Gensol Engineering: MCA to Act on Sebi Order
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The Ministry of Corporate Affairs will take necessary action against Gensol Engineering following Sebi's order barring the promoters from the securities market for violations.
New Delhi, Apr 21 (PTI) The corporate affairs ministry on Monday said it will take necessary action in the Gensol Engineering matter after examining market regulator Sebi's order against the company.
Last week, Sebi barred the company's promoters Anmol Singh Jaggi and Puneet Singh Jaggi from the securities market for various violations.
The order came amid accusations of siphoning off loan funds from their publicly listed company Gensol Engineering for personal use, raising concerns over corporate governance and financial misconduct.
When contacted, the Ministry of Corporate Affairs (MCA) told PTI that it is examining the Sebi order in light of the provisions of the Companies Act, 2013.
"Necessary action would be taken accordingly," the ministry said.
Last week, Sebi barred the company's promoters Anmol Singh Jaggi and Puneet Singh Jaggi from the securities market for various violations.
The order came amid accusations of siphoning off loan funds from their publicly listed company Gensol Engineering for personal use, raising concerns over corporate governance and financial misconduct.
When contacted, the Ministry of Corporate Affairs (MCA) told PTI that it is examining the Sebi order in light of the provisions of the Companies Act, 2013.
"Necessary action would be taken accordingly," the ministry said.
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