Days after the resignation of Gensol Engineering’s promoters, Chief Financial Officer (CFO) Jabirmahendi Mohammedraza Aga has stepped down from his position with immediate effect, adding to the turmoil at the crisis-hit company.In his resignation letter, disclosed through stock exchange filings, Aga pointed to the severe challenges currently facing the company. He noted that multiple regulatory bodies are conducting investigations, and the departure of top leadership has left the organization in disarray.Furthermore, he highlighted how the absence of structured internal systems is compounding the company’s woes: “The disorganization of critical data across various departments is hindering the company’s ability to effectively respond to the ongoing inquiries due to lack of a cohesive support system,” Aga wrote as reported news agency PTI.Explaining his decision, he added “The immense pressure resulting from these circumstances is adversely affecting my physical and mental well-being, leading to a complete loss of focus on my responsibilities. Therefore, I have made the difficult decision to resign, believing it to be in the best interest of the company under these trying conditions.”Aga’s resignation comes after Anmol Singh Jaggi and Puneet Singh Jaggi—the company’s promoters—resigned on May 12, following an interim order by the Securities and Exchange Board of India (Sebi). Anmol held the post of Managing Director, while Puneet served as a Whole-time Director.Sebi, on April 15, barred Gensol Engineering and the Jaggi brothers from the securities markets, citing a case involving fund diversion and governance lapses. The order also prohibited the brothers from serving as directors or key managerial personnel in Gensol until further notice and directed the company to put on hold a proposed stock split.The regulator’s intervention followed a complaint received in June 2024, alleging manipulation of share prices and misappropriation of funds. Upon review, Sebi’s interim findings pointed to serious financial misconduct.“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 Sebi order stated.
