The National Company Law Tribunal (NCLT) has issued an interim order freezing the assets and bank accounts of Gensol Engineering Ltd., its promoters, and affiliated entities in response to allegations of a ₹975 crore financial fraud. The directive, passed by the NCLT’s Ahmedabad bench, targets 37 individuals and organizations linked to the company, including its promoters Anmol Singh Jaggi and Puneet Singh Jaggi. The promoters are accused of diverting company funds for personal use, falsifying financial records, making unauthorized asset transfers, and concealing significant loan defaults.
The case has attracted attention from multiple regulatory bodies, including the Ministry of Corporate Affairs (MCA), Securities and Exchange Board of India (SEBI), Serious Fraud Investigation Office (SFIO), Reserve Bank of India (RBI), and the Income Tax Department, all of whom are now actively investigating the matter. As part of the proceedings, the tribunal has ordered all involved parties to disclose their global assets and bank accounts, and has prohibited any sale or mortgage of assets—domestic or international—until further notice.
In the wake of these developments, Gensol Engineering’s stock has plummeted by 92% in 2025, reflecting a severe erosion of investor confidence due to concerns over governance and financial mismanagement. The case serves as a stark reminder of the importance of robust corporate governance and effective regulatory oversight in maintaining trust and stability in the financial markets.ance in safeguarding market integrity and investor trust.