SEBI flags ₹43 crore DLF’s apartment deal in Gensol Engineering probe, ET RealEstate
NEW DELHI: The Securities and Exchange Board of India (SEBI) has issued an interim order against Gensol Engineering and its promoters, Anmol and Puneet Singh Jaggi, exposing a pattern of serious financial misconduct. The 29-page order highlights a series of fund diversions, misleading disclosures, and misuse of public funds by the company and its promoters.
A key transaction flagged by SEBI involved DLF. Investigators traced ₹42.94 crore from Capbridge Ventures LLP, a company where both Anmol and Puneet Singh Jaggi are designated partners, to a payment made to DLF for an apartment in “The Camellias” project. SEBI noted that the apartment was initially booked in the name of the promoter’s mother, Jasminder Kaur, with a ₹5 crore advance, which was later refunded and replaced by Capbridge as the final buyer.
SEBI found that the funds originated from Gensol itself, passed through its vendor Go-Auto and related entities, before reaching DLF.
Further, the ₹5 crore booking advance was itself sourced from Gensol’s own funds via multiple related parties, and once DLF refunded it, the amount was rerouted to another related entity—Matrix Gas and Renewables. “These transactions demonstrate layered fund flows to disguise personal asset acquisition using public company funds,” SEBI stated.
The transaction, routed through a promoter-linked entity, forms a central part of SEBI’s probe into alleged financial irregularities, fund diversion, and corporate mis-governance at the listed firm.
ETRealty has reached out to DLF and will update the story based on the responses received.
Several high-profile individuals have bought apartments in DLF Camellias over the years. Smiti Agarwal, wife of Hemant Agarwal, CMD of V-Bazaar Retail, had bought a 10,800 sq ft apartment for Rs 95 crore while Info-x Software Technology, through its director Rishi Parti, had bought a 16,000 sq ft for ₹190 crore.
Lenskart founder Peyush Bansal had purchased a 7,461 sq. ft luxury apartment for Rs 27.02 crore while Dhanuka Agritech’s group chairman Ram Gopal Agarwal and his wife Urmila Dhanuka bought 7,361 sq ft apartment for Rs 22.55 crore.
Wider investigation on Gensol
SEBI’s wider investigation shows that Gensol borrowed over ₹977 crore from institutions such as IREDA and PFC, primarily for procuring 6,400 electric vehicles. Only 4,704 were acquired, costing ₹567.73 crore. Nearly ₹262 crore remains unaccounted. Funds meant for asset procurement were allegedly misappropriated through Go-Auto and channeled to multiple promoter-related entities, including Capbridge, Gensol Ventures, and Wellray Solar Industries.
The regulator noted a “complete breakdown of corporate governance” at Gensol, where promoters used the company’s resources as a personal piggy bank—funding family members, purchasing luxury real estate, and engaging in speculative trading in Gensol’s own shares via Wellray Solar.
SEBI has barred Anmol and Puneet Singh Jaggi from acting as directors or key managerial personnel in Gensol and prohibited all three noticees—Gensol, Anmol, and Puneet—from trading in the securities market. A planned 1:10 stock split has also been frozen to protect investors.
Further, a forensic audit has been ordered to examine financial records of Gensol and its related entities. SEBI also cited misleading disclosures by Gensol, including exaggerated claims of EV orders and strategic tie-ups, none of which were backed by binding contracts or financial rationale.
The regulator has warned retail investors to exercise caution, especially in light of the potential for promoters to offload remaining stakes and erode value further.
