In a significant corporate development, Anmol Singh Jaggi and Puneet Singh Jaggi have stepped down from the board of Gensol Engineering Ltd., following a directive issued by the Securities and Exchange Board of India (SEBI). The resignations come amid an ongoing investigation into the alleged diversion of funds by the brothers from their listed company.
Anmol and Puneet Jaggi are recognised figures in India’s renewable energy and electric mobility sectors. They are the founders of Gensol Engineering, a company engaged in the engineering, procurement, and construction (EPC) of solar power projects. They also founded BluSmart, a prominent all-electric ride-hailing service.
On April 15, 2025, SEBI issued an interim order prohibiting the Jaggi brothers from holding any directorial roles in listed entities. This action was taken following early findings that suggested misappropriation of company funds for personal benefit.
Both Anmol and Puneet submitted identical resignation letters to the stock exchanges, referencing SEBI’s directive. Anmol, the Managing Director, and Puneet, the Whole-Time Director, officially resigned effective May 12, 2025.
In his resignation letter, Anmol stated, “I am resigning from the post of Managing Director of Gensol Engineering Limited with effect from the close of business hours on 12 May 2025. Further, I declare that I am resigning due to the direction given under SEBI Interim Order dated 15 April 2025.”
The stock market reacted sharply to the development. Gensol Engineering shares hit the lower circuit and closed at ₹53.95 on May 12, 2025, reflecting a 5% decline. This marks a significant fall from its 52-week high of ₹1,125.75 and underscores investor concerns over the company’s governance and stability.
On May 13, Gensol Engineering shares hit lower circuit limit of 5% at 9:50 AM on the NSE to trade at ₹51.25.
The fallout has not been limited to Gensol. BluSmart, the Jaggi brothers’ electric cab venture, has reportedly shut down operations altogether. The company was in the process of securing funding from state-run financiers such as PFC Ltd and IREDA, plans that now appear to be indefinitely shelved due to the ongoing regulatory scrutiny.
Read More: Government Plans Joint Probe Team in Gensol Engineering Case.
SEBI continues to investigate the matter, focusing on issues of corporate governance and financial propriety. While the resignations mark a major shift in leadership, the long-term implications for Gensol Engineering and its stakeholders are still unfolding.
This development raises pressing questions about accountability, ethical leadership, and regulatory compliance in India’s fast-evolving startup and corporate landscape.
Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.
Investments in the securities market are subject to market risks, read all the related documents carefully before investing.
Published on: May 13, 2025, 9:56 AM IST
Neha Dubey
Neha Dubey is a Content Analyst with 3 years of experience in financial journalism, having written for a leading newswire agency and multiple newspapers. At Angel One, she creates daily content on finance and the economy. Neha holds a degree in Economics and a Master’s in Journalism.
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