Resignation of Rajesh Parmar

In light of the recent regulatory measures against Gensol Engineering, Rajesh Parmar, the Company Secretary and Compliance Officer, has submitted his resignation. His decision comes as a direct response to the Interim Order issued by the Securities and Exchange Board of India (SEBI) on April 15, 2025.

Parmar articulated his thoughts in a resignation letter, stating, “The decision to resign has been carefully considered in the context of the recent events impacting the Company, particularly the Interim Order issued by SEBI dated April 15, 2025. Given the circumstances, I believe it is in the best interest of both myself and the Company to step down from my position at this time.”

He concluded on a positive note, expressing his hopes for the company’s success amid these challenges, saying, “I wish the Company success in navigating the current challenges and am confident that it will emerge stronger and continue its journey of growth and excellence.”

Details of SEBI’s Interim Order

The Interim Order from SEBI has significant implications for Gensol Engineering and its promoters, Anmol Singh Jaggi and Puneet Singh Jaggi. The regulator has prohibited them from engaging with the securities market due to alleged serious lapses in corporate governance.

SEBI’s findings point to potential fund diversions and misleading practices, leading to violations of the Prevention of Fraudulent and Unfair Trade Practices (PFUTP) regulations.

Consequences for Gensol Engineering

In addition to the market access ban, SEBI has halted the company’s planned stock split and initiated a forensic audit of its financial activities. Gensol Engineering publicly announced these developments on April 30, 2025, confirming the regulator’s ongoing investigations.