Latest news with #AnmolJaggi
Mint
a day ago
- Business
- Mint
BluSmart enters insolvency amid corporate governance challenges
July 29 (Reuters) - Indian electric cab firm BluSmart has entered insolvency, an order from a company law tribunal showed, amid mounting corporate governance issues after a regulatory probe alleged its co-founder diverted funds meant for vehicle purchases. BluSmart suspended operations in April after India's market regulator barred co-founder Anmol Jaggi from the securities market. The ban followed allegations that Jaggi diverted funds from his publicly listed affiliate, Gensol, for personal use—including the purchase of a $5 million luxury apartment and a golf set worth $30,379. The National Company Law Tribunal admitted insolvency proceedings against BluSmart, following a petition filed by financial creditor Catalyst Trusteeship on May 13, according to the tribunal's order dated July 28. The creditor alleged that BluSmart defaulted on multiple payments totaling 12.8 million rupees (around $147,500), saying it had received no response or repayment from the company, the order showed. In response, BluSmart argued that the petition was premature. The tribunal also noted that the company's principal debt exceeded 10 million rupees, the threshold over which the corporate insolvency resolution process can be initiated. It appointed NPV Insolvency Professionals as the interim resolution professional to oversee proceedings. It also stated that insolvency would take effect from the date of the order, marking the formal start of creditor claims, asset evaluation, and potential restructuring or liquidation under the insolvency and bankruptcy code. ($1 = 86.7810 Indian rupees) Disclaimer: This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.
Time of India
15-05-2025
- Business
- Time of India
Ireda files ₹510 crore insolvency plea against Gensol under IBC
New Delhi: Indian Renewable Energy Development Agency (Ireda) has filed an insolvency application against Gensol Engineering Ltd over a default of ₹510 crore, according to an exchange filing from the power financier on Wednesday. "In furtherance to our earlier letter dated 25.04.2025 with respect to M/s Gensol Engineering Limited, this is to inform you that the Company has filed an application today i.e. May 14, 2025 under Section 7 of Insolvency and Bankruptcy Code, 2016 against M/s Gensol Engineering Ltd, for an amount of default of ₹510,00,52,672/- (Rupees Five Hundred Ten Crore and Fifty Two Thousand Six Hundred and Seventy Two Only)," the company said in a filing. Section 7 of the Insolvency and Bankruptcy Code allows financial creditors to initiate a corporate insolvency resolution process (CIRP) against a corporate debtor in case of default. The move follows Ireda's complaint to the Economic Offences Wing (EOW) of Delhi Police on April 25, alleging that Gensol submitted falsified documents and diluted promoters' shares without approval from lenders. At the time, Ireda had said Gensol's account was under stress but not yet classified as a non-performing asset (NPA). It also stated that an internal review had been initiated in line with Reserve Bank of India guidelines and internal due diligence protocols. The developments also follow a series of regulatory actions against Gensol Engineering and its promoters. On Tuesday, Anmol Jaggi and Puneet Singh Jaggi, co-founders of Gensol, resigned from the company. Their resignation came a month after the Securities and Exchange Board of India (Sebi) barred them from holding any key managerial positions. Sebi alleged that the Jaggi brothers diverted company funds for personal luxury purchases and were involved in debt defaults. The market regulator also claimed that Gensol defaulted on loans, including those taken to finance electric vehicles for BluSmart Mobility. In April, the Enforcement Directorate conducted raids at Gensol's premises and seized documents and electronic records. Sebi has also ordered a forensic audit of the company.
News18
13-05-2025
- Business
- News18
Jaggi Brothers Exit Gensol Board Amid Fraud Probe, Stock Crashes 90% From Rs 800 To Rs 52
Last Updated: Gensol Fund Fraud: Jaggi brothers are accused of siphoning off loan funds meant for the company, misleading investors, lenders, and regulators. Gensol Fraud Scandal: Anmol Jaggi and Puneet Jaggi, managing directors at Gensol Engineering, resigned from their positions following a SEBI directive prohibiting them from holding any key position in listed companies. The Jaggi brothers were accused of misappropriating company funds for personal luxuries. In its filing, Gensol Engineering also announced that the brothers would no longer be part of various company committees. Cascading Of Gensol Stocks Since the unfolding of the saga by SEBI, the stocks of Gensol Engineering took a hit, coming down 60 per cent in the past one month. In 2025, the stocks fell about 93 per cent from over Rs 720 apiece to below Rs 60 apiece. The scrip has been witnessing constant lower circuits for the past few weeks. On Tuesday, the trading halted after stocks hit the lower circuit of 5 per cent to Rs 51.25 apiece in the opening session. The fund misappropriation by Jaggi brothers led to the direct impact of its EV cab service venture BluSmart whose businesses have been suspended since SEBI's highlight the fund diversion issue by the promoters. Gensol Fund Fraud Scandal And Suspension Of BlueSmart Earlier, Sebi had barred the company's promoters, Anmol Singh Jaggi and Puneet Singh Jaggi, from the securities market due to allegations of misusing public company funds for personal gain. The promoters are accused of siphoning off loan funds meant for the company, misleading investors, lenders, and regulators. The interim order not only restricts them from accessing capital markets but also prevents them from holding key positions in any listed company for the time being. At the end of March, BluSmart experienced significant leadership changes, with the CEO, Chief Business Officer, Chief Technology Officer, and Vice-President of Experience all resigning. Although officially attributed to corporate restructuring, the timing and scale of these departures raised concerns. First Published: May 13, 2025, 09:52 IST
