About three months after issuing an interim order in the case of alleged financial misappropriation by promoters of Gensol Engineering – Anmol Singh Jaggi and Puneet Singh Jaggi, markets regulator SEBI has upheld its interim findings in the case as well as directions.
With this, SEBI has upheld its interim direction barring the brothers from holding the position of director or key managerial personnel of the troubled company, which is a related entity of ride-hailing startup BluSmart.
The interim order triggered a crisis for Gensol, which is under bankruptcy proceedings. BluSmart, too, is undergoing insolvency proceedings now.
After SEBI released the interim order on April 15, Gensol unsuccessfully moved the SAT, filing a plea on May 7. The plea was disposed of due to no further response from Gensol in subsequent hearings.
(The story will be updated soon.)
The post SEBI Upholds Security Market Ban On Gensol’s Jaggi Brothers appeared first on Inc42 Media.
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