Gensol Engineering Limited announced the resignation of its top leadership, with Managing Director Anmol Singh Jaggi and Whole-time Director Puneet Singh Jaggi stepping down effective May 12, 2025. The resignations were submitted in compliance with the Securities and Exchange Board of India’s (SEBI) interim order issued on April 15, 2025.
In their letters addressed to the Board of Directors, the Jaggi brothers also stepped down from all board committee roles. The company has yet to disclose any plans regarding their successors or potential restructuring of its leadership team.
The resignations follow SEBI’s scathing interim order in the matter of Gensol Engineering Limited, which accused the promoters of serious financial misconduct. The regulator barred both Anmol and Puneet Singh Jaggi from holding directorships or key managerial roles and from participating in the securities market until further notice. SEBI has also ordered a forensic audit of Gensol’s financials for FY22 to FY25.
The order alleges that the Jaggis diverted hundreds of crores in loans, originally meant for electric vehicle procurement tied to their affiliate BluSmart, for personal use. As a result, BluSmart has suspended operations in Delhi, Mumbai, and Bengaluru, and is facing protests from drivers over unpaid dues. Evera Cabs has also begun repossessing 500 EVs. While BluSmart is in talks with climate-focused distressed asset funds for a potential revival, its recovery prospects appear bleak.
The developments mark a significant setback for both Gensol and BluSmart at a critical time for India’s EV mobility sector.
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