Jansol's CFO Mohammadaraja Aga resigns: I said- My physical and mental health was having an impact, promoters did the resignation on May 12

New Delhi19 minutes ago

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A few days after the resignation of Jansol Engineering Promoters, now the company’s Chief Financial Officer (CFO) Jabirmehandi Mohammadaraja Aga has also resigned with immediate effect. This information has been given in the stock exchange filing.

In its resignation letter, Aga, Aga said that Jansol Engineering is currently facing important challenges. Many regulatory bodies are investigating the company and the top management is resigning from their posts.

My physical and mental health was having an impact

Mohammadaraja said, ‘Excessive pressure arising due to the conditions of the company is affecting my physical and mental health. Due to which I am not able to focus on my responsibilities. So I have taken a difficult decision to resign. Because, I think it is in the best interest of the company under these difficult situations.

In banking petition against Jansol will be heard

Earlier on Friday, it was reported that the Ahmedabad National Company Law Tribunal (NCLT) on Friday ordered a hearing on the petition of insolvency action against Jansol Engineering. On 14 May, IREDA filed a petition against Jansol for a default of Rs 510 crore.

However, the court did not accept the demand to appoint an interim resolution professional (IRP) on IREDA’s Jansol. NCLT said Jansol should be given a chance to answer first. The tribunal has set the next hearing for June 3.

Anmol-Puneet Jaggi resigns on 12 May

Jansol’s co-founder Anmol Jaggi and his brother Puneet Singh Jaggi resigned as the director of the company on 12 May. A month ago, market regulator SEBI prohibited him from holding a key positions in the company. Both brothers are accused of fund diversion.

Learn the whole matter in three chapters …

Chapter-1: Crisis

SEBI launched an investigation in June 2024 following complaints of Hera-Ferry and Fund Diversion at Jansol’s share price. During investigation, SEBI found that the promoters of the company diversified funds for personal use. SEBI then removed both brothers from the director post. Banning trading in the stock market was also banned.

SEBI said in its order that corporate governance in Jansol failed completely. The promoters considered this listed company as their property. The company’s money was rolled in related parties and flown on personal needs. Investors will have to bear the loss of this.

Jansol’s stock has fallen more than 90% in 2025 so far. The stock has lost 50% in the last 1 month. However, it has gained 10% in the last 5 days. The market capitalization of Jansol Engineering is Rs 240 crore.

Chapter-2: Rigging

The company took a term loan of Rs 977.75 crore from institutions such as the Indian Renewable Energy Development Agency (IREDA) and Power Finance Corporation (PFC). Out of this, 6,400 electric vehicles (EV) were to be purchased from Rs 664 crore, which was to be leased to the Blussmart.

The company also had to impose 20% margin (Rs 166 crore) on its behalf. In this way, a total of Rs 830 crore was to be spent in purchasing EV. However, by February 2025, only 4,704 vehicles worth ₹ 567.73 crore were purchased. ₹ 262.13 crore could not be accounted.

Sebi found in the investigation that whenever funds were transferred from Jansol to Go-Auto to buy EV, in most cases the funds were either transferred back to the company or sent to the institutions who were directly or indirectly Jansol’s promoters Anmol Singh Jaggi and Puneet Singh Jaggi.

SEBI also anmol Singh’s bank statement analyzed. It found that most of the funds were transferred to other related parties, family members or used for personal expenses. This includes purchasing luxury flats, trading, buying golf sets.

Jansol deposited Falls “Conduct letters” with SEBI, credit rating agencies (CRAs) and lenders to hide the rigging of the fund. In this, the service track record related to its debt was incorrectly introduced to hide the lapse.

Chapter-3: Start

Jansol was built by Anmol Singh Jaggi and Puneet Singh Jaggi in 2012. It started as Solar Energy Consultancy and Engineering, Procurement and Construction (EPC) firm. This expanded EV leasing and manufacturing through its subsidiary EV ride—hiling platform blussmart mobility.

In 2019, Jansol’s shares were listed on the NSE Emerg platform. After this, in 2023 its shares were listed on National and Bombay Stock Exchange. Renewable energy with an order book of Rs 7000 crore and raising revenue and people’s excitement in the EV sector rose between 2022 and 2024 between 2022 and 2024.

Jansol EV Ride-Heling Platform Blussmart Mobility also operates.

Jansol works in three segments:

Solar EPC: Engineering, Procurement and Construction (72.3%of Revenue in April-December 2024) for Solar Power Project.

EV Leasing: Giving EV on lease for platforms like Blussmart (27.7%of Revenue).

EV Manufacturing: Establishing an EV manufacturing unit with a capacity of 12,000 cars per year in Pune.

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