Government to Take Action Against Gensol Engineering

The Corporate Affairs Ministry (MCA) announced on Monday that it will take necessary action against Gensol Engineering after reviewing the SEBI order that barred the company's promoters from the securities market.

Last week, SEBI took action against Anmol Singh Jaggi and Puneet Singh Jaggi, promoters of Gensol Engineering, for various violations. The order was issued amidst allegations of misusing loan funds from their listed company for personal gains, sparking concerns over corporate governance and financial integrity.

The MCA is currently examining the SEBI order in the context of the Companies Act, 2013, and has assured that "necessary action would be taken accordingly."