With the opening of the market on Wednesday, April 16, the shares of gensole engineering fell 5% and the company’s shares opened at Rs 122.68. Because of this, Sebi stopped the already set stock splitting planning. The shares of the gensole have dropped following Sebi’s action against the promoter of the company. According to the Sebi’s investigation, Jaggi Brothers, the promoter of Gensol Engineering, have made a big manipulation in the company’s money.
Following the decline in the stock of gensole on Wednesday, April 16, it was revealed that the office of cricketer Mahendra Singh Dhoni and actress Deepika Padukone had also invested in the company. Both of these celebrities invested this in a series of funds raising funds through Gensole Engineering.
What is the case of Jensol Engineering?
Gensol Engineering Limited specializes in design, engineering and construction (EPC) services for solar energy projects. The company is headquartered in Ahmedabad, Gujarat and its office is also in Gurugram, Haryana. In addition, Gansol Engineering has a subsidiary called BluSmart called electric taxis. This game of cheating began with BluSmart.
Gansol engineers bought a loan of around Rs 978 crore from IREDA and PFC to buy electric vehicles. The company was to use the money to advance the business planning of Blue Smart and Gensole. Before raising funds, Gansol said that the company would buy 6400 electric vehicles for Rs 664 crore, which will be given to Blue Smart on lease.
In addition, the gensole was also ready to provide an additional 20 per cent equity, which led to the total cost of buying electric vehicles to Rs 830 crore. But in the information provided to Sebi, Gansol said that he had only bought 4704 EVs which came for Rs 568 crore. Accordingly, Sebi has not yet received an account of Rs 262 crore.
Investors’ money spent behind luxury items
Sebi’s investigation revealed that some money from the money transferred to Go-Aoto to buy 4700 EVs was reached by a company called Capbridge from the back door to Jaggi brothers and the money was used to buy the DLF’s luxury project in Gurugram to buy an apartment in the Camelia. Let me tell you that this apartment has been purchased for Rs 43 crore.
Deepika Padukone, Dhoni and Ashnir Grover invested
Some time ago, all three celebrities paid Rs. Series B participated in the development of Rs 420 crore funds. Let me tell you that earlier Mahendra Singh Dhoni’s family office also invested in the Amrapali group, which was in the news for a long time.
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