SAT Turns Down Gensol’s Plea Against Sebi

Mumbai: The Securities Appellate Tribunal on Wednesday rejected an appeal by Gensol Engineering Ltd to stay a Sebi interim order barring it and its promoters Anmol Singh Jaggi and Puneet Singh Jaggi over the issue of fund diversion and governance concerns.

The bench of the appellate tribunal comprising Justice PS Dinesh Kumar and technical member Meera Swarup have given the company two weeks to reply to the Securities and Exchange Board of India (Sebi) on the temporary ex-parte order and directed the markets regulator to give a final order in Gensol’s case within four weeks.

On April 15, the Sebi released a detailed interim order showing what went wrong at Gensol.