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Markets regulator Sebi has found “no manufacturing activity” at Gensol Engineering’s electric vehicle (EV) facility in Pune, with only 2–3 labourers present during a site visit by a National Stock Exchange (NSE) official. The findings are part of Sebi’s interim order dated April 15, issued in response to a complaint from June 2024 alleging share price manipulation and fund misappropriation by the company.
In its order, the Securities and Exchange Board of India (Sebi) pointed to discrepancies and misleading disclosures made by Gensol Engineering, promoted by brothers Anmol Singh Jaggi and Puneet Singh Jaggi, a news agency PTI reported.
No activity at EV plant despite grand announcements
An investigation by the NSE revealed that Gensol’s EV subsidiary, Gensol Electric Vehicle Private Ltd, located in Chakan, Pune, had no visible manufacturing activity. During the April 9 site inspection, the NSE official noted that only two to three workers were present at the plant.
“It was found that there was no manufacturing activity at the plant with only 2-3 labourers present there. The NSE official called for details of electricity bills of the unit and it was observed that the maximum amount billed by Mahavitaran during the last 12 months was Rs 1,57,037.01 for December 2024,” Sebi stated in its interim order.
The regulator concluded that there was no manufacturing activity at the site, which operates from a leased property. The visit came shortly after Gensol announced on January 28, 2025, that it had received pre-orders for 30,000 units of its newly launched EVs, showcased at the Bharat Mobility Global Expo 2025.
However, Sebi found that these orders were merely Memorandums of Understanding (MoUs) signed with nine entities for 29,000 vehicles. These MoUs were non-binding expressions of interest with no details regarding price or delivery timelines, raising concerns about misleading disclosures to investors.
Suspicious transactions and fund diversion
In another instance, Gensol disclosed on January 16, 2025, a strategic tie-up with Refex Green Mobility Ltd involving the transfer of 2,997 electric four-wheelers. As part of the deal, Refex was to assume Gensol’s existing loan of Rs 315 crore. However, this proposed transaction was later withdrawn, as stated in a March 28 disclosure.
Further, on February 25, 2025, Gensol announced the signing of a non-binding term sheet for a Rs 350 crore strategic transaction involving the sale of its US-based subsidiary, Scorpius Trackers Inc. Sebi noted that the subsidiary was incorporated only recently, on July 22, 2024, and Gensol failed to justify the high valuation when questioned.
These revelations came during a probe that, Sebi stated, prima facie indicated “mis-utilization and diversion of funds of the company in a fraudulent manner by its promoter directors, Anmol Singh Jaggi and Puneet Singh Jaggi,” who were also the direct beneficiaries.
Between FY22 and FY24, Gensol secured Rs 977.75 crore in loans from Indian Renewable Energy Development Agency (IREDA) and Power Finance Corporation (PFC), out of which Rs 663.89 crore was earmarked for the purchase of 6,400 EVs. However, the company admitted to acquiring only 4,704 vehicles worth Rs 567.73 crore, as confirmed by supplier Go-Auto.
Given the requirement of a 20% equity contribution by Gensol, the total expected outlay was Rs 829.86 crore, leaving Rs 262.13 crore unaccounted for. Sebi’s investigation revealed that the funds intended for EV purchases were rerouted to Gensol or related entities controlled by the Jaggi brothers. Some of the funds were allegedly used for personal expenses, including the purchase of a luxury apartment, transfers to relatives, and investments benefiting promoter-linked private entities.
In response to these findings, Sebi imposed several restrictions. The regulator barred Gensol and the Jaggi brothers from accessing the securities market until further notice and prohibited them from holding any directorships or key managerial roles in the company.
Sebi also directed Gensol to halt its planned 1:10 stock split. Following the interim order, both Anmol and Puneet Singh Jaggi stepped down as directors of the company.
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