Puneet Jaggi Seeks Bail, Attributes Gensol Decisions to Brother Amid Financial Misconduct Allegations
New Delhi, April 30, 2025 – Puneet Jaggi, co-promoter of Gensol Engineering Ltd and co-founder of BluSmart, informed the Delhi High Court that he was not involved in the company’s daily operations, placing responsibility for major decisions on his elder brother, Anmol Jaggi. This statement was made during a hearing where Puneet sought anticipatory bail in connection with an ongoing probe by the Economic Offences Wing (EOW) of the Delhi Police.
The investigation stems from complaints by Power Finance Corporation (PFC) and Indian Renewable Energy Development Agency (IREDA), alleging financial misconduct involving loan misuse. Both agencies claim that loans sanctioned for electric vehicle and energy projects were diverted toward personal expenses, with forged records submitted to present the illusion of regular debt servicing.
In response, Additional Sessions Judge Kiran Gupta granted interim protection to Puneet Jaggi, directing the Delhi Police to issue a seven-day notice before any arrest action. This order was passed despite no First Information Report (FIR) being registered, reaffirming the legality of seeking pre-FIR anticipatory relief. The Economic Times
These legal troubles follow an April 15 interim order from the Securities and Exchange Board of India (SEBI), which barred the Jaggi brothers from holding key positions in any listed company and from participating in the securities market. SEBI alleged that the promoters were running a listed public company as if it were a proprietary firm, with company funds routed to related parties and used for unconnected expenses. Reuters
Amid these developments, Gensol Engineering has faced internal challenges, including the resignation of its Company Secretary and Compliance Officer, Rajesh Parmar, citing recent events impacting the company, particularly the SEBI interim order. ET Now
In a related context, a recent report by staffing consultancy Longhouse reveals that only 7% of India’s 121 unicorns have women in founder or co-founder roles. The study examined leadership across sectors and found that just 72 women hold executive positions—including founders, chief technology officers, and chief information officers—at these billion-dollar startups, highlighting the ongoing gender diversity challenges in India’s startup ecosystem.
Last Updated on: Thursday, May 1, 2025 10:49 pm by Kavya | Published by: Kavya on Thursday, May 1, 2025 10:49 pm | News Categories: News
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