Anmol Singh Jaggi Resigns From The Position Of MD Of Gensol Engineering: All You Need To Know

Anmol Singh Jaggi, the Managing Director of controversy-ridden firm, Gensol Engineering has resigned from his position on Monday, effective immediately.

In his resignation mail, Jaggi wrote, "I am hereby resigning from the post of Managing Director of Gensol Engineering Limited with effect from the close of business hours on May 12, 2025. Further, I declare that I am resigning due to the direction given under SEBI Interim Order dated April 15, 2025. I take this opportunity to thank the entire Board, the Management Team and the employees of the Company for the support and cooperation extended to me during my tenure."

His brother, Puneet Singh Jaggi who is also the promoter of Gensol Engineering resigned from the position of whole-time director.

The company did not get any relief from the Securities Appellate Tribunal after the firm had moved against April 15 order of SEBI.

Due to several lapses by the government, Sebi took significantly stringent measures which included the prohibition of Gensol and its promoters - Jaggi brothers - from accessing the securities market until further notice.

Additionally, the brothers were also banned from holding any dictatorship or key management position in Gensol Engineering.

The Gensol-BluSmart Controversy

Gensol had secured Rs 977.75 crore in the form of loans from IREDA and PFC between FY22 and FY24. Of this, Rs 663.89 crore was meant for purchasing 6,400 EVs but the firm acquired only 4,704 EVs, worth Rs 567.73 crore, as confirmed by the supplier Go-Auto.

When Sebi found out that the funds meant for purchasing EVs were often routed back to Gensol or entities linked to Jaggi, it banned the brothers from accessing the securities market until further notice.

This money was then used for personal expenses by the promoters, like the purchase of a luxury apartment, transfers to relatives, among others.

A whistleblower then lodged a complaint with Sebi and accused the promoters of manipulating the stock and misusing funds.

Sebi also found out that 50 lakh of the diverted funds had been invested in Third Unicorn Pvt Ltd, a startup co-founded by Ashneer Grover, who comes from Shark Tank India fame and is the former managing director of BharatPe.

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