Gensol Engineering’s Chief Financial Officer (CFO), Jabirmahendi Mohammedraza Aga, has resigned from his role with immediate effect, citing multiple regulatory investigations.
Aga’s resignation follows the recent exits of the company’s Managing Director, Anmol Singh Jaggi, and Whole-time Director, Puneet Singh Jaggi.
In his resignation letter dated May 16 and addressed to the company’s board, Aga referred to the regulatory probes and the departure of top executives as indicators of growing disorder within the organization.
“The Company is currently facing significant challenges, with multiple regulatory bodies conducting investigations. As you are aware, the top management has already resigned from their respective roles. Furthermore, the disorganization of critical data across various departments is hindering our ability to effectively respond to the ongoing inquiries due to a lack of a cohesive support system,” Aga said in his resignation letter, which Gensol Engineering updated on stock exchanges.
“The immense pressure resulting from these circumstances is adversely affecting my physical and mental well-being, leading to a complete loss of focus on my responsibilities. Therefore, I have made the difficult decision to resign, believing it to be in the best interest of the Company under these trying conditions,” he added.
The troubles at Gensol Engineering deepened on Friday after the National Company Law Tribunal (NCLT) issued a notice to the company in response to an insolvency petition filed by the Indian Renewable Energy Development Agency (IREDA). The NCLT has directed Gensol to file its reply and scheduled the next hearing for June 3.
IREDA, a financial creditor to the company, is seeking insolvency proceedings over an alleged default of ₹510 crore. During the hearing, the agency urged the bench to appoint an Interim Resolution Professional (IRP) to take control of the company, citing the mass exodus of top leadership following a regulatory order by the Securities and Exchange Board of India (SEBI). However, the tribunal declined to appoint an IRP at this stage.
Leadership Turmoil
Gensol Engineering has been under increasing regulatory scrutiny since SEBI issued an interim order on April 15, 2025, barring Gensol Engineering and promoters — Anmol Singh Jaggi and Puneet Singh Jaggi — from accessing the securities markets. The order was issued in connection with alleged fund diversion and corporate governance lapses.
SEBI’s action followed a complaint filed in June 2024 regarding share price manipulation and fund misappropriation at Gensol Engineering.
Following SEBI’s interim order, the Jaggi brothers resigned from their positions on May 12, according to a stock exchange filing.
In a regulatory update issued on Wednesday, Gensol said that its appeal before the Securities Appellate Tribunal (SAT) has been disposed of. However, SAT has allowed the company to file a formal response to SEBI’s interim order within two weeks. SEBI has also been directed to consider the response and pass an appropriate order within four weeks thereafter.
On Friday, Gensol Engineering share price ended at 5% upper circuit at ₹66.29 apiece on the BSE.
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