In the lush greens of DLF Camellias—one of Gurgaon’s most opulent residential complexes—a new resident was settling into a multi-crore apartment. Complete with a premium golf set worth Rs26 lakh and frequent luxury travels, Anmol Singh Jaggi, the promoter of Gensol Engineering Ltd (GEL), was seemingly living the high life. But as it turns out, the funds fueling this lifestyle weren’t entirely his own.
The Securities and Exchange Board of India (SEBI) on Tuesday dropped a regulatory hammer on Gensol Engineering and its top promoters, Anmol Singh Jaggi and his brother Puneet Singh Jaggi. In a 29-page interim order, SEBI revealed that the duo had been treating the publicly listed company as a private cash vault—routinely diverting funds meant for business growth into personal luxuries, questionable investments, and family accounts.
“Gensol Engineering Limited is being run like a proprietorship,” the SEBI order declared. What was supposed to be a professionally managed entity with public investors and institutional accountability was, in reality, operating like a family-run outfit where checks and balances were optional.
The report outlines how over Rs42.94 crore from a large loan secured by GEL—earmarked for scaling electric vehicle operations—was rerouted through Capbridge Ventures, a firm controlled by Anmol Singh Jaggi. The ultimate destination of this money? A luxury flat in DLF Camellias, one of India’s most high-profile residential addresses.
But the apartment was just the beginning. SEBI’s investigation exposed a trail of financial misuse.
1) ₹50 lakh was funneled into Ashneer Grover’s startup, Third Unicorn—a move that raised eyebrows not just for its lack of board approval, but for its odd mix of venture investing with misappropriated debt.
2) Over ₹6.2 crore was transferred to Jaggi’s mother, and another ₹2.98 crore to his wife.
3) Jaggi allegedly dropped ₹26 lakh on a high-end golf set.
4) Personal travel expenses amounting to ₹3 lakh were charged through MakeMyTrip, once again using GEL’s funds.
Gensol had recently announced a stock split—a move often used to drive up market interest and improve liquidity. But SEBI has now ordered the company to put that on hold, signaling that regulatory focus has shifted from the company’s market optics to the far more pressing matter of internal integrity.
The agency’s findings carry serious implications for Gensol’s future in the capital markets. The Jaggi brothers have been restrained from participating in the securities markets with immediate effect, and the financial house of cards they allegedly built now faces a complete regulatory teardown.
SEBI’s language throughout the order is striking. Ashwani Bhatia, Whole-Time Member at SEBI, noted “prima facie evidence of a blatant violation of rules of corporate governance… where even ring-fenced borrowings from institutional creditors were rerouted at the total discretion of the promoters.”
This wasn’t a one-off lapse—it was systemic. It was, as SEBI sees it, a culture. A company listed on the stock exchange, beholden to shareholders and lenders, was reduced to a piggy bank for the powerful few at the top.