Gensol Engineering Dismisses ED Summons Rumors

Gensol Engineering Limited firmly denies reports suggesting its promoters are to be summoned by the Enforcement Directorate (ED) concerning the Mahadev Betting app case. The company asserts that no official communication has been received from ED and rebuffs media speculation as false and misleading.

Gensol Engineering Limited has officially dismissed claims that its promoters, Anmol Singh Jaggi and Puneet Singh Jaggi, are set to be summoned by the Enforcement Directorate (ED) in relation to the Mahadev Betting app case. According to the company's statement delivered to the stock exchanges, no communication or notice from the ED has been received regarding such an appearance.

Media reports dating from April 21 suggested that Gensol Engineering's promoters might receive summonses from the financial crime watchdog. These reports, however, clarified that the agency has yet to issue any notice to the company in connection with the investigation.

Recently, the ED confiscated over 500,000 shares of Gensol Engineering previously owned by the Dubai-based Zenith Multi Trading DMCC. This entity is associated with Hari Shankar Tibrewal, the primary accused in the Mahadev Betting case. Gensol Engineering disclosed through a stock exchange filing that shares of Zenith Multi Trading DMCC had been attached by ED, adding clarity to the misinformation on March 13, 2024.

In its filing, Gensol Engineering categorically stated that the rumors surrounding its involvement in the Mahadev Book app case are baseless and misleading. The firm urged stakeholders to trust official company communications and not speculative media reports. Furthermore, the company reserved its right to pursue legal action against the dissemination of false information that could affect its market position.

(With inputs from agencies.)