Matrix IPO Plan? Gensol-BluSmart Saga Brings Anmol Singh Jaggi’s Public Listing Plans to Light

Anmol Singh Jaggi, the founder and managing director of the company Gensol Engineering, which has recently been in the limelight due to its controversy, intends to contest the regulatory order barring him from dictatorships and participating in the stock market, despite the fact that pkans to take his companies Matrix Gas and Renewables Ltd and BluSmart public come loose.

According to the entrepreneur the Sebi order was "one-sided", which he is intending to contest.

Jaggi has put on hold his plans to take Matrix Gas public later this year, while BluSmart is faced with controversies despite being in the pipelines of going public.

Three independent directors of the firm have also resigned and the list includes Arun Menon, Harsh Singh, and Kuljit Singh Popli.

Arun Menon in his resignation letter, which was enclosed in a corporate filing said that there was growing concern about the leveraging of GEL balance sheet to fund the capex of other businesses, and the sustainability of servicing such high debt costs by GEL.

Menon also highlighted that he was willing to resign earlier, adding, "Since I felt I was adding limited value to the company, I had expressed last year to Mr. Parmar that I would like to put in my resignation, but was told to hold on till the IPO of Matrix is successfully concluded," he wrote in his resignation letter.

This further indicates that Anmol Singh Jaggi had plans of an IPO for one of the group companies, Matrix.

What Does Matrix Gas Do?

According to a company statement, Matrix calls itself "India's rapidly growing natural gas aggregator and green hydrogen infrastructure developer. We are dedicated towards steering a greener energy future for India – from ensuring a reliable natural gas supply to propelling city gas distribution networks and pioneering green hydrogen production, we are right at the forefront of India’s energy transition."

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