DLF Camellias is an upscale residential property in Sector 42, Gurgaon. It has luxury apartments of sizes 4 BHK, 5 BHK, and 6 BHK. The rates for these luxurious homes start from Rs 70 crore.
DLF Camellia’s apartment, one of the most exclusive addresses in Gurgaon and arguably India, is now at the centre of a Sebi inquiry that has unveiled deep fissures in corporate governance at Gensol Engineering.
The interim order of the market regulator discloses that Anmol Singh Jaggi, a promoter of Gensol, supposedly utilized company funds, including loan proceeds for purchasing electric vehicles, to secretly finance a luxury flat in the super-luxury project in Gurgaon.
DLF Camellias is a high-end residential development in Sector 42, Gurgaon. It comprises 429 luxury apartments, ranging in 4 BHK, 5 BHK, and 6 BHK configurations. As per the official website, the prices of these high-end homes start from Rs 70 crore.
Gensol had borrowed Rs 71.41 crore from the Indian Renewable Energy Development Agency (IREDA) and contributed another Rs 26 crore from its funds. This made the total amount almost Rs 97 crore. A few days after that, this amount was transferred to Go-Auto, a car dealer with connections to the company and its promoters.
On the same day, Go-Auto transferred Rs 50 crore to another company, Cambridge Ventures, managed by the Jaggi brothers who are promoters of Gensol. Cambridge Ventures utilized Rs 42.94 crore to settle DLF’s payment for the acquisition of an apartment in The Camellias project.
Sebi stated it was a clear instance of diversion of funds. The loans availed for leasing EVs were being diverted to a property transaction by channelling the money through related entities. The flat, said Sebi, was purchased in the name of a company in which Anmol Singh Jaggi and his brother Puneet Singh Jaggi are both designated partners.
The chain of transactions did not end there. Sebi also found that Rs 5 crore was paid as an initial booking advance for the apartment by Jasminder Kaur, the mother of Anmol Singh Jaggi. This money, too, came from Gensol.
Later, when DLF returned the advance amount to her, the money did not go back to Gensol. Instead, it was transferred to another related company, Matrix Gas and Renewables. Sebi’s investigation shows that there was no intention to return the company’s money.
In a letter to Sebi, DLF acknowledged that a payment of Rs 42.94 crore was made on October 6, 2022, towards the acquisition of an apartment. This apartment had been booked initially in the name of Jasminder Kaur.
