India, May 7 -- The Securities Appellate Tribunal (SAT) rejected a plea filed by troubled Gensol engineering against SEBI's interim order, which said that the company's promoters Anmol Singh Jaggi and Puneet Singh Jaggi misutilised and diverted its funds.

The EPC company had sought a stay on SEBI's order, saying it was "illegal, unjustified, and unwarranted" as the regulator relied on selective facts to present a skewed narrative against Gensol, Bar and Bench reported.

However, SAT asked the company to respond to the interim order. It also asked the markets regulator to issue its final order in the matter within four weeks after hearing back from Gensol.

In its appeal, Gensol said that SEBI's findings of diversion of funds meant for pr...