Centre to take necessary actions in Gensol Engineering matter: MCA

The government will take necessary action in Gensol Engineering matter after examining market regulator Securities and Exchange Board of India (Sebi) order against the company, the Corporate Affairs Ministry said on Monday.

Notably, last week, Sebi barred the company’s promoters Anmol Singh Jaggi and Puneet Singh Jaggi from the securities market for various violations.

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As reported by the PTI, Ministry of Corporate Affairs (MCA) is examining the Sebi order in light of the provisions of the Companies Act, 2013.

In its recent order, Sebi found discrepancies as well as misleading disclosures to investors by Gensol Engineering, a company promoted by brothers Anmol Singh Jaggi and Puneet Singh Jaggi.

One of the disclosures came from an investigation conducted by the NSE, which revealed a lack of manufacturing activity at Gensol’s EV plant (Gensol Electric Vehicle Private Ltd) at Chakan in Pune. During a site visit to the facility on April 9, an NSE official found only 2-3 labourers present.

Sebi has said it found no manufacturing activity at Gensol Engineering’s electric vehicle (EV) plant in Pune with only 2-3 labourers present when an NSE official visited the site.