No manufacturing, 2-3 workers: How to conduct an NSE visit on Pune EV Plant in Gensol exposed inactivity
The Securities and Exchange Commission of India (SEBI) has made several revelations on the inconsistency in Gensol engineering operations. One such revelation includes the NSE investigation highlighting a Gensol EV factory in Pune, Maharashtra, which has no manufacturing activities and has only employed two or three workers.
What did NSE find?
During the Gensol investigation, NSE officials visited the company’s Pune EV factory and found only two to three workers. The SEBI order mentioned that the factory did not conduct manufacturing activities.
“The factory has no manufacturing activity, only 2-3 workers,” said Sebi’s temporary order on April 15, 2025.
“It is observed that the maximum amount for Mahavitaran in the last 12 months was Rs 1,57,037.01 in December 2024. Therefore, it can be inferred that there is no manufacturing activity on the factory site, which is on the leased property,” the order further added. ”
How does NSE lead to this revelation?
The visit by NSE representative is about the disclosure of Gensol Engineering, which is the reservation for 30,000 electric vehicles it launched worldwide in 2025.
However, after verification of the documents, it was revealed that the company entered a memorandum of understanding (MOU) for 29,000 electric vehicles with nine entities. Mom didn’t mention the prices and delivery schedules of these vehicles. “So, it appears on the surface that the company is causing misleading disclosures to investors,” the Sebi order said.
NSE visited the Gensol Electric Wearth Private Limited factory in Pune on April 9, 2025.
Sebi Order
The disclosure is one of several revelations in the SEBI interim order, which is about a June 2024 complaint against Gensol Engineering and its sponsors Anmol Singh Jaggi and Puneet Singh Jaggi. Market regulator reveals Gensol takes out a valuable loan ₹9.78 billion (about US$114 million) from IREDA and PFC.
The order further highlights several governance mistakes, transfer of funds and forged document submissions. Complaints accusing stock price manipulation and misappropriation of company funds.
“The promoter is running a listed company, as if it was a proprietary company,” said Ashwani Bhatia, a full member of Sebi. “The company’s funds are sent to affiliates and used for unrelated expenses, just as the company’s funds are the promoters’ banks.”
According to the interim order, Sebi stopped Gensol Engineering’s 1:10 ratio allocation, and Anmol Singh Jaggi’s director and Puneet Singh Jaggi resigned.
In addition, the company’s independent directors, including Harsh Singh, Kuljit Singh Popli and Arun Menon, resigned. In February 2025, the company’s debt was almost ₹11.46 million.
