Securities and Exchange Board of India (SEBI) made several revelations about discrepancies in the operation of Gensol engineering. Such a revelation included an investigation by the NSE, highlighting a Jensol EV plant in Pune, Maharashtra, which did not carry out any manufacturing activities and appointed only two-three laborers.
What NSE came to know?
During the Gensol investigation, an NSE officer visited the company’s Pune EV plant and found only two or three laborers at work. The SEBI order mentioned that there was no manufacturing activity in the plant.
“The plant had no manufacturing activity with only 2-3 laborers,” said in the interim order of SEBI issued on April 15, 2025.
“It was observed that the maximum amount bill bills by Mahaviranan during the last 12 months for the month of December 2024 was Rs 1,57,037.01. Therefore, it can be estimated that there is no manufacturing activity on the plant site, which is on a leased property,” the order said.
How did NSE inspire this revelation?
The NSE representative’s visit is about the disclosure of Gensol Engineering that it received pre-order for 30,000 electric vehicles launched in India Mobility Global Expo 2025.
However, after verifying the documents, it was discovered that the company entered an MoU with 9 institutions for 29,000 electric vehicles (MoU). MUS did not mention the price and distribution schedule for these vehicles. SEBI order said, “Therefore, the prima facial appeared that the company was making misleading revelations to investors.”
The NSE visited the Gensol Electric Vehicle Private Limited Plant in Pune on April 09, 2025.
Sebi order
The disclosure is one of the several revelations made in SEBI’s interim order about the complaint received against Jensol Engineering and its promoters, Anmol Singh Jaggi and Puneet Singh Jaggi in June 2024. Market regulator revealed that Jensol took a loan Worthy 9.78 billion (about $ 114 million) IREDA And PFC.
The order further highlighted several governance laps, fund diversion and Felified Document Submission. The complaint alleged the misuse of manipulation and company funds at the share price.
“Promoters were running a listed public company as it was an ownership firm,” said SEBI all -time member Ashwani Bhatia. He said, “The company’s funds were rooted to the parties concerned and used for unrelated expenses – as the company’s funds were piggy banks of promoters,” he said.
Following the interim order, SEBI stopped the 1:10 ratio of Gensol Engineering Stock Split, the directors of the company Anmol Singh Jaggi and Puneet Singh Jaggi resigned.
Additionally, independent directors of the company, including Harsh Singh, Kuljit Singh Popli and Arun Menon, stepped down. In February 2025, the company’s loan was almost 1,146 crore.