Govt to take necessary action in Gensol case after examining Sebi’s order

On Monday, the corporate affairs ministry announced that it will take appropriate action regarding the Gensol Engineering issue after reviewing the market regulator Sebi’s directive against the firm.

Last week, Sebi prohibited the company’s promoters, Anmol Singh Jaggi and Puneet Singh Jaggi, from participating in the securities market due to multiple infractions.

The directive was issued in light of allegations regarding the misappropriation of loan money from their publicly traded firm Gensol Engineering for private benefits, leading to worries about corporate governance and financial wrongdoing.

When reached out to, the Ministry of Corporate Affairs (MCA) informed PTI that it is reviewing the Sebi order considering the guidelines of the Companies Act, 2013.

“Necessary action would be taken accordingly,” the ministry said.