Gensol Engineering rejects reports linking promoters to ED probe in Mahadev betting app case
Nine ways Gensol-Blusmart promoters siphoned crores to fund lavish lifestyle
Gensol Engineering on Thursday issued a formal clarification refuting media reports that claimed its promoters, Anmol Singh Jaggi and Puneet Singh Jaggi, are likely to be summoned by the Enforcement Directorate (ED) in connection with the Mahadev Book app investigation. The company termed the reports as 'factually incorrect, speculative, and misleading.'"We categorically state that the news item is factually incorrect, speculative, and misleading. We reiterate that the promoters of Gensol Engineering Limited have no association with the Mahadev Book app case or the alleged financial transactions cited therein.""The Company/ any of its KMPs or directors including Mr. Anmol Singh Jaggi and Mr. Puneet Singh Jaggi, has not received any communication or notice from ED with respect to appearance regarding Mahadev book app case pursuant to fresh probe done by ED on 16.04.2025," the company said in an exchange filing. The company mentioned that in past, when the shares of Zenith Multi Trading DMCC was attached by ED, the clarification in this regard was disclosed by the Company on BSE and NSE on 13.03.2024. "It is also pertinent to mention that in the filings made to BSE and NSE for the quarter ended 31.12.2024 and onwards, you will note that in place of Zenith Multi Trading DMCC, the name of ED Raipur is appearing."
Shares of Gensol continued their southward journey on Thursday, tumbling 5 per cent to hit another lower circuit level, amid the ongoing crisis at the firm. Sebi, through its interim order on Tuesday last week, barred brothers Anmol Singh Jaggi and Puneet Singh Jaggi from accessing the securities markets until further notice.The action comes amid accusations of siphoning off loan funds from their publicly listed company Gensol Engineering for personal use, raising concerns over corporate governance and financial misconduct.The stock of the crisis-hit firm dropped 4.96 per cent to Rs 95.80 -- its lowest trading permissible limit for the day as well as 52-week low level -- on the BSE.At the NSE, it dived 5 per cent to hit the lower circuit as well as 52-week low of Rs 94.91.From its 52-week high of Rs 1,125.75, the stock has lost 91.49 per cent so far.The stock has been tumbling for 11 trading days, including Thursday.
Gensol Engineering is engaged in providing solar consulting services, engineering, procurement and construction (EPC) services, and leasing of electric vehicles, among others. Sebi received a complaint in June 2024 related to the manipulation of share price and diversion of funds from Gensol and thereafter, started examining the matter.Additionally, Sebi directed Gensol Engineering to put its planned stock split into the ratio of 1:10 on hold.
The Corporate Affairs Ministry on Monday said it will take necessary action in the Gensol Engineering matter after examining market regulator Sebi's order against the company.
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