No mfg seen at Gensol's EV plant in Pune: Sebi

NEW DELHI: Markets regulator Sebi has said it found "no manufacturing activity" at Gensol Engineering's electric vehicle plant in Pune, when an 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.

"It was found that there was no manufacturing activity at the plant with only two-three 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 Rs 1,57,037 for Dec 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.

The visit followed an announcement by Gensol to the stock exchanges on Jan 28, 2025, claiming it had received pre-orders for 30,000 units of its newly launched EVs showcased at the Bharat Mobility Global Expo 2025. However, upon reviewing the documents provided by the company, Sebi found that the orders were MoUs entered with nine entities for 29,000 cars.