Gensol Eng tanks 5 pc hits lower circuit limit as Sebi bans firm promoters from securities market
New Delhi, Apr 16 (PTI): Shares of Gensol Engineering tumbled 5 per cent to hit the lower circuit limit on Wednesday after markets regulator Sebi barred the firm and its promoters -- Anmol Singh Jaggi and Puneet Singh Jaggi -- from securities markets till further orders in a fund diversion and governance lapses case.
The stock dropped 4.99 per cent to Rs 123.65 -- the lower circuit limit -- on the BSE.
At the NSE, shares of the firm tanked 5 per cent to Rs 122.68 -- the lowest trading permissible limit for the day.
The regulator has also debarred Anmol and Puneet Singh Jaggi from holding the position of a director or key managerial personnel in Gensol until further orders.
Further, the markets watchdog directed Gensol Engineering Ltd (GEL) to put on hold the stock split announced by it.
The order came after the Securities and Exchange Board of India (Sebi) received a complaint in June 2024 relating to the manipulation of share price and diversion of funds from GEL and thereafter started examining the matter.
In a 29-page interim order, Sebi said on Tuesday, "The prima facie findings have shown mis-utilisation and diversion of funds of the company (GEL) in a fraudulent manner by its promoter directors, Anmol Singh Jaggi and Puneet Singh Jaggi, who are also the direct beneficiaries of the diverted funds".
"The company has attempted to mislead Sebi, the CRAs (credit rating agencies), the lenders and the investors by submitting forged conduct letters purportedly issued by its lenders," the regulator said.
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Heavy rain, hailstorms likely to lash Uttarakhand on Tuesday; IMD issues warning
Dehradun/Pithoragarh (PTI): The India Meteorological Department (IMD) has issued a warning for heavy rain and hailstorms across several districts of Uttarakhand on Tuesday, as temperatures remained markedly below normal in the region.
Heavy rainfall is likely at isolated places in Dehradun, Haridwar, Tehri, Pauri, Nainital, Champawat, and Udham Singh Nagar districts. Most places across all districts are expected to receive light to moderate rain or thunderstorms, while higher reaches are likely to witness snowfall, officials said on Monday.
The weather department warned of thunderstorms accompanied by lightning, hail and intense spells of rain in six districts, including Dehradun and Nainital. Gusty winds with speeds reaching 40-50 kmph are also expected at isolated locations in these areas and other hilly districts.
In the state capital, Dehradun, the sky is forecast to remain partly cloudy with light rain and thunderstorms accompanied by gusty winds of 30-40 kmph.
The maximum and minimum temperatures in the city are expected to hover around 31 degrees Celsius and 19 degrees Celsius, respectively.
Maximum temperatures during the past 24 hours remained markedly below normal in the hills and appreciably below normal in the plains. While no significant change in temperature is expected over the next 2-3 days, the IMD predicts a rise of 3-5 degrees Celsius during the subsequent 3-4 days.
Rainfall was recorded in several areas after 8.30 am today, with Ramnagar receiving 31.5 mm and Nainital recording 26.5 mm. Other areas, including Pithoragarh, Khatima and Champawat, also reported moderate precipitation.
Authorities have stopped a batch of 36 Adi Kailash pilgrims at the Dharchula base camp and placed the high-altitude yatra route on high alert following heavy rains and hailstorms in the district on Monday.
Dharchula SDM Ashish Joshi said the pilgrimage was halted due to adverse weather conditions. The issuance of new inner-line passes has been suspended until the weather normalises.
With 1,700 passes issued so far, pilgrims already at higher camps are being monitored for safety, the official added.
