Jaggi brothers resign from Gensol Engineering board amid Sebi fund probe

Sebi had barred Anmol and Puneet Jaggi from directorial roles over fund diversion; Gensol founders submit resignations citing regulatory order

Anmol and Puneet Jaggi, the scam-tainted brother-founders of Gensol Engineering and BluSmart Cabs, announced their resignation from the Gensol board in filings to the stock exchanges.

 

The decision follows a directive by market regulator Sebi , which is investigating the illegal diversion of funds by the brothers from their listed entity, Gensol.

 

In their letters to the exchanges, both brothers submitted identical content, stating that the decision follows SEBI’s instructions. Anmol was the managing director, while Puneet held the position of whole-time director at Gensol.

 

“I am hereby resigning from the post of Managing Director of Gensol Engineering Limited with effect from the close of business hours on 12 May 2025. Further, I declare that I am resigning due to the direction given under SEBI Interim Order dated 15 April 2025,” Anmol stated.

 

 

Highlighting governance issues, Sebi had last month directed the Jaggi brothers not to hold directorial positions in any company. The regulator is also investigating the misuse of company funds by the Jaggi brothers for personal gains. Gensol Engineering is involved in engineering, procurement and construction (EPC) of solar power projects.

 

The Jaggis’ other business venture, the all-electric ride-hailing company BluSmart, has shut down completely since the SEBI investigation commenced. The cab company had planned to raise funds from two state-owned financiers—PFC Ltd and IREDA.