Rs 50 crore DLF Camellias Gurgaon Flat: This is how Anmol Singh Jaggi uses Gensol funds
The Securities and Exchange Commission of India (SEBI) issued interim orders against Gensol Engineering on Tuesday, its sponsors Anmol Singh Jaggi and Puneet Singh Jaggi. The order points out some governance issues and misappropriation of funds, including the purchase of DLF luxury residential apartments in Gurgaon.
According to SEBI Order, funds were sent to a company that contacted the promoters through a series of transactions, which was later used to pay for luxury properties.
How to transfer funds?
Gensol Engineering borrowed ₹714,10 million from IREDA ₹Get 260 million from your own account, total ₹970 million. The funds were 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: ₹Rs 500 crore on October 3, 2022, partly to buy apartments in camellia in DLF. ” said Sebi’s temporary order.
SEBI claims that the loan obtained by Gensol is used to purchase this premium property in the name of a company whose MD and his brother are designated as partners.
Sebi Order
The interim order comes after a complaint received by market regulators in June 2024 that highlights serious governance failures, transfer of funds and forged document submissions. Complaints accusing stock price manipulation and misappropriation of company funds.
“The promoter is running a listed company that is listed as if it is 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.”
Startups investing in Ashneer Grover
Anmol Singh Jaggi’s bank statement shows that most of the funds are transferred to parties and family members or used for personal expenses. He allegedly used ₹From the transfer funds, invested in Ashneer Grover’s startup, the third unicorn, which held 2,000 shares as of March 31, 2024.
Previously, Gensol proposed to allocate stocks at a 1:10 ratio, which is expected to increase interest on retail investors. However, SEBI’s interim order now suspends corporate operations.
About Gensol Engineering
Gensol Engineering Limited specializes in solar project services as well as electric vehicle (EV) manufacturing and leasing. Their solar project services range from project concept to commissioning, including consultation, execution and operations. The company was founded in 2012 by Anmol Singh Jaggi and Puneet Singh Jaggi.
