END OF THE ROAD FOR THE JAGGI BROTHERS?

NOT SO LONG AGO, BLUSMART'S JAGGI BROTHERS WERE CELEBRATED STARTUP ENTREPRENEURS. SUDDENLY, STARTING MARCH THIS YEAR, THEY BEGAN FIELDING CHARGES OF FRAUD, FORGERY, AND DIVERSION OF FUNDS. WHAT HAPPENED?

- RUKMINI RAO

IN AUGUST 2024, when Fortune India asked Anmol Jaggi, chairman & MD of Gensol Engineering Ltd, about his temperament as a serial entrepreneur, he answered, “My philosophy is: good day, I’m OK, bad day, I'm okay. Doesn't really matter”. He said, “Emotions didn’t play much of a part in my [entrepreneurial] journey.”

In hindsight, as Gensol’s bad days get worse with each sunset and businesses of the brothers Anmol and Puneet face an existential crisis, was that an ominous comment, or was Anmol being cool?

On April 28, Gensol said in a stock exchange filing that the Enforcement Directorate (ED) had carried out search and seizure operations at their offices in

Ahmedabad and Gurugram under the provisions of the Foreign Exchange Management Act, 1999. Documents, electronic devices, and other financial records were seized by the authorities during the searches, it said.

The shares of the Jaggis’ flagship, Gensol, listed on the BSE’s SME platform in 2019 and then the main platforms of BSE and NSE in 2023, hit a low of ₹85 on Monday, April 28, down 92% from its 52-week high of ₹1,125.75 reached on June 24 last year, after indications of massive funds misuse by the promoters and a clutch of companies, including BluSmart.

The promoter holding in Gensol Engineering, which they set up in 2012 to handle turnkey solar power projects, is down to 35.87% as on March 31, 2025, from 62.65% at the end of December 2024. The encumbrance of their shares has also risen to 95.10% from 81.7% during the same corresponding time period.

Anmol and Puneet’s act started coming apart in March this year when two rating agencies expressed their doubts over disclosures made to them during the credit-rating exercise.