EV loan, Gurgaon Flat, and Golf Group 26-Lakh: Sebi reveals

In a temporary order on April 15, Sexbi put what he calls a “complete collapse of internal controls” in Gensol Engineering LtdClaiming that the company’s promoters have converted hundreds of churches that are raised to electric vehicle purchases (EV) into personal indulgence, luxury real estate, and doubtful transactions with relevant entities.

Between FY22 and FY24, Gensol 977.75 rupees collected in the term loans from two government lenders – Ireda and PFC – significantly to buy 6400 electric cars for rental to Blusmart, a relevant party.

However, 4,704 EVS has already been delivered at a value of 567.73 rupees only, as the Go-Auto resource confirmed. This left 262 rupees, more than a year after receiving the final loan chip.

The Sebi Fund track shows a complex network of transactions in which the company’s money was first transferred to Go-Uto, and from there, it was converted into promoter-related entities including Capbridge Ventures LLP, Matrix Gas, Wellray Solar and others.

In one case, 50 GO-Auto rupees were transferred to Capbridge on the same day that Go-UATO received money from Gensol. Three days later, Capbridge 42.94 router crores to DLF LTD pushed a luxurious apartment in Camellias, Gurgaon. The property was initially booked by Jasminer Kau, Anmol Singh Jaggi Mother (Gensol CEO), and was later transferred to Capbridge. The reservation was tracked 5 rupees that prompted it to a ginsol.

More examination of personal bank data revealed multiple cases of personal spending. Anmol Singh Jaggi used the company associated with the company to purchase a golf group of Taylormade ($ 26 for), foreign currency in the European Union (1.86 rupees), credit card payments (9.95 dollars), and book travel via Makemitrip ($ 3).

According to what was reported, his brother, Bonnet Single Gagi, 13.5 rupees, was received through channels similar to the transactions that involve the American Express, family transport, and other personal expenses.

Money was also recycled in circular episodes-Go-UATO moved at least 8.5 rupees several times through Gensol and Wellray, while 10 PFC rupees were directed to Capbridge at the end to Go-Uto. In another case, Sebi found that promoters used 10 rupees – they were organized from Gensol via Wellray – to finance their participation in the customization of preferential stocks.

In addition to transferring money, Sebi has informed wrong disclosures, including inflated claims of pre -order and non -binding agreements that were approved as a certain work. A visit to the EV’s EV in Gensol in Chakan revealed that there was no manufacturing activity, with only 2-3 workers of energy consumption and minimum during the previous year.

Sebi has now banned the company’s promoters – Anmol and Puneet Singh Jaggi – who occupied any main manager or administrative position in Gensol and freezing their ability to trade in securities. It also stopped dividing the planned shares of the company, noting fears that they could overcome the retailers while the cases of serious governance remain without a solution.

It was not intended to be a green energy story for growth and size, at the present time, with allegations of mismanagement and misuse of public funds. Forensic audit has been requested, and the company’s fate is likely to depend on the final results.