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Behind the Headlines: What’s Next for Gensol as ED and SEBI Investigations Unfold?

Updated: April 24, 2025 11:07

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Gensol Engineering Ltd has strictly denied getting any notice or communication from the Enforcement Directorate (ED) in the Mahadev Book app case, refuting a flood of media reports of impending summons and involvement of its promoters in the high-profile illegal betting and money laundering investigation.
 
Important Points:
  • No ED Notice or Summons: In a formal clarification to stock exchanges, Gensol Engineering said that the company and its important managerial personnel or directors, including promoters Anmol Singh Jaggi and Puneet Singh Jaggi, have not received any notice, communication, or summons from the ED so far in connection with the Mahadev Book app probe as of April 23, 2025.
  • No Link with Mahadev Case: The firm strongly denied any link with the Mahadev Book app or any purported financial dealings relating to the case as "factually incorrect, speculative, and misleading" in recent news reports.
  • Background to the Probe: The ED has been probing money laundering and stock manipulation using suspect funds channelled through foreign portfolio investors. While the agency had frozen more than 500,000 shares held earlier by Dubai-based Zenith Multi Trading DMCC (controlled by a Mahadev case accused), Gensol states its promoters are not connected to these transactions.
  • Company's Appeal: Gensol encouraged stakeholders to stick to official disclosure to exchanges rather than speculative media reports.
  • Ongoing Developments: Although sources suggest the ED could investigate the company further, no formal action or communication has been taken against Gensol's promoters till date.
Gensol Engineering is steadfastly holding on to regulatory compliance and transparency, underlining its non-involvement in the Mahadev Book app case.
 
Source: Times of India, Economic Times, NSE India, Business Standard

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