Will act against Gensol after examining SEBI order: Govt

The Corporate Affairs Ministry on Monday said it will take necessary action in the Gensol Engineering matter after examining market regulator SEBI’s order against the company.

Last week, SEBI barred the company’s promoters Anmol Singh Jaggi and Puneet Singh Jaggi from the securities market for various violations.

The order came amid accusations of siphoning off loan funds from their publicly-listed company Gensol Engineering for personal use, raising concerns over corporate governance and financial misconduct. When contacted, the Ministry of Corporate Affairs (MCA) said it was examining the SEBI order in light of the provisions of the Companies Act, 2013. “Necessary action would be taken accordingly,” the ministry said.

The Ministry is implementing the Companies Act, 2013 under which it has various powers to deal with instances of corporate misdoings. Among other options, the Registrar of Companies can inspect the books of the company.