Gensol Engineering Limited has announced the resignation of its Managing Director Anmol Singh Jaggi and Whole-time Director Puneet Singh Jaggi, effective May 12, 2025. The brothers cited their departures as compliance with an interim order from the Securities and Exchange Board of India (SEBI), issued on April 15, 2025.
In their resignation letters addressed to the board, both Anmol and Puneet Jaggi confirmed their intention to step down and relinquished all committee memberships within the company. Anmol stated, “I am hereby resigning from the post of Managing Director… due to the direction given under SEBI Interim Order.”
SEBI’s Forensic Audit Sparks Concerns
The resignations come in the wake of SEBI ordering a forensic audit of Gensol’s financial statements for the fiscal years 2022 to 2025. The market regulator has raised serious allegations against the Jaggi brothers, claiming they misappropriated funds amounting to hundreds of crores, which were raised for their electric vehicle venture BluSmart. Expenses linked to personal luxuries—such as a high-end apartment in Gurugram, golf equipment, and travel—were highlighted in the interim report.
Consequently, Gensol’s stock has taken a significant hit, plummeting nearly 93% this year and hitting a one-year low of Rs 54.56. The company’s market capitalization has dropped to around Rs 207.34 crore, placing it under the Enhanced Surveillance Measure (ESM) framework due to its low market cap.
Impact on BluSmart and EV Market
The fallout from these allegations has severely impacted BluSmart, the electric vehicle leasing partner of Gensol. The company has suspended operations in major cities like Bengaluru, Mumbai, and Delhi after driver partners protested over unpaid dues.
In a related development, Evera Cabs has moved to repossess 500 e-cabs that were previously operated by BluSmart. Nimish Trivedi, co-founder and CEO of Evera, emphasized their commitment to ensuring uninterrupted service and advancing sustainability in urban transport. The situation continues to evolve as key players in the electric vehicle sector navigate the challenges ahead.
