A fancy house for Mr Jaggi: All about the Gensol promoter’s DLF Camellias flat

One of the capital markets regulator’s juicy findings about alleged corporate governance issues in construction and engineering firm Gensol Engineering was the financing of an ultra-luxury apartment by the co-promoter.

Anmol Singh Jaggi is accused of using company funds to purchase a plush apartment at DLF Camellias in Gurugram, according to an interim order by the Securities Exchange Board of India (SEBI).

Jaggi purchased the 7,430 sq ft apartment in The Camellias for an agreement value of ₹37.92 crore, showed the sale deed accessed by CRE Matrix, a real estate data analytics firm. The registration of the property, whose purchase was executed by Capbridge Ventures LLP—Anmol and brother Puneet Singh Jaggi are designated partners—was done on August 4, 2023.

A stamp duty of ₹2.65 crore was paid for the transaction and payment for the unit was made on September 30, 2022, the documents showed.

The apartment came with four car parking slots.

HT.com has reached out to both Gensol as well as DLF. The copy will be updated if a response is received.

Spread across 17.5 acres, The Camellias redefines luxury living—offering the experience of a seven-star hotel, 24/7, all year round. It’s home to some of India’s most successful individuals—industrialists, CXOs, startup founders, and members of Delhi’s elite—many of whom have traded sprawling kothis for these expansive, nearly 10,000 sq ft apartments in the city's upscale suburbs.

What does SEBI’s interim order say?

On October 6, 2022, Capbridge Ventures transferred ₹42.94 crore to DLF Ltd. The apartment was initially booked in the name of Jasminder Kaur, the mother of Anmol Singh Jaggi and she paid ₹5 crore as booking advance.

After Capbridge made the full payment, the apartment was re-allotted in Capbridge’s name, and the ₹5 crore advance was refunded by DLF, but redirected to another related party, Matrix Gas and Renewables, according to Sebi.

Sebi has barred Gensol Engineering and the Jaggis from the securities markets until further orders in a fund diversion and governance lapses case. In its interim order, the regulator said the two promoters treated the listed company as a proprietary firm. Besides purchasing the high-end apartment, Sebi has accused the Jaggis of splurging on a luxury golf set, paying off credit cards, and transferring money to close relatives.

Sebi also noted that the promoters ran the company like their piggy bank, routing funds to related parties and spending without regard for shareholder interest.

This copy first appeared on Hindustan Times.