On Tuesday, The Securities and Exchange Board of India (SEBI) barred promoters Anmol Singh Jaggi and his brother, Puneet Singh Jaggi, from holding any director post or key role in Gensol Engineering Limited (GEL), an electric vehicles and clean energy company, until further notice. This decision came after the brothers were accused of not only defaulting on debt repayment, but also of misusing company funds for lavish personal purchases. But who is Anmol Singh Jaggi? Let’s find out.
All you need to know about Anmol Singh Jaggi
Having pursued a B.Tech degree in Applied Petroleum Engineering at the University of Petroleum and Energy Studies, Dehradun, from 2003 to 2007, Anmol Singh Jaggi also holds managerial positions at other firms. Apart from Gensol, he is also the co-founder of BluSmart, the cab company and the managing director of Matrix Gas and Renewables Limited.
Anmol Singh Jaggi’s family and career
Anmol Singh is the father of two kids – one four, the other one 10 years old.
A fauji kid, Anmol Singh was always interested in being an entrepreneur. Before starting Gensol in 2017, he was an intern at Reliance Industries in 2005.
Anmol started BluSmart in December 2019 with just 70 cars. He quickly identified the shift towards green energy in the new generation and wanted to make a mark in the EV industry. In April 2022, the company acquired a cutting edge technology and soon they were operating with a capacity of 1,250 cars in one shift.
Anmol Singh Jaggi net worth
While not a lot is known about Anmol Singh Jaggi’s net worth, but according to corporate shareholdings filed for December 2023, Anmol Singh Jaggi publicly holds 1 stock with a net worth of over Rs 1,020.8 crore, according to Sovrenn.com
Why has SEBI taken action against Anmol Singh Jaggi?
According to SEBI, “The prima facie findings have shown mis-utilisation and diverson of funds of the company (GEL) in a fraudulent manner by its promoter directors, Anmol Singh Jaggi and Puneet Singh Jaggi, who are also the direct beneficiaries of the diverted funds”.
According to SEBI’s findings, both Anmol and Puneet have been misusing company funds, and referred to Gensol’s funds as being used like a “piggy bank” by the promoters.