Finshots Daily SEBI cracks the Gensol and Jagii web, Indian kirana stores vs quick commerce and more
7 snips
Apr 19, 2025 Discover the tangled saga of financial misgovernance involving Gensol and the Jaggi brothers, as SEBI investigates missing funds and stock manipulation. The episode also underscores the critical need for corporate governance, highlighting how excessive control and lack of transparency can damage investor trust. Additionally, the discussion touches on the competition between traditional kirana stores and the rise of quick commerce, exploring the challenges both face in a rapidly evolving market.
AI Snips
Chapters
Transcript
Episode notes
Gensol's Loan Misuse Revealed
- Gensol Engineering misused nearly 262 crore rupees of government loans meant for electric vehicles.
- The money cycled through multiple companies linked to promoters, masking its diversion to private use.
Financial Deception and Stock Manipulation
- Gensol forged no default letters to mislead credit rating agencies, hiding multiple loan defaults.
- The promoters manipulated stock prices via a related company buying its own shares with company funds.
Fake EV Orders and Idle Factory
- Gensol announced 30,000 EV pre-orders that were merely non-binding MOUs without solid proof or factory activity.
- Inspection revealed minimal production with barely operational facilities, exposing the illusion of growth.