Sebi finds no manufacturing at Gensol’s Pune EV plant, only 2-3 labourers
The Hindu
Sebi said it found “no manufacturing activity” at Gensol Engineering’s electric vehicle plant in Pune with only two to three labourers present when a NSE official visited the site.
Markets regulator Securities and Exchange Board of India (Sebi) has said it found "no manufacturing activity" at Gensol Engineering's electric vehicle (EV) plant in Pune with only two to three labourers present when a National Stock Exchange (NSE) official visited the site.
These revelations were part of markets regulator Sebi's interim order issued on April 15 following a complaint received in June 2024 alleging manipulation of Gensol's share price and misappropriation of funds.
In its order, Sebi found discrepancies as well as misleading disclosures to investors by Gensol Engineering, a company promoted by brothers Anmol Singh Jaggi and Puneet Singh Jaggi.
One of the disclosures came from an investigation conducted by the NSE, which revealed a lack of manufacturing activity at Gensol's EV plant — Gensol Electric Vehicle Private Ltd — at Chakan in Pune.
During a site visit to the facility on April 9, an NSE official found only two to three labourers present.
“It was found that there was no manufacturing activity at the plant with only 2-3 labourers present there. The NSE official called for details of electricity bills of the unit and it was observed that the maximum amount billed by Mahavitaran during the last 12 months was ₹1,57,037.01 for December 2024.
“Hence, it can be inferred that there has been no manufacturing activity at the plant site which is on a leased property,” Sebi revealed in its interim order passed on April 15.
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