Golf Set to Camellias Flat: Sebi Slams Jaggis for Shifting Funds

Interim order bars promoters from directorships, halts stock split, names forensic auditor

- Neha Joshi & Nikita Prasad

From a luxury apartment purchase in The Camellias to an expensive golf set and various personal expenditures, the promoters of Gensol Engineering Ltd diverted crores of company funds while treating the listed company like a proprietary firm, the stock market regulator said on Tuesday.

In a stinging order, the regulator barred brothers Anmol Singh Jaggi and Puneet Singh Jaggi from directorships in listed companies, stopped the company's planned stock split, and named a forensic auditor to investigate the matter further.

The Securities and Exchange Board of India (Sebi) order, which came after it investigated a complaint received in June 2024, pointed to serious governance lapses, fund diversion and submission of falsified documents. The complaint had alleged share price manipulation and misappropriation of company funds. The probe unearthed what it described as a "complete breakdown" of internal controls and corporate governance.