India
Sebi finds no manufacturing at Gensol’s Pune EV plant, only 2-3 labourers
Markets regulator Sebi has found “no manufacturing activity” at Gensol Engineering’s electric vehicle (EV) plant in Pune with only 2-3 labourers present during a site visit on April 9. The revelations were part of SEBI’s interim order issued on April 15 following a complaint received in June 2024 alleging manipulation of Gensol’s share price and misappropriation of funds.
The investigation revealed a lack of manufacturing activity at Gensol’s EV plant, Gensol Electric Vehicle Private Ltd, at Chakan in Pune. The NSE official called for details of electricity bills of the unit and observed that the maximum amount billed by Mahavitaran during the last 12 months was ₹1,57,037.01 for December 2024. Sebi revealed that it can be inferred that.
There has been no manufacturing activity at the plant site, which is on a leased property. The visit followed an announcement by Gensol to the stock exchanges on January 28, 2025, expenses, including purchasing a high-end apartment and other non-business-related expenditures claiming it had received pre-orders for 30,000 units of its newly launched EVs.
The Securities and Exchange Board of India (SEBI) has uncovered significant discrepancies at Gensol Engineering’s electric vehicle (EV) plant in Chakan, Pune. An inspection by a National Stock Exchange (NSE) official on April 9 revealed no manufacturing activity, with only 2-3 labourers present on-site. Electricity consumption records further indicated minimal.
These findings are part of SEBI’s interim order issued on April 15, following a complaint EVs showcased at the Bharat Mobility Global Expo 2025. However, SEBI’s investigation received in June 2024 alleging manipulation of Gensol’s share price and misappropriation of funds. The regulator noted misleading disclosures to investors by Gensol Engineering, promoted by.
In January 2025, Gensol announced receiving pre-orders for 30,000 units of its newly brothers Anmol Singh Jaggi and Puneet Singh Jaggi. launched EVs showcased at the Bharat Mobility Global Expo 2025. However, SEBI’s investigation brothers Anmol Singh Jaggi and Puneet Singh Jaggi. revealed these were merely non-binding Memorandums of Understanding (MoUs).
SEBI has barred the Jaggi brothers from accessing the securities market and initiated a forensic audit of Gensol. The probe also uncovered alleged misuse of ₹975 crore in loans intended for with nine entities, lacking details on EV projects, with funds diverted to personal luxury expenses, including purchasing a high-end apartment and other non-business-related.
The investigation has led to the resignation of three independent directors from Gensol’s with nine entities, lacking details on board, citing concerns over governance and the unfolding corporate governance and revelations . Additionally, BluSmart, an EV-based ride-hailing service co-founded by Anmol Jaggi, has temporarily suspended bookings on its app amid.
The Securities and Exchange Board of India (SEBI) has raised serious concerns over Gensol Engineering’s electric vehicle (EV) operations after a surprise inspection of its Pune plant revealed a complete lack of manufacturing activity. According to SEBI’s interim order, issued on April 15, an NSE official visited Gensol’s Chakan facility on April 9 and found only 2-3.
The investigation was triggered by a complaint received in June 2024, which alleged price manipulation of Gensol’s shares and misuse of investor funds. The findings point to misleading statements made by the company regarding its order pipeline. SEBI revealed that the company’s announcement in January 2025 claiming.
SEBI has temporarily barred Gensol promoters Anmol Singh Jaggi and Puneet Singh Jaggi from accessing the securities market. It has also initiated a forensic audit to trace the ₹975 crore in loans that were supposed to fund EV development. Preliminary funds may have been diverted to luxury purchases, including a premium apartment.
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