SEBI Flags ₹43 Crore Apartment Deal Involving DLF Amid Gensol Engineering Investigation

NEW DELHI: The Securities and Exchange Board of India (SEBI) has issued a detailed interim order against Gensol Engineering Ltd and its promoters, Anmol and Puneet Singh Jaggi, highlighting serious concerns around financial misconduct and misuse of public funds. The 29-page order outlines a pattern of fund diversion, false disclosures, and questionable financial practices at the company’s helm.

Among the significant transactions flagged, SEBI brought attention to a ₹42.94 crore deal involving real estate giant DLF. Investigators revealed that this amount was routed from Capbridge Ventures LLP—an entity where both Anmol and Puneet Singh Jaggi serve as designated partners—towards the purchase of an apartment in DLF’s ultra-luxury project, “The Camellias.”

The property was initially booked under the name of Jasminder Kaur, the mother of the promoters, with an advance payment of ₹5 crore. However, this amount was eventually refunded, and the final buyer registered as Capbridge Ventures. SEBI’s probe traced the origin of these funds back to Gensol Engineering.

The money was allegedly funneled through its vendor, Go-Auto, and other related parties before ultimately reaching DLF, indicating complex fund layering to mask the real source.

SEBI noted that the original ₹5 crore booking amount also came from Gensol’s funds, once again moved through multiple promoter-linked entities.

After DLF refunded this booking amount, the funds were reportedly rerouted to another related firm, Matrix Gas and Renewables. SEBI states these fund movements “demonstrate layered transactions aimed at disguising personal asset purchases using public company resources.”

This DLF transaction, facilitated via an entity linked to the promoters, has become a focal point of SEBI’s ongoing investigation into suspected financial irregularities, mismanagement, and diversion of funds at Gensol Engineering.

ETRealty has reached out to DLF for a comment and will update this story once a response is received.

Over the years, DLF’s Camellias project has drawn the attention of several high-profile buyers. These include Smiti Agarwal, wife of Hemant Agarwal (CMD of V-Bazaar Retail), who acquired a 10,800 sq ft apartment for ₹95 crore.

Similarly, Info-x Software Technology, led by director Rishi Parti, purchased a 16,000 sq ft unit for ₹190 crore. Other notable buyers include Lenskart founder Peyush Bansal, who purchased a 7,461 sq ft apartment for ₹27.02 crore, and Ram Gopal Agarwal (Group Chairman, Dhanuka Agritech) with wife Urmila Dhanuka, who secured a 7,361 sq ft apartment for ₹22.55 crore.

Broader Probe into Gensol

SEBI’s investigation extends far beyond the DLF deal. It reveals that Gensol borrowed over ₹977 crore from financial institutions like the Indian Renewable Energy Development Agency (IREDA) and the Power Finance Corporation (PFC), primarily to acquire 6,400 electric vehicles. However, only 4,704 vehicles were procured, at a cost of ₹567.73 crore. An alarming ₹262 crore remains unaccounted for.

According to SEBI, large portions of these funds were allegedly funneled through Go-Auto and redirected to other promoter-linked entities such as Capbridge Ventures, Gensol Ventures, and Wellray Solar Industries. These movements raise significant concerns over misappropriation of funds intended for asset acquisition.

The order further criticized the “complete breakdown of corporate governance” at Gensol. SEBI said that the promoters treated the listed company like their personal treasury, financing family-related transactions, purchasing luxury properties, and even engaging in speculative trades in Gensol’s own shares through related entities like Wellray Solar.

In response, SEBI has imposed strict restrictions: Anmol and Puneet Singh Jaggi are now barred from serving as directors or key managerial personnel at Gensol.

Moreover, all three noticees—Gensol Engineering, Anmol, and Puneet—have been prohibited from trading in the securities market. The regulator has also frozen the company’s proposed 1:10 stock split to prevent any further erosion of investor value.

SEBI has called for a forensic audit of Gensol and its associated firms to scrutinize their financial records. The regulator also noted that Gensol misled investors with inflated announcements regarding electric vehicle orders and strategic partnerships, none of which were supported by concrete agreements or financial backing.

In light of these findings, SEBI has advised retail investors to exercise caution, particularly given the risk of promoters exiting their positions and causing further loss in shareholder value.