Mumbai, May 7 (IANS). The Securities Appellate Tribunal (SAT) on Wednesday rejected the appeal of Jansol Engineering Limited demanding a ban on SEBI’s interim order.
In this order, Jansol and its promoters Anmol Singh Jaggi and Puneet Singh Jaggi were banned on the issue of funds related to fund diversion and governance.
Appellate Tribunal Justice PS. A bench of Dinesh Kumar and Technical Member Meera Swaroop has given the company two weeks to respond to a temporary unilateral order and directed the market regulator to give a final order in the case of Jansol within four weeks.
SEBI issued a detailed interim order on 15 April, showing what went wrong in Jansol.
The order said that the promoters of Jansol, including the Jaggi brothers, used the company as their personal ‘Gullak’. There was no proper financial control and the promoters diverted the loan amount to themselves or related institutions.
Jensol received a loan of Rs 977.75 crore from the Indian Renewable Energy Development Agency Limited (EREDA) and Power Finance Corporation (PFC) Limited between FY 2022 and FY 2024. Out of this, 663.89 crore rupees were especially for the purchase of 6,400 EV. However, the company admitted to buying only 4,704 vehicles, priced at Rs 567.73 crore, as verified by the supplier Go-Auto.
SEBI’s investigation report also stated that it found “no manufacturing activity” at the Electric Vehicle (EV) plant of Jansol Engineering Limited in Pune, only two to three laborers were present on the site, which was the property given on a lease itself.
All-Electric Vehicle (EV) app Blussmart’s native company Jansol made fake letters from two of its lenders, PFCs and IREDA, to show that it was regularly paying her loan. However, the claim was revealed when credit rating agencies started checking letters with lenders.
Meanwhile, the government -owned PFC has lodged a complaint with the Delhi Police against Jansol Engineering Limited for filing false documents to take a loan to buy electric vehicles.
-IANS
SKT/ABM
