Jaggi brothers resign from Gensol Engineering on Sebi order

Promoters of beleaguered Gensol Engineering-Anmol Singh Jaggi and Puneet Singh Jaggi-have resigned from the company following market regulator Sebi's interim order, according to an exchange filing. They shall also cease to be a member of the various committees of the company. Anmol Singh Jaggi held the post of managing director while Puneet Singh Jaggi was a whole-time director.

Earlier on April 15, the Securities and Exchange Board of India (Sebi) barred Gensol Engineering and the two promoters from the securities markets till further orders in a fund diversion and governance lapses case. The regulator also debarred Anmol and Puneet Singh Jaggi from holding the position of a director or key managerial personnel in Gensol until further orders. The markets watchdog directed Gensol Engineering to put on hold the stock split announced by it.

The Sebi order came after a complaint was received in June 2024 relating to the manipulation of share price and diversion of funds from GEL and thereafter started examining the matter.


In a 29-page interim order, Sebi had said, "The prima facie findings have shown mis-utilisation and diversion of funds of the company (GEL) in a fraudulent manner by its promoter directors, Anmol Singh Jaggi and Puneet Singh Jaggi, who are also the direct beneficiaries of the diverted funds".