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Years
In addition, both promoters have been stopped from working as Director or any major managerial positions in Jansol. The regulator has also ordered the company to suspend the recently announced stock division. SEBI has also said that a forensic auditor will be appointed to examine the accounts of Jansol and its parties.
Market regulatory institute SEBI has taken a big decision on Jansol promoters. SEBI has taken action against two Jansol engineering promoters on funds related to funds and governance related issues. SEBI has banned both of them from the market till further orders.
In addition, both promoters have been stopped from working as Director or any major managerial positions in Jansol. The regulator has also ordered the company to suspend the recently announced stock division. SEBI has also said that a forensic auditor will be appointed to examine the accounts of Jansol and its parties.
SEBI has given this order after examining the company and its promoters. In June 2024, the investigation was initiated after receiving complaints to the regulator about the share price rigging and fund diversion from Jansol. The 29 -page interim order issued by SEBI's full -time member Ashwini Bhatia stated that prima facie investigations have revealed that “the company's funds have been fraudulently misused and diversified by the company's promoter directors … which are also direct beneficiaries of diverted funds”. The report also stated that the company tried to mislead the SEBI, credit rating agencies, lenders and investors by “allegedly issued by its lenders.
This is an interim order and a detailed investigation of the case is underway. Sebi's investigation has revealed that Anmol and Puneet Singh Jaggi used some part of the money collected through loans to buy electric cars for ride—outdoor business under the Blussmart brand. The promoters had also provided funds to the concerned parties and used it for unrelated expenses.
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