Ventures controlled by Anmol Singh Jaggi for $500 million.
“Capbridge Ventures LLP’s bank statement further demonstrates that it has received ₹Rs 700 million for fiscal year 2023, from the Cosamurai: ₹Sebi’s interim order said that on October 3, 2022, the Rs 50 crore was partly used to purchase apartments in the “Camellias” DLF. ”
Other luxury expenses include:
- ₹2.6 million people were paid to Taylormade’s golf game.
- ₹300,000 will be traveled individually.
- ₹995,000 to ICICI bank credit card for personal use.
- ₹Titan Company has 1.728 million.
- ₹Payment of 1.036 million to Kamco Chew Food Pvt Ltd Spa.
- ₹800,000 to mayonnaise design.
- ₹For personal purposes, 2.3 million was paid to ICICI Securities.
What Sebi says in Gensol Engineering, directors:
In SEBI interim order: “Ostensive findings suggest that its sponsors, Anmol Singh Jaggi and Puneet Singh Jaggi, misleading and transferring the company’s funds (GELs) in a fraudulent manner, are also direct beneficiaries of the separation of funds.”
“The company attempted to mislead Sebi, CRA (credit rating agency), lenders and investors by submitting fake conduct letters allegedly issued by lenders,” the regulator said.
The order added that Gel, Anmol and Puneet Jaggi allegedly violated provisions of the Prohibited Fraud and Unfair Trade Practice (PFUTP) rules.
Sebi slammed Jaggis for “running a listed company, as if it were a courtesy company”, noting that Gel’s funds seemed to have been cashed in unconnected fees “as if the company’s funds were Piggy Banks of the promoters.”
The results of these transactions will mean transfers that require write-offs from Gensol’s books, ultimately resulting in losses to the company’s investors.
Gensol shares fall: Will SEBI orders protect retail investors?
Gensol Engineering shares have landed freely over the past 1.5 months as widespread financial abuse measures are exposed, which is due to allegations of mismanagement, misuse of funds and lowered credit ratings, which are offered another 5% today on April 16.
During this period, the currency’s stock lost nearly 80% of its value, and Gensol Engineering Stock was trapped in the lower tier tour during most trading days in March and April. It has fallen from its highest heights all the time ₹In June 2024, touched 1,126 shares per share, making investors more poor ₹38.3 billion.
The abused Gensol project library exists ₹122.68, drop ₹6.46, which is 5% on BSE today. It’s open ₹123.65 per person ₹BSE 130.15 the day before.
This is where Sebi stops stock splits to protect retail investors. SEBI put the proposed 1:10 stock split plan on shelving, indicating that it may not be in the interests of investors at this stage. Regulators stress that a sharp drop in the risk of further reductions in sponsor holdings could capture “vicious investors.”
Kranthi Bathini of Wealthmills Securities said in an interview with Livemint that such small and medium-sized stocks “carry such executions and corporate governance risks.” Bathini added that retail investors can exit Gensol Engineers’ shares if there is a chance.
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