India, April 15 -- Markets regulator SEBI has barred the promoters of Gensol Engineering, Anmol Singh Jaggi and Puneet Singh Jaggi, from holding the position of director or key managerial personnel of the troubled company for various violations, including misutilisation and diversion of funds.

In an interim order today, the regulator said that the Jaggi brothers, who are also cofounders of EV ride-hailing giant BluSmart, along with Gensol, have also been barred from the securities market.

". the prima facie findings have shown mis-utilization and diversion of funds of the company in a fraudulent manner by its promoter directors, Anmol Singh Jaggi and Puneet Singh Jaggi, who are also the direct beneficiaries of the diverted funds," the S...