SAT Denies Stay on SEBI’s Interim Ban Order Against Gensol Engineering

The Securities Appellate Tribunal (SAT) has refused to stay SEBI's interim ban on Gensol Engineering Ltd (GEL) and its promoters, Anmol and Puneet Singh Jaggi, who were barred from accessing the securities market due to allegations of fund diversion, forgery, and misleading disclosures. SEBI’s investigation found the company misused Rs 262 crore in government loans for personal indulgences and related-party transactions. GEL, appealing the decision, argued SEBI’s actions were illegal and unjustified, claiming the investigation was based on biased facts. SAT has directed Gensol to reply to SEBI's order and instructed SEBI to issue a final order within four weeks.