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Rs.50 Crore Luxury Flat Bought with Gensol Funds: SEBI Slams Anmol Singh Jaggi

Gensol Engineering's promoters are under SEBI’s scanner for using company funds to buy a ₹50 crore luxury flat in Gurgaon’s DLF Camellias. Anmol Singh Jaggi allegedly routed funds through related companies and even invested in Ashneer Grover’s startup using company money.

10:43 AM Apr 16, 2025 IST | Aakash Khuman

Sebi alleged Gensol promoter Anmol Singh Jaggi of misusing company funds.

The Securities and Exchange Board of India (SEBI) has taken strict action against Gensol Engineering and its promoters—Anmol Singh Jaggi and Puneet Singh Jaggi. In an interim order, SEBI found major issues with fund usage and corporate governance.

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How Funds Were Moved to Buy Luxury Flat

According to SEBI, Gensol borrowed Rs.71.41 crore and added Rs.26 crore from its own funds, which were then transferred to a car dealership called Go-Auto. This dealership is linked to the company.

Go-Auto later sent Rs.50 crore to Capbridge Ventures, a firm controlled by Anmol Singh Jaggi. These funds were used to buy a luxury flat in DLF Camellias, Gurgaon.

Funds Used for Personal Gain

SEBI found that instead of using the money to buy electric vehicles (EVs), the promoters used part of the funds to buy personal property. The luxury flat was bought in the name of a firm where Gensol’s MD and his brother are partners.

Complaint Triggered SEBI Investigation

In June 2024, SEBI received a complaint about Gensol’s misuse of funds. It alleged that the promoters were treating the listed company like their personal business. SEBI’s interim order confirms these claims, mentioning fake documents and share price manipulation.

SEBI Suspends Gensol’s Stock Split

Gensol had announced a 1:10 stock split to attract more retail investors. But after the findings, SEBI has stopped this corporate move for now.

Money Also Invested in Ashneer Grover’s Startup

SEBI also revealed that Rs.50 lakh from the diverted funds was used to buy 2,000 shares in Ashneer Grover’s startup, Third Unicorn. This was also counted as personal misuse of company money.

About Gensol Engineering

Gensol Engineering Ltd., founded in 2012 by Anmol and Puneet Singh Jaggi, works on solar energy and EV manufacturing. The company offers end-to-end services in solar power and leases EVs.

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