The Directorate of Enforcement ( ED) has conducted search operations at Gensol Engineering's premises, the company said in an exchange filing on Monday.
The search and seizure operation was conducted by ED at the Ahmedabad and Gurgaon premises of the company. Some documents, electronic devices and others financial records have been seized.
"This search and seizure was done under the provisions of the Foreign Exchange Management Act, 1999," the filing said. The company said that the financial impact of the search and seizure operation could not be ascertained.
Shares of Gensol Engineering continued their downward spiral on Monday, dropping 5%, to hit a fresh lower circuit limit, amid the ongoing crisis at the firm. The stock of the firm tanked 5% to hit the lowest trading permissible limit as also its 52-week low of Rs 86.50 on the BSE.
The stock has been falling for the 13th trading day, including Monday, and has slumped 47% during this time.
Gensol promoters Anmol Singh Jaggi and Puneet Singh Jaggi are under regulatory scrutiny of market regulator Securities and Exchange Board of India (Sebi) over allegations of diversion of the loan money meant for EV purchase. Sebi has imposed a capital market ban on the duo, barring them from holding positions in listed companies.
They also stepped down from the board.
The search and seizure operation was conducted by ED at the Ahmedabad and Gurgaon premises of the company. Some documents, electronic devices and others financial records have been seized.
"This search and seizure was done under the provisions of the Foreign Exchange Management Act, 1999," the filing said. The company said that the financial impact of the search and seizure operation could not be ascertained.
Shares of Gensol Engineering continued their downward spiral on Monday, dropping 5%, to hit a fresh lower circuit limit, amid the ongoing crisis at the firm. The stock of the firm tanked 5% to hit the lowest trading permissible limit as also its 52-week low of Rs 86.50 on the BSE.
The stock has been falling for the 13th trading day, including Monday, and has slumped 47% during this time.
Gensol promoters Anmol Singh Jaggi and Puneet Singh Jaggi are under regulatory scrutiny of market regulator Securities and Exchange Board of India (Sebi) over allegations of diversion of the loan money meant for EV purchase. Sebi has imposed a capital market ban on the duo, barring them from holding positions in listed companies.
They also stepped down from the board.
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