SEBI confirms ban on Gensol, Jaggi brothers in fund diversion case

The SEBI has confirmed its interim order to ban Gensol Engineering and the Jaggi brothers, Anmol Singh and Puneet Singh, from the securities market. The ban was upheld based on allegations of fund diversion and corporate governance failures. The market regulator found that the prima facie findings of misappropriation of funds for personal use were not rebutted, and a full investigation and forensic audit are still underway. The ban will remain in effect even as the company undergoes insolvency proceedings.