India's market regulator, Securities and Exchange Board of India (SEBI), has barred the Jaggi brothers, Anmol Singh Jaggi and Puneet Singh Jaggi, from holding any directorship or key management position in Gensol or any other listed company. Advertisment SEBI has also prohibited Gensol and its promoters from accessing the securities market until further notice, as the market regulator has accused them of fund diversion and serious governance lapses. Also read: Trump tariffs: WTO warns of economic turbulence ahead, slashes global trade forecast figures SEBI's interim order mentioned that the Jaggi brothers used company money like a personal "piggybank", spending it on luxury items, personal travel and even golf gear. They also misled regulators and lenders with forged documents. AdvertismentSEBI's findings revealed an alarming pattern of fund diversion by Gensol's promoters, as it pointed to governance failures within the company. The order also noted an alleged misutilisation of term loans availed by Gensol Engineering Ltd (GEL) from IREDA and PFC. Also read: Finland's Foreign Trade Minister Tavio pushes for early conclusion of India, EU FTA SEBI will appoint an auditor to thoroughly examine the books of the company and its related entities. Advertisment Gensol availed loans worth 9.78 billion rupees (about $114 million) from the Indian Renewable Energy Development Agency (IREDA) and Power Finance Corporation. The majority of it was used to buy electric vehicles for BluSmart, an EV ride-hailing app also owned by the Gensol founders. Also read: The 9 lives of Mark Zuckerberg: Every time Meta CEO faced scrutiny. Will he survive 'sell Instagram' trial this time? A timeline "The promoters were running a listed public company as if it were a propriety firm," SEBI said. "The company's funds were routed to related parties and used for unconnected expenses, as if the company's funds were promoters' piggybank." Also read: Mehul Choksi: How a diamond tycoon became a wanted fugitive. The rise and ruin of the business magnate | WION Explains Watch: India's Supreme Court hears petitions on Waqf (Amendment) Act Anmol Singh Jaggi is currently the managing director at Gensol, while Puneet is a full-time director. They hold about 39.6% stake in the company in total, as per exchange data. After the order, the promoter brothers have now stepped down as the company's directors. Shares of Gensol have tanked about 75% since credit rating agencies downgraded their ratings, while the promoters have reduced their stake in the company by about 2.4%. Meanwhile, BluSmart plans to pivot to operating as a fleet partner of rival firm Uber, the Economic Times reported earlier this week, citing people briefed on developments.