New Delhi: Gensol Engineering LTD co-consent Puneet Jaggi told the Delhi court on Tuesday that he was not involved in the day-to-day cases of the company, which are being investigated by several agencies, and his elder brother Anmol claimed that currently in Dubai, all management decisions, officials are familiar with development.
He claimed two complaints by the Delhi Police’s Economic Offenses Wing (EOW), demanding anticipatory bail for fear of arrest, which is currently investigating two complaints by the Power Finance Corporation (PFC) and the Indian Renewable Energy Development Agency Limited (IRDA) and is soon ready to register separate cases in the case. The Delhi Police had opposed the petition that was said prematurely. The police argued that in the absence of the FIR, advance relief was not worth maintaining.
In Patiala House courts, Additional Sessions Judge Kiran Gupta provided interim security to Puneet Jaggi, directed the Delhi Police to serve the notice of seven days before to decide to arrest her.
The interim order of April 15 by the Market Regulator Securities and Exchange Board of India stopped Gensol’s promoters from the Securities Market and any major managerial posts in any listed company. SEBI said that its investigation had found that Jaggis used loans from PFC and IREDA for personal expenses and the company to show the documents that it was regular in serving its loan.
The Enforcement Directorate (ED) is also currently investigating a Foreign Exchange Management Act (FEMA) violation against the company and promoter Brothers and raided them on 24 April. But it is waiting to register the cases of Delhi Police, so that it can start an investigation into the Money Laundering Act (PMLA).
He said that Puneet Jaggi was questioned by the Financial Crime Investigation Agency during the raid on 24 April, but since he could not arrest under FEMA, he was allowed to leave, he said.
Ed, according to officials familiar with the investigation, are frozen with the bank accounts of the promoters along with the Gainsol. Meanwhile, at the request of ED, last week, the Bureau of Immigration (BOI) issued a lookout circular for both brothers.
In his petition for anticipatory bail, filed through advocate Ayush Jindal, Puneet Jaggi said that he was “not involved in the day-to-day cases of the company, Gensol Engineering Limited, and the company’s entire matters were seen by his brother (Anmol Singh Jaggi)”.
He said that he was “only one nomination and all the decisions were taken by his brother, Anmol Singh Jaggi”.
Puneet Jaggi further claimed that he was focusing on the operation of another company, prescripto technologies Private Limited, which was sold to IBM in the year 2024 and after that he only said “he was considering the administrative functions of blusmart technology and considering his services”, said his application. Jensol’s sister’s concern Blousmart, a ride halling company that uses an all-electric cab fleet, has been operating in major cities since the SEBI order came out.
Saying that he is not a flight risk and has not made any effort to escape the investigating agencies, Puneet Jaggi said he is “ready to cooperate during any investigation”.
Jindal said, “My customer had no role in financial decisions or management of Jensol. He is fully collaborating with investigation and protection, not against the investigation, but suddenly against tremendous action,” Jindal said.
To ensure this, the law of India companies states that a director is responsible for the acts of his co-directors, if they knew about such tasks and did not work to stop them.
