Gensol Engineering shares tank further on SEBI crackdown

BUSINESS

Gensol Engineering shares tank further on SEBI crackdown

AIMPWA

April 17, 2025

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SEBI barred Gensol promoters Anmol Singh Jaggi and Puneet Singh Jaggi from securities markets till further orders in a fund diversion and governance lapses case

Gensol Engineering dropped further to hit another lower circuit on Thursday as SEBI barred the company and promoters from securities market.

The markets regulator barred promoters Anmol Singh Jaggi and Puneet Singh Jaggi from securities markets till further orders in a fund diversion and governance lapses case.

In addition, SEBI directed Gensol to put on hold the stock split announced by it.

The stock traded at ₹116.54, down 5 per cent on the NSE. On the BSE, it tanked 4.97 per cent to ₹117.50.

On Thursday, the company clarified exchanges, “In compliance with SEBI’s directions in the interim order, Anmol Singh Jaggi and Puneet Singh Jaggi (promoters of the Company) have restrained from holding the position of a director or a Key Managerial Personnel in Gensol, until further orders. They are no longer participating in the management of the Company as per SEBI’s instructions, effective immediately.”

“As directed in the interim order, SEBI will appoint a forensic auditor to thoroughly examine the books of accounts of the Company and its related entities,” it added

On Wednesday, it informed the resignation of Arun Menon as Independent Director of the company w.e.f. April 15, 2025.

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