<p>New Delhi: Shares of Gensol Engineering dropped 5 per cent on Thursday to hit the lower circuit limit after Sebi barred the firm and its promoters -- Anmol Singh Jaggi and Puneet Singh Jaggi -- from securities markets till further orders in a fund diversion and governance lapses case.</p><p>The stock tanked 4.97 per cent to Rs 117.50 -- its lower circuit limit as well as record low -- on the BSE.</p><p>At the NSE, it slumped 5 per cent to Rs 116.54 -- the lowest trading permissible limit for the day as well as an all-time low.</p><p>Shares of Gensol Engineering had tumbled 5 per cent to hit the lower circuit limit on Wednesday as well.</p>.Gold continues to glitter for 2nd day; hit fresh peak of Rs 95,935/10 g.<p>From its 52-week high of Rs 1,125.75, the stock is now down 89.56 per cent.</p><p>The regulator has also debarred Anmol and Puneet Singh Jaggi from holding the position of a director or key managerial personnel in Gensol until further orders.</p><p>Further, the markets watchdog directed Gensol Engineering Ltd (GEL) to put on hold the stock split announced by it.</p><p>The order came after the Securities and Exchange Board of India (Sebi) received a complaint in June 2024 relating to the manipulation of share price and diversion of funds from GEL and thereafter started examining the matter.</p><p>In a 29-page interim order, Sebi said on Tuesday, "The prima facie findings have shown mis-utilisation and diversion of funds of the company (GEL) in a fraudulent manner by its promoter directors, Anmol Singh Jaggi and Puneet Singh Jaggi, who are also the direct beneficiaries of the diverted funds".</p><p>"The company has attempted to mislead Sebi, the CRAs (credit rating agencies), the lenders and the investors by submitting forged conduct letters purportedly issued by its lenders," the regulator said.</p><p>Gensol Engineering is engaged in providing solar consulting services, Engineering, Procurement and Construction (EPC) services, leasing of electric vehicles, etc.</p><p>Shares of the firm have been falling for the seventh straight session on Thursday.</p><p>Gensol Engineering on Wednesday said the company will fully cooperate with the forensic audit to be conducted at the behest of Sebi.</p><p>As directed in the interim order, Sebi will appoint a forensic auditor to thoroughly examine the books of accounts of the company and its related entities, Gensol Engineering said in an exchange filing.</p><p>Meanwhile, the company has informed the stock exchange that its independent director Arun Menon has resigned with immediate effect.</p>
<p>New Delhi: Shares of Gensol Engineering dropped 5 per cent on Thursday to hit the lower circuit limit after Sebi barred the firm and its promoters -- Anmol Singh Jaggi and Puneet Singh Jaggi -- from securities markets till further orders in a fund diversion and governance lapses case.</p><p>The stock tanked 4.97 per cent to Rs 117.50 -- its lower circuit limit as well as record low -- on the BSE.</p><p>At the NSE, it slumped 5 per cent to Rs 116.54 -- the lowest trading permissible limit for the day as well as an all-time low.</p><p>Shares of Gensol Engineering had tumbled 5 per cent to hit the lower circuit limit on Wednesday as well.</p>.Gold continues to glitter for 2nd day; hit fresh peak of Rs 95,935/10 g.<p>From its 52-week high of Rs 1,125.75, the stock is now down 89.56 per cent.</p><p>The regulator has also debarred Anmol and Puneet Singh Jaggi from holding the position of a director or key managerial personnel in Gensol until further orders.</p><p>Further, the markets watchdog directed Gensol Engineering Ltd (GEL) to put on hold the stock split announced by it.</p><p>The order came after the Securities and Exchange Board of India (Sebi) received a complaint in June 2024 relating to the manipulation of share price and diversion of funds from GEL and thereafter started examining the matter.</p><p>In a 29-page interim order, Sebi said on Tuesday, "The prima facie findings have shown mis-utilisation and diversion of funds of the company (GEL) in a fraudulent manner by its promoter directors, Anmol Singh Jaggi and Puneet Singh Jaggi, who are also the direct beneficiaries of the diverted funds".</p><p>"The company has attempted to mislead Sebi, the CRAs (credit rating agencies), the lenders and the investors by submitting forged conduct letters purportedly issued by its lenders," the regulator said.</p><p>Gensol Engineering is engaged in providing solar consulting services, Engineering, Procurement and Construction (EPC) services, leasing of electric vehicles, etc.</p><p>Shares of the firm have been falling for the seventh straight session on Thursday.</p><p>Gensol Engineering on Wednesday said the company will fully cooperate with the forensic audit to be conducted at the behest of Sebi.</p><p>As directed in the interim order, Sebi will appoint a forensic auditor to thoroughly examine the books of accounts of the company and its related entities, Gensol Engineering said in an exchange filing.</p><p>Meanwhile, the company has informed the stock exchange that its independent director Arun Menon has resigned with immediate effect.</p>