Before the Securities and Exchange Board of India (SEBI) was prohibited to the founders of Gensol Engineering, Anmol and Puneet Jaggi, to hold key roles in listed societies, he discovered a series of divergences, some of which were linked to disclosure made by the company. In a provisional order, Sebi said that he had found differences in peopleol’s disclosure linked to pre -orders for 30,000 newly launched electric vehicles as well as a manufacturing plant in Pune.
SEBI began to investigate the company and the founders after receiving a complaint in June 2024, concerning the manipulation of the share price and the embezzlement of the company’s funds.
Gensol had made disclosure on January 28, 2025 for trade on pre -orders for 30,000 units of its electric vehicles unveiled at the Bharat Mobility Global Expo 2025. Once the relevant documents were requested, it turned out that what had been declared as a pre -order of 30,000 comprehension cars (MOUS).
The Mus were in the “nature of an expression of will”, without any details of price or delivery calendar. Prima facie, it appeared that the claims were then misleading.
In this regard, a representative of the NSE visited the factory on April 9, who discovered the discordant gap. The factory was located in the Pune region in Chakan. By reaching the factory, the official discovered that there was no manufacturing activity at the factory with only two to three workers there.
The NSE official then called for more details on the electricity bill and noted that the maximum amount invoiced by Mahavitaran (or Maharashtra State Electricity Distribution Company Limited) during the last 12 months was 1.57,037 Rs for the month of December 2024.
Gensol had also informed the exchanges on January 16, 2025 that he had announced a strategic link with Refex for the transfer of 2,997 eighty electric. The Refex would assume that the existing ease of loan from Gensol amounted to Rs 315 crosses. The takeover was removed two months later.
In a disclosure of February 25, Gensol informed the exchanges that he had signed a non -binding term sheet for Rs 350 crosses for a strategic transaction involving the sale of his American subsidiary Scorpius Trackers, which was incorporated on July 22, 2024.
The differences raise questions on the question of whether investors, listeners or analysts have noticed inconsistencies – and if they did, what actions have followed.
For example, credit rating agencies (CRAS) Care Rating Limited (CARE) and ICRA Limited (ICRA), March 03, 2025 and 04 March 2025, respectively, lowered the notes allocated to credit installations based on funds and not founded available by GENSOL to “ Overlays in the obligations of recourse. On March 5, Gensol published a press release, signed by Anol Singh Jaggi denied having falsified any debt in the complaints.
During the survey, the promoters were noted by SEBI having submitted false documents to the Indian Renewable Energy Development Agency (IRADA) and Power Finance Corporation (PFC) to hide loan defects.
The CRAS said that when they asked for a long -term loan agreements, Gensol provided declarations from all lenders, with the exception of IRADA and PFC. In these cases, Gensol shared the “letter of conduct” allegedly published by Ireda and PFC, declaring that Gensol was regularly in debt. Once Sebi asked for confirmation of Ireda and PFC on the letters of driving and the NOCs, both lenders have categorically denied having published such letters.
IRADA and PFC had granted RS 977.75 boring loans to GENSOL, including 663.89 Rubies of rupees were to buy 6,400 electric vehicles, which were then rented in Blusmart. In an answer on February 14, 2025, Gensol acknowledged that he had bought 4,704 electric vehicles against 6,400. The figure was corroborated by Go-Auto PVT LTD which provided the EVs. He admitted to having sold 4,704 electric vehicles to peopleol for Rs 567.73 crores, which is below what Ireda and PFC had given for electric vehicles.
Gensol was to provide an additional equity (margin) contribution of 20%, which provides the total expected deployment of RS 829.86 crosses for the purchase of 6,400 electric vehicles. Based on this, the SEBI said that RS 262.13 crores (RS 829.86 Brove – RS 567.73 crores) remained lively.
