Two more independent directors resign from Gensol Engineering
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The spate of resignations continued at Gensol Engineering as two independent directors, Harsh Singh and Kuljit Singh Popli, stepped down from their positions. This came a day after promoters Anmol Singh Jaggi and Puneet Singh Jaggi offered to step down. The resignations come as the regulator barred the promoters from the securities market, citing serious financial misconduct. Both the directors mentioned that recent events have pained them immensely and it is unfortunate that they had to resign in such difficult circumstances. In an interim order, Sebi said there is a “complete breakdown” of corporate governance at Gensol, a renewable energy and electric vehicle (EV) firm. The regulator accused the promoters of treating the listed company like a “personal piggy bank,” diverting funds for luxury purchases, including a high-end apartment in Gurgaon’s DLF Camellias and a Rs 26 lakh golf set. Live Events The regulator's probe, triggered b...