Mumbai, May 7 -- The Securities Appellate Tribunal (SAT) on Wednesday refused to grant interim relief to Gensol Engineering Ltd, which is being investigated by the Securities and Exchange Board of India (Sebi) for alleged fund misutilization and fraudulent disclosures.

While SAT did not stay Sebi's 15 April, it instructed Gensol to file a response to Sebi's show-cause notice within two weeks. A confirmatory order from Sebi is expected four weeks after the hearing.

On 15 April, Sebi barred Gensol's founder-promoters, Anmol Singh Jaggi and Puneet Jaggi, from the securities market and from holding executive roles at the company, citing the diversion of funds and misuse of loan proceeds. Gensol has contested the order, arguing that Sebi pre...