Anmol Singh Jaggi, managing director of Gensol Engineering, has stepped down from his role, the company announced, following regulatory action initiated by the Securities and Exchange Board of India (SEBI). Puneet Singh Jaggi, a whole-time director and also a key figure at the firm, has likewise resigned from his position.
In an internal communication, Anmol Jaggi cited compliance with SEBI’s interim order, issued on April 15, as the reason for his departure. “I take this opportunity to thank the entire Board, the Management Team and the employees of the Company for the support and cooperation extended to me during my tenure,” he wrote.
The resignations follow a ruling last week by the Securities Appellate Tribunal, which declined to grant Gensol Engineering any relief from SEBI’s directives. The regulatory body has taken a series of stringent measures, citing governance lapses. These include barring the Jaggi brothers and the company from accessing the securities market until further notice.
Additionally, SEBI has prohibited both Anmol and Puneet Jaggi from serving in any directorial or key managerial capacity within Gensol, according to a report by Moneycontrol.