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Gensol Engineering Scam: Securities and Exchange Board of India (SEBI) has taken strict action against Jansol Engineering and its promoters Anmol Singh Jaggi and Puneet Singh Jaggi. They have been accused of misusing funds in Jansol engineering, giving misleading information to manipulate the stock market.
Strict action of SEBI on Jansol
In an interim order on Tuesday, SEBI has stopped stocking this solar power consultancy firm as well as both promoters from holding the post of promoters. Apart from this, they have also been stopped from doing any kind of transaction in the stock market. Let us know that Jansol Engineering recently announced 1:10 Stock Split.
SEBI will now appoint an auditor to detect the financial activities of the company and conduct a thorough investigation, who will have to submit its investigation report within six months. SEBI will now appoint an auditor to detect the financial activities of the company and conduct a thorough investigation, who will have to submit its investigation report within six months.
What is the matter?
In fact, this company, which provides electric vehicle (EV) leasing and solar EPC services, took a loan of about Rs 977 crore from Ireda and Power Finance Corporation. Of these, 663 rupees were taken to buy EV. Later, it was investigated and it was found that the company bought only 4,704 electric vehicles. Their price was stated to be Rs 567.73 crore.
While the rest of the fund of about Rs 207 crore was diversified elsewhere. It is alleged that the remaining money was transferred to promoters and institutions associated with their relatives. Apart from this, it is alleged that Gensol got heavy trading of shares through a company called Wellray Solar, artificially raised their price, which is against SEBI rules.
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