Business Upturn
12-05-2025
- Business
- Business Upturn
Gensol Engineering MD Anmol Jaggi and Whole-time Director Puneet Jaggi resign following SEBI interim order
By Aditya Bhagchandani Published on May 12, 2025, 17:56 IST Gensol Engineering Limited announced on Monday, May 12, 2025, that both Managing Director Anmol Singh Jaggi and Whole-time Director Puneet Singh Jaggi have tendered their resignations, citing compliance with the SEBI Interim Order dated April 15, 2025 as the reason. In regulatory filings with BSE and NSE, the company confirmed that both resignations will take effect from the close of business hours on May 12, 2025. As per their respective resignation letters, both Anmol Jaggi and Puneet Jaggi confirmed that there are no material reasons for stepping down other than those disclosed. 'I am resigning due to the direction given under SEBI Interim Order dated April 15, 2025,' wrote Anmol Jaggi in his letter to the Board. Puneet Jaggi echoed the same reasoning, thanking the Board and employees for their support during his tenure. The company clarified that both directors will also cease to be members of various board committees, and no additional board positions or committee memberships are held by either of them in other listed entities. The resignation comes in the wake of increased regulatory scrutiny under the said SEBI order, the details of which have not been fully disclosed in the public domain yet. These developments mark a significant shift in Gensol Engineering's leadership, and the company is expected to update investors on the next steps regarding its executive management structure. Aditya Bhagchandani serves as the Senior Editor and Writer at Business Upturn, where he leads coverage across the Business, Finance, Corporate, and Stock Market segments. With a keen eye for detail and a commitment to journalistic integrity, he not only contributes insightful articles but also oversees editorial direction for the reporting team.
NDTV
24-04-2025
- Business
- NDTV
This CEO Reveals How He Called Out BluSmart Founders 2 Years Ago
Long before the actions of BluSmart co-founders Anmol Jaggi and his brother Punit Jaggi came under scrutiny, a founder-CEO of a wellness platform called out the duo in a WhatsApp group. Sumeet Kapur, CEO and founder of Wellcure, said he had to quit a WhatsApp group of over 150 founders, all because he exposed the "bullshit" of the e-cab service company. In a post on LinkedIn, Mr Kapur wrote, "2 years back, I had to exit a WhatsApp group of 150+ founders because I called out the bullshit of BluSmart founders on the group." "The leaders of the investing group did not like it and wrote me 1 on 1 messages telling me not to say such things for a respectable company like BluSmart. I respected their views and exited the group," he added. Mr Kapur mentioned that he usually avoided public criticism, but in this case, the behaviour of the BluSmart team went too far. He added the WhatsApp group was created for sharing ideas, but instead of that, it was constantly filled with promotional media articles about the company. The articles looked like paid PR and were being shared every week, he said. Mr Kapur wrote, "I had joined that group to get growth ideas from other founders, but the only thing that was getting posted there was media articles of BluSmart going places, every week." He continued, "Many founders know that it takes Rs 7 to 15 thousand (of cash or personal UPI payment) to get an article written in any leading publication. They were just getting 1 useless article published almost every week and sharing it in every Founders group I was part of. It was a sheer waste of time for other founders." Next, he narrated a personal incident, describing it as a nightmare and highlighting the company's poor handling of customer feedback. Mr Kapur wrote, "And when I would write to the BluSmart CEO & co-founder for the nightmare experience me & my family had from BluSmart cab, there would not even an acknowledgement to the message, despite us being connected on 2-3 Founders Whatsapp groups and maybe on LinkedIn too." "These were enough signs to know what's going to happen soon," he added. He compared BluSmart with GoMechanic, PhableCare, Byjus, and BharatPe - the companies that faced downfall and encountered major struggles. Mr Kapur said that these companies were fast-growing, the reason investors couldn't take a step back. He wrote, "Gomechanic, Phablecare, Byjus, BharatPe and now BluSmart - It was quite easy to notice early signs of unethical practices, but because they had grown fast, even investors have to become a party to what's happening." "Investors are not idiots to not see these problems, but a lot of times, such companies become a tiger that you are riding but can't get down from, for the fear of getting eaten yourself," Mr Kapur added. Before concluding the post, he also shared the signs that help in identifying companies that might be involved in unethical practices. He wrote, "Excessive PR articles with probabilistic words like 'may, might, could, looking to, etc.' These are journalists' ways for writing any future claims or lies without any accountability." "Too many public posts boasting about growth. If you are growing, the relevant people will know it through your financial reports; there is no need to make too much noise about it." He added, "Too much too soon - everyone knows this rule, but we ignore it. Something growing very fast is either a lie or will come down at the same speed." BluSmart has temporarily suspended its operations in Delhi NCR, Mumbai, and Bengaluru. Although the app is available on the Play Store, it doesn't allow users to book or schedule rides until May 7. The company has appointed Grant Thornton for a forensic audit following instructions from the Securities Exchange Board of India (SEB). The regulatory body found that the Jaggi brothers allegedly diverted and misused funds meant to buy cars. In its report, SEBI said there was a "complete breakdown of internal controls" and ordered a forensic audit at Gensol, which procured EVs and then leased them to BluSmart.
