In the wake of regulatory action against Gensol Engineering, Rajesh Parmar, the Company’s Secretary and Compliance Officer, has tendered his resignation, citing the recent developments including the Interim Order issued by the Securities and Exchange Board of India (SEBI) on April 15, 2025.
In his resignation letter, Parmar stated, “”The decision to resign has been carefully considered in the context of the recent events impacting the Company, particularly the Interim Order issued by SEBI dated April 15, 2025. Given the circumstances, I believe it is in the best interest of both myself and the Company to step down from my position at this time.”
“I wish the Company success in navigating the current challenges and am confident that it will emerge stronger and continue its journey of growth and excellence,” he added.
SEBI’s Interim Order, issued earlier this month, barred Gensol Engineering and its promoters, Anmol Singh Jaggi and Puneet Singh Jaggi, from accessing the securities market. The regulator cited serious lapses in corporate governance, including alleged diversion of funds and misleading conduct that violated the Prevention of Fraudulent and Unfair Trade Practices (PFUTP) regulations.
In addition to the market ban, SEBI has halted the company’s proposed stock split and has ordered a forensic audit into the company’s financial affairs.
Gensol Engineering disclosed this development before the regulator on April 30, 2025.
