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ED to probe Gensol Engineering under PMLA, may seek information from stakeholders

ED to probe Gensol Engineering under PMLA, may seek information from stakeholders

ED is currently studying the financial irregularities and might seek information from various stakeholders. 

Karishma Asoodani
Karishma Asoodani
  • Updated Apr 22, 2025 11:27 AM IST
ED to probe Gensol Engineering under PMLA, may seek information from stakeholdersGensol-BluSmart: ED to probe company under PMLA Act

The Enforcement Directorate (ED) is likely to look into Gensol Engineering matter under the PMLA Act, as per sources of the agency. The agency might widen the probe on the basis of money laundering allegations. Last week, the Securities and Exchange Board of India (SEBI) prohibited the company's promoters, Anmol Singh Jaggi and Puneet Singh Jaggi, from participating in the securities market due to various violations.

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According to sources who told Business Today TV, ED is currently studying the financial irregularities and might seek information from various stakeholders. 

This comes after the Corporate Affairs Ministry announced on Monday that it will take necessary action in the Gensol Engineering case after reviewing the order issued by market regulator Sebi against the company. The MCA is examining the SEBI order in accordance with the provisions of the Companies Act, 2013

The SEBI issued its order following accusations of misappropriating loan funds from the publicly-listed company for personal use, raising concerns about corporate governance and financial misconduct.

On April 15, SEBI issued an interim order after evaluating a complaint received in June 2024, which alleged manipulation of Gensol's share price and misappropriation of funds. The market watchdog discovered discrepancies and misleading disclosures to investors by Gensol Engineering.

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Following the allegations and the subsequent probe, multiple directors of the company resigned. Two independent directors of Gensol Engineering, Harsh Singh and Kuljit Singh Popli, resigned following the resignation of another independent director, Arun Menon, who had cited concerns over the company's financial practices.

Published on: Apr 22, 2025 11:27 AM IST
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