In Delhi court, Gensol Engineering's Puneet Jaggi shifts blame to brother Anmol

Hindustan Times

29-04-2025

NEW DELHI: Gensol Engineering Ltd co-promoter Puneet Jaggi told a Delhi court on Tuesday that he was not involved in the day-to-day affairs of the company, which is being investigated by multiple agencies, and claimed his elder brother Anmol, currently in Dubai, made all the management decisions, officials familiar with the development said.
He made the claim while seeking anticipatory bail fearing arrest by the Delhi Police's economic offences wing (EOW), which is currently examining two complaints by Power Finance Corporation (PFC) and Indian Renewable Energy Development Agency Limited (Ireda) and is set to soon file separate cases in the matter. Delhi Police had opposed the plea calling it premature. Police argued that in the absence of an FIR, the plea for anticipatory relief was not maintainable.
The additional sessions judge, Kiran Gupta, at Patiala House courts granted interim protection to Puneet Jaggi, directing Delhi Police to serve a seven-day prior notice in case it decides to arrest him.
A 15 April interim order by market regulator Securities and Exchange Board of India barred Gensol's promoters from the securities market and from holding any key managerial post in any listed company. Sebi said its investigation had found that the Jaggis used loans from PFC and Ireda for personal expenditure and that the company forged documents to show that it was regular in servicing its debt.
The Enforcement Directorate (ED) is also currently conducting a foreign exchange management act (Fema) violation probe against the company and the promoter brothers and raided them on April 24. But it is waiting for Delhi police to file cases, so that it can launch a prevention of money laundering act (PMLA) probe as well, the officials said.
The financial crimes probe agency had on April 24 questioned Puneet Jaggi during the raids, but since it cannot make arrests under Fema, he was allowed to go, they added.
ED, according to officials familiar with the probe, has frozen the bank accounts of the promoters as well as of Gensol . Meanwhile, on ED's request, the bureau of immigration (BOI) last week issued a lookout circular for both brothers.
In his plea for anticipatory bail, filed through advocate Ayush Jindal, Puneet Jaggi said he 'was not involved in day-to-day affairs of the company, Gensol Engineering Ltd, and the entire affairs of the company were looked after by his brother (Anmol Singh Jaggi)'.
He added that he was 'merely a namesake director and all the decisions were taken by his brother, Anmol Singh Jaggi'.
Puneet Jaggi has further claimed that he was focusing on the operations of another company , Prescinto Technologies Pvt Ltd, which was sold to IBM in the year 2024 and after that he only oversaw 'the administrative tasks of BluSmart Technology and was receiving a salary in consideration of his services', his application stated. Gensol's sister concern BluSmart , a ride hailing company that uses an all-electric cab fleet, has frozen operations in major cities since the Sebi order came out.
Asserting that he is not a flight risk and has not made any attempts to evade the probe agencies, Puneet Jaggi said he 'is willing to cooperate during any investigation'.
'My client had no role in financial decisions or management of Gensol. He is fully cooperating with the inquiry and protection sought is not against investigation, but against sudden coercive action,' Jindal said.
To be sure, India companies law states that a director is liable for the acts of their co-directors, if they were aware of such actions and did not act to prevent them.