SEBI bars Gensol founders over EV loan diversion

India's securities regulator has cracked down on Gensol Engineering Ltd over alleged financial misconduct involving loans for electric vehicles. In an interim order, the Securities and Exchange Board of India (SEBI) barred Gensol's co-founders, Anmol Singh Jaggi and Puneet Singh Jaggi, from serving as directors or key managerial personnel and restrained them from buying or selling securities. The regulatory action follows a probe into complaints of stock price manipulation and loan defaults. The order also directed Gensol to suspend its 1:10 stock split, which had been announced.