Law Tribunal Freezes Gensol’s Bank Accounts

New Delhi: The National Company Law Tribunal (NCLT) in Ahmedabad has ordered the freezing and attachment of all bank accounts and lockers belonging to Gensol Engineering Limited and its associated entities. The action follows a complaint filed by the Ministry of Corporate Affairs (MCA), which has accused the com-pany of serious corporate fraud and financial misconduct. SEBI had taken strict action against Gensol’s top promoters, Anmol Singh Jaggi and Puneet Singh Jaggi. On April 15, SEBI barred both from accessing the securities market and from holding key management roles.

The regulator’s investigation revealed that Gensol had diverted funds raised through a loan-financed EV purchase scheme. Gensol took loans worth Rs 975 crore to buy 6,400 EVs but ended up purchasing only 4,704 vehicles at a cost of Rs 567.73 crore. Over Rs 200 crore could not be accounted for, raising red flags about possible fund misuse. ICRA and Care downgraded Gensol’s Rs 2,050 crore debt to de-fault status in February.