Gensol Engineering said on Monday Managing Director Anmol Singh Jaggi and Whole-time Director Puneet Singh Jaggi have resigned, nearly a month after India's market regulator barred them from holding key positions in the company.
The Securities and Exchange Board of India took a slew of actions against Gensol in April, including barring its founders from holding key positions saying they diverted funds raised for business towards personal luxury purchases.
The Securities Appellate Tribunal last week refused a request by Gensol to stay SEBI's order.
Anmol and Puneet said in their resignation letters they were "resigning due to the direction given under SEBI Interim Order dated April 15, 2025".
Late in April, India's financial crime fighting agency raided the company's premises and seized documents and electronic devices. SEBI had also ordered a forensic audit of the company.
SEBI had also alleged the company had defaulted on loans, including those taken to finance EV purchases for their ride-hailing start-up BluSmart Mobility.
Gensol has denied defaulting on loans.
Anmol and Puneet's exits follow resignations by three independent directors in April following the SEBI order.
Shares closed 5% lower on Monday. Gensol shares have fallen nearly 90% since March 3, when Care Edge downgraded the firm's credit rating citing ongoing debt repayment delays.
