The Directorate of the Application of the Act (ED) is likely to examine the engineering materials of Gensol under the PMLA law, in accordance with the sources of the agency. The agency could expand the investigation on the basis of money laundering allegations. Last week, the Securities and Exchange Board of India (SEBI) prohibited company promoters, Anmol Singh Jaggi and Puneet Singh Jaggi, to participate in the securities market due to various violations.
According to sources that have declared to Business Today TV, ED is currently studying financial irregularities and could look for information from various stakeholders.
This occurs after the Ministry of Business Affairs announced on Monday that it would take the necessary measures in the Gensol Engineering case after examining the order issued by the SEBI market regulator against the company. The MCA examines the SEBI order in accordance with the provisions of the 2013 Companies Act
The SEBI made its order following accusations of embezzlement of loan funds from the listed company for personal purposes, to raise concerns concerning corporate governance and financial fault.
On April 15, SEBI made a provisional prescription after evaluating a complaint received in June 2024, which claims to manipulate the course of the action of peopleol and the embezzlement of funds. The market guard dog has discovered deception gaps and disclosure to investors by Gensol Engineering.
Following allegations and the following investigation, several directors of the company resigned. Two independent directors of Gensol Engineering, Harsh Singh and Kuljit Singh Popli, resigned following the resignation of another independent administrator, Arun Menon, who had cited concerns about the financial practices of the company.
