SEBI Action Against Gensol Engineering Ltd (GEL)
In a significant regulatory move, the Securities and Exchange Board of India (SEBI) has barred Gensol Engineering Ltd (GEL) and its promoters, Anmol Singh Jaggi and Puneet Singh Jaggi, from participating in the securities market due to serious corporate governance lapses and fund diversion. The action was initiated following a complaint received in June 2024, highlighting manipulation of share prices and misuse of company funds. The case has become a prominent example of how regulatory bodies ensure accountability and protect investor interests.
Appoint a forensic auditor to examine,
Summary/Static | Details |
Why in the news? | SEBI Action Against Gensol Engineering Ltd (GEL) |
Company | Gensol Engineering Ltd (GEL) |
Promoters Involved | Anmol Singh Jaggi, Puneet Singh Jaggi |
Date of Complaint | June 2024 |
Regulatory Body | SEBI (Securities and Exchange Board of India) |
Key Allegations | Fund diversion, share price manipulation, forged documents |
Penalties Imposed | Barred from securities market, barred from holding directorial positions |
Key Regulations Violated | PFUTP Regulations |
Governance Lapses | Misuse of company funds, weak internal control |
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