Who is Anmol Singh Jaggi? Blusmart, founder of Gensol is banned by Sebi for taking on top company roles
Capital Markets regulator SEBI banned Gensol Engineering and its promoters Anmol Singh Jaggi and Puneet Singh Jaggi from entering the securities market on Tuesday until cases related to cases involving failures in fund transfers and governance.
In addition, SEBI has banned Anmol and Puneet Singh Jaggi from serving as directors or principal managers of Gensol Engineering Ltd (Gel) until further orders, pti Report.
Who is Anmol Singh Jaggi?
Anmol Singh Jaggi is Chairman and Managing Director of Gensol Engineering Ltd, a major player in Solar Engineering, Procurement, Construction (EPC) and Electric Mobility Solutions.
Under his leadership, Gensol has performed over 15 GW of renewable energy projects and managed a 4.5 GW solar operation and maintenance portfolio.
In 2019, Jaggi co-founded Blusmart Mobility, India’s first fully electric ride-hailing platform. Blusmart is a green alternative to traditional taxi services such as Uber and Ola, aiming to reshape urban mobility with a focus on sustainability and zero-emission transport.
educate
Anmol Singh Jaggi completed his Bachelor of Technology (B.Tech) in 2007 at Applied Getroleum Engineering at Petroleum and Energy Research (UPES) in Dehradun.
Also Read: Sebi puts Gensol Engineering stock on hold, bar promoters enter the market
How do you say the Sebi command?
SEBI’s recent actions against Gensol Engineering Ltd follow a downgrade in corporate credit ratings due to concerns about liquidity issues and poor corporate governance, Reuters Report.
Market regulator reveals Gensol takes out a valuable loan ₹9.78 billion (about $114 million) from IREDA and PFC, a large portion of which goes to electric vehicles for electric rider service companies jointly owned by Gensol’s sponsors.
Although Gensol denies a loan default, SEBI cited statements from IREDA and PFC, confirming that the company did default on its repayments. This has attracted further attention to Gensol’s financial practices and its association with Blusmart.
Also read: Golf equipment, spa courses, Rs 26 lakh, ₹Dh186 million”> Luxury spending by Gensol CEO Anmol Singh Jaggi: DLF Camellias Apt, ₹Golf equipment 2.6 million, spa courses, ₹Dh186 million
“The ostensible findings suggest that its sponsor directors, Anmol Singh Jaggi and Puneet Singh Jaggi, misleading and transferring the company’s funds (GELs) in a fraudulent way, are also direct beneficiaries of those displaced 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.
Also Read: Sebi puts Gensol Engineering stock on hold, bar promoters enter the market
The ostensible findings show that its promoter directors have made false use and transfer of the company’s funds in a fraudulent manner.
Notifications 1, 2 and 3 (Gel, Anmol and Puneet Singh Jaggi) allegedly violated the provisions of the PFUTP (Prohibiting Fraud and Unfair Trade Practice) Rules.
(with agent input)
