Mumbai1 hour ago
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After SEBI’s action, Jansol Engineering Limited’s stock fell to Rs 122.68 with a 5% decline (lower circuit) on Wednesday. The company’s stock has fallen more than 85% so far this year.
In fact, on 15 April, SEBI ordered Jansol Engineering promoters Anmol Singh Jaggi and Puneet Singh Jaggi to leave the post of director of the company and ban trading in the stock market.
Promators brothers are accused of using the company’s borrowed Rs 262 crore for their personal expenses.
Understand the whole matter in 5 points
- Jansol took a term loan of Rs 978 crore from Ireda and PFC between 2021 and 2024. Out of this, 6,400 electric vehicles (EV) were to be purchased from Rs 664 crore, which was to be leased to the Blussmart.
- In this purchase, the company also had to impose 20% margin (Rs 166 crore) on its behalf. In this way, a total of Rs 830 crore was to be spent in purchasing EV.
- By February 2025, Jansol bought only 4,704 EVs, which cost Rs 568 crore. That is, the account of Rs 262 crore disappeared.
- SEBI investigation revealed that Jansol transferred the money to EV supplier Go-Auto, then Go-Auto sent this money back to Jansol or its companies (related parties).
- Jaggi Brothers used this money to buy luxury items, buy flats, make golf courses and meet other personal expenses.
Now understand how the money of money has happened
- SEBI has revealed the rigging of crores of rupees in the investigation. In 2022, Jensol transferred a part of Ireda’s loan to Capabridge (Jansol’s related company) from Go-Auto.
- Capabridge gave Rs 42.94 crore DLF to DLF to buy luxury flats in Gurgaon’s ‘The Camelias’ project. Then this flat was named after a firm of Jaggi brothers.
- SEBI revealed the name of another company Welfre Solar Industries, which Jansol transferred Rs 424.14 crore. Out of this, 382.84 crore rupees were sent to other companies.
- Out of 382.84 crores, 246.07 crore rupees were sent back directly to the Related Company of Jansol. In which promoter Anmol Jaggi got 25.76 crore and Puneet Jaggi got 13.55 crores.
Where spent rigging money
SEBI has released a full list of private expenses by analyzing the bank statements of Jaggi brothers.
- 26 lakh rupees golf set (tellermade)
- 6.2 crore rupees given to mother Jasminder Kaur
- 2.99 crore rupees given to wife Mugdha Kaur Jaggi
- Foreign currency purchased from Rs 1.86 crore
- Shopping from Titan Company (Jewelery/Watch) from Rs 17.28 lakhs
- 11.75 lakh rupees invested in DLF Holmes (Personal)
- 3 lakh rupees spent on Make My Trip (Holiday)
SEBI Boli- Promoters considered the company their property
SEBI said in its order that corporate governance in Jansol failed completely. The promoters considered this listed company as their property. The company’s money was rolled in related parties and flown on personal needs. Investors will have to bear the loss of this.
