Electric cabs company BluSmart has suspended its operations in several parts of Delhi-NCR and Bengaluru, following SEBI’s strict interim order on Gensol Engineering Limited. SEBI has strictly prohibited Gensol promoters Anmol Singh Jaggi and Puneet Singh Jaggi not just from dealing in the markets, but also ‘restrained’ them from ‘holding any directorial or key managerial position’ in Gensol.
BluSmart Crisis Highlights
- SEBI issued a detailed interim order against Gensol Engineering Limited and its promoters on 15th April 2025.
- The operations of Blu Smart, an electric cab start-up, have been halted in various areas in Delhi-NCR and Bengaluru following SEBI’s exposè.
- SEBI’s report states in stern words that ‘the Company’s funds were promoter’s piggybank’.
- Several high profile cases of financial wrongdoings often raise a question: Can human desire ever be satiated?
SEBI’S Interim Order On Gensol Engineering Limited
SEBI has categorically accused Gensol and its promoters, Anmol Singh Jaggi and Puneet Singh Jaggi, of misusing and diverting the financial aid procured from Indian Renewable Energy Development Agency Ltd. (IREDA) and Power Finance Corporation (PFC).
- SEBI initiated an investigation based on ‘a complaint’ filed with SEBI against Gensol ‘in June 2024’, accusing Gensol of ‘manipulation of share price and diversion of funds’.
- SEBI thoroughly investigated the financial records of Gensol, thereby opening up a pandora’s box of financial mishandling.
- The investigation revealed that Gensol Engineering Limited has taken a loan of INR 977.75 crores on the pretext of purchasing 6,400 Electric Vehicles for Blu Smart.
- However, only an expenditure of INR 663.89 crores can be traced was made for the purchase of ‘6,400 Electric Vehicles’
- Gensol procured only 4,704 EVs for Blu Smart, instead of the committed 6,400.
- The total amount spent on procuring 4,704 EVs amounted ‘Rs 567.73 Crore’, and ‘an amount of Rs. 262.13 Crore’ was unaccounted for.
- SEBI’S investigation reveals inappropriate handling of funds, explicitly stating in the report that funds were ‘either transferred back to the Company itself or routed to entities that were directly or indirectly related to Anmol Singh Jaggi and Puneet Singh, promoters and directors of Gensol’.
- Notably, the funds were also ‘partly utilised for buying a high-end apartment in The Camellias, DLF Gurgaon, in the name of a firm where the MD of Gensol and his brother are designated partners’.
- Pictorial representations of the transfer of funds to DLF Gurgaon and various other entities are depicted below, as published in SEBI’S Interim order.
(All Images Courtesy SEBI)
SEBI’S Directions Against Gensol and It’s Promoters
SEBI has issued strict directions against Gensol Engineering Limited (Noticee 1), Anmol Singh Jaggi (Noticee 2) and Puneet Singh Jaggi (Noticee 3), following findings of evidence displaying financial mishandling.
- SEBI has disallowed Anmol Singh Jaggi and Puneet Singh from functioning in the capacity as directors or managers in Gensol Engineering Limited until any further orders.
- The order also forbids Gensol Engineering, Puneet and Anmol Singh Jaggi from any sort of financial dealings in securities.
- SEBI also instructed Gensol Engineering to not proceed with the stock split.
- The order stated that Gensol had announced a stock split of their company in a 1:10 ratio.
The Indian markets regulator shared that the promoters of Gensol Engineering were handling a listed public company as though it is their ‘proprietary firm’, and that their handling was ‘blatant violation of rules of corporate governance’.
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BluSmart Crisis: The Way Ahead
While SEBI has issued definitive instructions to Gensol Engineering and its promoters, the startup BluSmart also finds itself in the eye of this storm as Anmol Singh Jaggi is its promoter.
- Though the BluSmart app is currently live, it is no longer accepting any bookings.
- However, BluSmart’s operations have come to a halt in Delhi-NCR and Bengaluru.
- SEBI has further indicated that either the appointed forensic auditor or an audit firm will submit an extensive report to SEBI regarding this probe within six months of their appointment.
The Gensol-BluSmart Crisis is not just disappointing, but also one of innumerable cases illustrating the dark side of Indian startups.
Despite great financial progress, what prompts such companies to indulge in wrongdoings and misuse of funds?
Humanity’s Only Solution to Righteousness
Jagatguru Tatvdarshi Sant Rampal Ji Maharaj enlightens us with the reason for the insatiable hunger of humans to keep amassing more and more wealth – unequal and limited resources on Earth.
The dominion of 21-universes is ruled by Kaal Brahm (Satan) is a mortal realm where inequality is the stem rule. This induces a fear in souls about not having enough, compelling some to cross all boundaries.
Sant Rampal Ji Maharaj also reveals that lack of foresight of the grave consequences of deceitful acts, such as fraud, are also a reason that contribute to humans fearlessly denouncing a righteous way of life. Humans have no fear of God today.
Each karma is met with its consequence, that also includes our thoughts. Even if we think ill about something or someone, it gets registered in our bad account in the court of God.
The only way humanity can find its way back to righteous way of life by seeking refuge in a Tatvdarshi Sant (Complete Saint), for only He possesses the power to end all our vices, make us aware of the dreadful aftermath of our actions, and make us see the real purpose of human life.
Currently, Sant Rampal Ji Maharaj is the singular spiritual guru to have unquestionably qualified as a Complete Saint, imparting the true spiritual wisdom of all sacred scriptures, across religions. To understand how to identify a Tatvdarshi Sant and seek refuge in Sant Rampal Ji Maharaj, watch the evidence showcased in the following video:
For more deeper insights, you can also tune into His spiritual discourses at His youtube channel ‘Sant Rampal Ji Maharaj’.
