In Delhi court docket, Gensol Engineering’s Puneet Jaggi shifts blame to brother Anmol

He made the declare whereas looking for anticipatory bail fearing arrest by the Delhi Police’s financial offences wing (EOW), which is at present analyzing two complaints by Energy Finance Company (PFC) and Indian Renewable Vitality Improvement Company Restricted (Ireda) and is about to quickly file separate instances within the matter. Delhi Police had opposed the plea calling it untimely. Police argued that within the absence of an FIR, the plea for anticipatory reduction was not maintainable.

The extra periods choose, Kiran Gupta, at Patiala Home courts granted interim safety to Puneet Jaggi, directing Delhi Police to serve a seven-day prior discover in case it decides to arrest him.

A 15 April interim order by market regulator Securities and Change Board of India barred Gensol’s promoters from the securities market and from holding any key managerial put up in any listed firm. Sebi stated its investigation had discovered that the Jaggis used loans from PFC and Ireda for private expenditure and that the corporate solid paperwork to indicate that it was common in servicing its debt.

The Enforcement Directorate (ED) can also be at present conducting a international alternate administration act (Fema) violation probe towards the corporate and the promoter brothers and raided them on April 24. However it’s ready for Delhi police to file instances, in order that it could actually launch a prevention of cash laundering act (PMLA) probe as properly, the officers stated.

The monetary crimes probe company had on April 24 questioned Puneet Jaggi throughout the raids, however because it can not make arrests below Fema, he was allowed to go, they added.

ED, in accordance with officers conversant in the probe, has frozen the financial institution accounts of the promoters in addition to of Gensol . In the meantime, on ED’s request, the bureau of immigration (BOI) final week issued a lookout round for each brothers.

In his plea for anticipatory bail, filed by advocate Ayush Jindal, Puneet Jaggi stated he “was not concerned in day-to-day affairs of the corporate, Gensol Engineering Ltd, and your entire affairs of the corporate had been taken care of by his brother (Anmol Singh Jaggi)”.

He added that he was “merely a namesake director and all the selections had been taken by his brother, Anmol Singh Jaggi”.

Puneet Jaggi has additional claimed that he was specializing in the operations of one other firm , Prescinto Applied sciences Pvt Ltd, which was bought to IBM within the 12 months 2024 and after that he solely oversaw “the executive duties of BluSmart Expertise and was receiving a wage in consideration of his providers”, his software acknowledged. Gensol’s sister concern BluSmart , a experience hailing firm that makes use of an all-electric cab fleet, has frozen operations in main cities for the reason that Sebi order got here out.

Asserting that he’s not a flight danger and has not made any makes an attempt to evade the probe companies, Puneet Jaggi stated he “is prepared to cooperate throughout any investigation”.

“My shopper had no position in monetary selections or administration of Gensol. He’s absolutely cooperating with the inquiry and safety sought will not be towards investigation, however towards sudden coercive motion,” Jindal stated.

To make certain, India firms legislation states {that a} director is answerable for the acts of their co-directors, in the event that they had been conscious of such actions and didn’t act to forestall them.