Investor waste
The Indian Renewable Energy Development Agency (IREDA) on Wednesday informed that it has filed a petition in the National Company Law Tribunal (NCLT) to start the insolvency process against the distressed Jansol Engineering Limited. The petition was filed on 14 May 2025 under Section 7 of the Insolvency and Debt Laundering Code, 2016. Ireda, which is a public sector unit under the Ministry of New and Renewable Energy, said that Jansol engineering has an outstanding amount of about ₹ 510 crore, which has not been paid.
Gensol Engineering stock has broken its 2023 record high 2390 to ₹ 59. For the last two days, the stock had an upper circuit. However, now the news of the insolvency process starts a major decline. Jansol Engineering was mainly employed as electric vehicles (EV) leasing.
SEBI had banned directors
Earlier, market regulator SEBI had banned any kind of activity in the securities market due to Jansol Engineering and its promoters – Anmol Singh Jaggi and Puneet Singh Jaggi – due to allegations of serious omission in economic irregularities and operations. This interim order of SEBI was issued in April 2025 and is currently effective until further orders. This development has not only shocked the company’s credibility, but has also increased the concern of its shareholders and investors. According to the information given to the stock market, Jaggi brothers resigned from Jansol Engineering on May 12 after the interim order of SEBI.
The company appealed in SAT
Meanwhile, the company said on Wednesday that the Securities Appellate Tribunal (SAT) has settled its appeal. However, SAT has given the company and its promoters a chance to present their case on SEBI’s interim order. Under the SEBI order, the company and the promoters are currently banned from the securities market. Jansol said in the information given to the stock market that as per SAT instructions, now it has been allowed to file a reply on SEBI’s order within two weeks. It is clear from this development that the company has now got a formal opportunity to give its clarification, while SEBI still monitored.
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