Close Menu
  • Homepage
  • Local News
  • India
  • World
  • Politics
  • Sports
  • Finance
  • Entertainment
  • Business
  • Technology
  • Health
  • Lifestyle
Facebook X (Twitter) Instagram
  • Contact
  • Privacy Policy
  • Terms & Conditions
  • DMCA
Facebook X (Twitter) Instagram Pinterest
JHB NewsJHB News
  • Local
  • India
  • World
  • Politics
  • Sports
  • Finance
  • Entertainment
Let’s Fight Corruption
JHB NewsJHB News
Home»Business»SEBI bans Gensol Engg, promoters from securities market in fund diversion case | Business News
Business

SEBI bans Gensol Engg, promoters from securities market in fund diversion case | Business News

April 16, 2025No Comments3 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
The order came after the Securities and Exchange Board of India (Sebi) received a complaint in June 2024 relating to the manipulation of share price and diversion of funds from GEL and thereafter started examining the matter.
Share
Facebook Twitter LinkedIn Pinterest Email

Capital markets regulator SEBI on Tuesday barred Gensol Engineering and promoters — Anmol Singh Jaggi and Puneet Singh Jaggi — from the securities markets until additional orders in a fund diversion and governance lapses case.
The regulator has additionally debarred Anmol and Puneet Singh Jaggi from holding the place of a director or key managerial personnel in Gensol till additional orders.

Additional, the markets watchdog directed Gensol Engineering Ltd (GEL) to placed on maintain the inventory break up introduced by it.
The order got here after the Securities and Alternate Board of India (SEBI) acquired a grievance in June 2024 referring to the manipulation of share worth and diversion of funds from GEL and thereafter began analyzing the matter.

In a 29-page interim order, SEBI stated, “The prima facie findings have proven mis-utilisation and diversion of funds of the corporate (GEL) in a fraudulent method by its promoter administrators, Anmol Singh Jaggi and Puneet Singh Jaggi, who’re additionally the direct beneficiaries of the diverted funds”.

Story continues beneath this advert

“The corporate has tried to mislead SEBI, the CRAs (credit standing businesses), the lenders and the buyers by submitting solid conduct letters purportedly issued by its lenders,” the regulator stated.

The noticees 1, 2 and three (GEL, Anmol and Puneet Singh Jaggi) are alleged to have violated the provisions of PFUTP (Prohibition of Fraudulent and Unfair Commerce Practices) guidelines, it added.

SEBI famous that the promoters have been working a listed public firm as if it have been a propriety agency. GEL’s funds have been routed to associated events and used for unconnected bills as if the corporate’s funds have been promoters’ piggy banks.
The results of these transactions would imply that the diversions at a while should be written off from Gensol’s books, in the end leading to losses to the buyers of the corporate.

“…prima facie proof of a blatant violation of guidelines of company governance is writ giant over the workings of the corporate. The diversion of funds of the corporate (GEL) by promoter entities displays a tradition of weak inner management, the place even ring-fenced borrowings from institutional collectors have been rerouted on the whole discretion of the promoters,” SEBI’s whole-time member Ashwani Bhatia stated within the order.

Story continues beneath this advert

The interior controls at Gensol seem like unfastened and thru the short layering of transactions, funds have seamlessly flowed to a number of associated entities/people, Bhatia stated.

It additionally directed the agency to nominate a forensic auditor to look at the books of accounts of Gensol and its associated events.



Source link

bans business case diversion Engg fund Gensol market news promoters Sebi securities
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Fin Min suggests RBI to exclude small-ticket borrowers from draft gold loan norms, rollout from Jan 1

May 30, 2025

Perplexity unveils Labs, a new tool for creating web apps, spreadsheets, and dashboards | Technology News

May 30, 2025

Bengaluru police crack woman’s murder, arrest relative and friend | Bangalore News

May 30, 2025

When Shilpa Shetty Kundra opened up about suffering from an autoimmune condition: ‘I had a couple of miscarriages’ | Health News

May 30, 2025
Add A Comment
Leave A Reply Cancel Reply

Editors Picks

Kim Kardashian’s New Security Secrets Revealed

May 30, 2025

Fin Min suggests RBI to exclude small-ticket borrowers from draft gold loan norms, rollout from Jan 1

May 30, 2025

Perplexity unveils Labs, a new tool for creating web apps, spreadsheets, and dashboards | Technology News

May 30, 2025

SharpLink Announcement Breathes New Life Into Ether ETFs

May 30, 2025
Popular Post

Gary Stead reveals New Zealand’s tactics behind 3-0 vs India: ‘You win the first one…expected to get a turner in Pune’ | Cricket News

‘Indian Navy craft lost control’: What caused Mumbai boat accident that killed 13 | Latest News India

Pain relief without side effects or addiction is better than opiates: Study

Subscribe to Updates

Get the latest news from JHB News about Bangalore, Worlds, Entertainment and more.

JHB News
Facebook X (Twitter) Instagram Pinterest
  • Contact
  • Privacy Policy
  • Terms & Conditions
  • DMCA
© 2025 Jhb.news - All rights reserved.

Type above and press Enter to search. Press Esc to cancel.