India, April 16 -- Jaggi Brothers Accused Of Using Gensol's Funds As Piggybank

SEBI has barred Gensol promoters and BluSmart cofounders, Anmol and Puneet Singh Jaggi, from holding any directorial or key managerial roles at the EPC company, and restricted them and the company from accessing the securities market. The action stems from allegations of fraudulent diversion and misuse of company funds by the Jaggi brothers.

What's The Catch? Gensol took a loan of INR 977 Cr from the Indian Renewable Energy Development Agency and Power Finance Corporation for leasing 6,400 EVs to BluSmart.

However, the company only spent INR 663.9 Cr to procure 4,704 EVs while the remaining INR 262.13 Cr is unaccounted for. As per SEBI, a part of the funds w...