SEBI has banned Jansol engineering and her promoters.
Two more independent directors of Jansol Engineering – Harsh Singh and Kuljit Singh Popli have resigned from their posts on Thursday. Regulatory filing states that both have left the post amid allegations of misuse of money on the company. According to PTI news, on Wednesday, independent director of Jansol Engineering, Arun Menon, resigned that the concern was increasing when the company took advantage of his balance sheet for the company to fund the capital expenditure of the second business and the stability of the company to serve such high credit costs.
Decision to resign at such a time
According to the news, in his resignation to the board of directors, Singh said that he knows that he has decided to resign at a time when the company is facing a difficult time. Singh said that his professional commitments are coming in his way to contribute in a useful manner to the company. He said that there is no other reason for his resignation. Popli said that he is saddened by the recently reported incidents in the media related to the company.
SEBI has banned Jansol engineering and her promoters
Singh said that I was expecting some positive developments in the last one month, however, the way things have come out, I am not in a position to continue as an independent director. Popli said that he hoped that the issues related to the government will be resolved. The resignation came when SEBI on Tuesday banned Jansol Engineering and his promoters – Anmol Singh Jaggi and Puneet Singh Jaggi – from the security markets till further orders.
The market regulator also directed Jansol Engineering Limited (GEL) to stop the stock division announced by it and stopped the promoters from holding the post of director or prominent manager in any listed firm.
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