Capital markets regulator the Securities and Exchange Board
of India (Sebi) has barred Gensol Engineering and promoters -- Anmol Singh
Jaggi and Puneet Singh Jaggi -- from the securities markets till further orders
in a fund diversion and governance lapses case.
The regulator has also debarred Anmol and Puneet Singh Jaggi
from holding the position of a director or key managerial personnel in Gensol
until further orders. Further, the markets watchdog directed Gensol Engineering
(GEL) to put on hold the stock split announced by it.
The order came after 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.
Gensol Engineering is engaged in providing technical due
diligence, detailed engineering, quality control, construction supervision, and
other consulting services for solar projects across many countries, including
India.
Source: Ace Equity
