£ 50 Crore DLF Camellias Gurgaon Flat: Here's how Anmol Singh Jaggi Gensolf Funds used | Company Business News

Sebi’s interim order against Gensol Engineering highlights Management Miscreations and Financial Fund, including a luxury apartment purchase of £ 50. Promoters allegedly derived business funds for personal use, which asked the regulatory steps to a financial misconduct complaint. Sebi claims Gensol -Promotor Anmol Singh Jaggi of misuse of enterprise funds. (Mint) The Securities and Exchange Board of India (Sebi) issued an interim order on Tuesday against Gensol Engineering and his promoters, Anmol Singh Jaggi and Punet Singh Jaggi. The order pointed out that various management issues and the misappropriation of funds, including DLF’s purchase of a luxury residential apartment, ‘The Camellias’ in Gurgaon. According to the SEBI order, funds are to a firm connected to the promoter, via a series of transactions by a car dealer, which was later used to pay for the luxury property. How are funds derived? Gensol Engineering collected a £ 71.41 loan from Ireda and transferred £ 26 from his own account. These funds, worth £ 97, were later transferred to Go-Auto, a car dealership firm associated with the company. Go-Auto sent £ 50 crore to Capbridge Ventures, a firm controlled by Anmol Singh Jaggi. “Bank statements from Capbridge Ventures LLP further showed that it received £ 70 crore in FY 2023 from Go-Auto: £ 50 crore on October 03, 2022, which was partly used to obtain the apartment in ‘The Camellias’,” said the interim order of Sebi. Sebi claims that loans that took Gensol to acquire EVs were partly used to buy this premium property in the name of a firm in which Gensol’s managing director and his brother are designated partners. Sebi order the interim order comes after the market regulator investigated a complaint received in June 2024, emphasizing serious management, fund deduction and forged document submissions. The complaint claimed alleged share price manipulation and misappropriation of company funds. “The promoters have run a listed public company as if it were their own firm,” said Ashwani Bhatia, the entire member of Sebi. “Business funds were sent to related parties and used for unrelated expenses – as the funds of the company were the promoters’ piggy bank,” he added. Investment at the beginning of Asherver the bank statement of Anmol Singh Jaggi showed that most of the funds were transferred to related parties and family members or used for personal expenses. He allegedly used £ 50 lakh of the derivative funds to invest in the Akheer Grover’s boot, third unicorn, and held 2,000 shares in the company on March 31, 2024. Previously, Gensol proposed a shares in a 1:10 ratio, which is expected to increase the interest of the investors. However, Sebi’s interim order has now suspended the corporate action. On Gensol Engineering Gensol Engineering Limited specializes in solar project services and manufacturing and rental of electric vehicles (EV). The Solar Project Services project concept to commissioning, including advice, execution and operations. The company, founded in 2012, was founded by Anmol Singh Jaggi and Puneet Singh Jaggi. First published: 16 Apr 2025, 10:14 am Ist