Who Is Anmol Singh Jaggi? BluSmart & Gensol Promoter Barred By SEBI Over Alleged Fund Misuse (Image: LinkedIn/ Anmol Jaggi)

The Securities and Exchange Board of India (SEBI) has taken strong action against Gensol Engineering Ltd and its high-profile promoters, Anmol Singh Jaggi and Puneet Singh Jaggi, barring them from accessing the securities market until further notice.

The move comes after preliminary investigations revealed serious corporate governance lapses, including misappropriation and diversion of company funds for personal gain.

According to SEBI’s order, both Anmol and Puneet Jaggi have been prohibited from serving as directors or holding any key managerial positions within Gensol.

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The regulator has also ordered a halt to Gensol’s proposed stock split and mandated the appointment of a forensic auditor to thoroughly examine the company’s financial transactions and dealings with related parties.

Anmol Singh Jaggi is a notable figure in India’s clean energy and electric mobility space. As per his LinkedIn profile, he is a graduate in Applied Petroleum Engineering from the University of Petroleum and Energy Studies in Dehradun, he co-founded BluSmart, a prominent electric cab service operating in major Indian cities.

Jaggi also serves as the Managing Director of Matrix Gas and Renewables Limited and was previously celebrated for his contributions to sustainable transport and renewable energy initiatives. However, recent developments have cast a shadow over his entrepreneurial reputation.

The regulator alleged that Anmol and Puneet Singh Jaggi were operating Gensol Engineering Ltd (GEL) — a publicly listed company, as if it were a privately-owned firm.

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The order described how corporate funds were diverted to related entities and used for personal luxuries, such as high-end real estate purchases and private expenses.

Among the alleged expenses were:

• A ₹6 crore luxury flat at the upscale DLF Camellias in Gurugram, purchased under the name of Anmol Jaggi’s mother

• Memberships to elite golf clubs

• Payments toward personal credit card dues

• Dubious transactions with shell-like related companies

SEBI further observed that Gensol’s internal controls were severely inadequate. Through a complex web of layered transactions, company funds were funneled into unrelated businesses and personal accounts — making the tracing of money trails difficult.

Gensol has been ordered to suspend its stock split. A forensic auditor will be appointed to conduct an in-depth probe into its financial books and its dealings with group companies.

Both Anmol and Puneet Jaggi remain barred from holding any leadership or managerial positions at Gensol. Also, the development has already rattled investors, with Gensol’s share value witnessing a sharp decline in recent weeks.

(With inputs from PTI)