India, April 16 -- Anmol Singh Jaggi and Puneet Singh Jaggi, the sibling duo who are the promoters of Gensol Engineering Ltd, have been accused of diverting crores of the company's funds while treating the listed company like a proprietary firm.

India's markets regulator Securities and Exchange Board of India (SEBI) on Tuesday barred the founders of Gensol Engineering from holding key managerial positions in the company, citing alleged defaults on loans used to fund electric vehicle purchases for ride-hailing startup BluSmart.

Credit rating agency ICRA downgraded Gensol's credit rating after it was found that the company allegedly presented it with falsified debt track record documents, raising "concerns on its corporate governance prac...