The Ministry of Corporate Affairs (MCA) has announced that it will take necessary actions against Gensol Engineering following the recent order by the Securities and Exchange Board of India (SEBI). Last week, the Securities and Exchange Board of India (SEBI) banned the company’s promoters, Anmol Singh Jaggi and Puneet Singh Jaggi, from the stock market for violating financial rules.
The SEBI order followed allegations that the promoters were using company funds for their personal benefit, including purchasing property. This raised alarms over the company’s governance and financial management.
SEBI action also impacted all-electric cab-hailing startup BluSmart. The company temporarily suspended its services in major metropolitan cities, including Delhi, Bangalore, and Mumbai.
MCA said it would closely examine the SEBI order before determining the next step in this matter. The MCA’s intervention is expected to focus on enforcing stricter corporate governance measures and accountability within the company.
The Ministry enforces the Companies Act, 2013, which grants it the authority to address cases of corporate misconduct.
