Anmol Jaggi, Puneet Jaggi resign from Gensol Engineering. Details here

Gensol Engineering Ltd on Monday informed exchanges that promoters Anmol Singh Jaggi and Puneet Singh Jaggi stepped down as managing director and whole-time director of the company.

"Anmol Singh Jaggi, Managing Director and Mr Puneet Singh Jaggi, Whole-time Director, has tendered their resignation, the reasons are mentioned in their resignation letter. Consequently, they shall also cease to be a Member of the various Committee of the company," it stated.

The Jaggi brothers said they have resigned due to the direction given under Sebi interim order.

Shares of Gensol have been on a freefall, plunging another 5 per cent today to hit a fresh one-year low of Rs 54.56. At this closing price, the stock has nosedived 92.94 per cent in the calendar year 2025 so far.

Bourses BSE and NSE have put the securities of Gensol under the ESM (Enhanced Surveillance Measure) framework. Exchanges put mainboard companies with a market capitalisation (m-cap) of less than Rs 1,000 crore under the ESM structure. The beleaguered firm's market capitalisation (m-cap) today stood at Rs 207.34 crore.

The latest blow comes after the Securities Appellate Tribunal's (SAT's) decision to deny interim relief to the company, which is currently under investigation for alleged fund diversion. Exchanges have sought clarification from Gensol over the same. A reply is awaited at the time of writing this story.

Before this, market regulator Sebi barred Gensol's promoters -- brothers Anmol and Puneet Jaggi -- from accessing stock markets and ordered a forensic probe into their listed renewable energy firm. Sebi also decided to put on hold the stock split (1:10) exercise announced by the company last month.

It alleged Gensol's promoters diverted hundreds of crores raised for electric vehicle (EV) procurement into personal indulgences such as luxury real estate and questionable transactions with related entities.

The ED recently confiscated Zenith Multi Trading DMCC's stake in Gensol Engineering, linked to Hari Shankar Tibrewal, a key accused in the Mahadev Betting App money laundering case. Reports emerged that the Gensol promoters would be summoned by the ED in connection with the Mahadev Book app investigation, though the company denied such "factually incorrect, speculative, and misleading" reports on April 23. 

Gensol on April 23 said that the company or directors, including Anmol and Puneet Singh Jaggi, had not received any communication or notice from ED concerning an appearance regarding the Mahadev book app case under a fresh probe done by ED on April 16.

"We categorically state that the news item is factually incorrect, speculative, and misleading. We reiterate that the promoters of Gensol Engineering Limited have no association with the Mahadev Book app case or the alleged financial transactions cited therein," Gensol stated.