New Delhi: India’s market regulator Securities and Alternate Board of India (SEBI) has handed an interim order barring Gensol Engineering Restricted and its promoters (additionally co-founders BluSmart) Anmol Singh Jaggi and Puneet Singh Jaggi from accessing the securities market and halted Gensol’s proposed inventory break up. The promoter brothers have now stepped down as the corporate’s administrators following the market regulator’s orders.

As per the interim order, Sebi will appoint an auditor to completely look at the books of the corporate and its associated entities.

In mild of the audit to be performed by Sebi, Gensol Engineering on Wednesday mentioned it should absolutely cooperate with the method. 

“Gensol will absolutely cooperate with the forensic audit to be performed on the behest of Sebi,” it added.

Additional, the corporate asserted that Anmol Singh Jaggi and Puneet Singh Jaggi (promoters of the corporate) have been restrained from holding the place of a director or a Key Managerial Personnel in Gensol till additional orders.

    

They’re not collaborating within the administration of the corporate as per Sebi’s directions. 

It’s alleged that Gensol Engineering’s promoters handled the listed firm as a proprietary agency, diverting company funds to purchase a high-end house in The Camellias, DLF Gurgaon, splurging on a luxurious golf set, paying off bank cards, and transferring cash to shut family.

The SEBI order got here after the regulator acquired a criticism in June 2024 regarding the manipulation of share worth and diversion of funds from GEL, and thereafter began inspecting the matter.