Sebi finds no manufacturing at Gensol's Pune EV plant, only 2-3 labourers

When a National Stock Exchange (NSE) representative visited Gensol Engineering's electric vehicle (EV) plant in Pune, Sebi discovered "no manufacturing activity" and only 2-3 workers on the job. These discoveries were part of an interim order issued by markets regulator Sebi on April 15 in response to a complaint filed in June 2024 alleging manipulation of Gensol's share price and theft of funds.

In its order, the Securities and Exchange Board of India (Sebi) discovered inaccuracies and misleading disclosures to investors by Gensol Engineering, a business founded by brothers Anmol Singh Jaggi and Puneet Singh Jaggi. One of the disclosures stemmed from an NSE inquiry that discovered a lack of manufacturing activity at Gensol's EV plant in Chakan, Pune.

During a site visit to the facility on April 9, an NSE officer discovered only 2-3 workers present. It was discovered that the plant had no production activity, with only 2-3 workers present. The NSE official requested information on Mahavitaran's electrical bills, revealing that the highest sum billed was ₹1,57,037.01 in December 2024.