Pune: In its order, the Securities and Exchange Board of India (SEBI) has said that during a visit to JensoL Engineering JVL’s Pune factory, a National Stock Exchange (NSE) official observed that there was no manufacturing activity and only two or three workers were present at the facility. SEBI’s interim order, which was passed on April 15, 2024, was based on a complaint received in June 2024, in which this disclosure was commented upon by SEBI. The securities class-action suit alleges JensoL of manipulating stock prices and misappropriating funds.
NSE’s probe revealed that there were hardly any manufacturing activities at JensoL’s EV facility in Chakan, Pune. An NSE official who visited on April 9 said just a handful of workers were at the plant and there were no active production operations. The official then sought the details of some electricity bills of the plant. He found that the highest electricity bill in the last 12 months, from Mahavitaran, was for December 2024, which amounted to ₹1,57,037.01.
SEBI’s interim order had suggested that it could be inferred that no manufacturing operation was being conducted at the plant, which is situated on leased premises. The visit comes a day after JensoL, through an announcement to the stock market on January 28, 2025, claimed to have received orders for 30,000 units of EVs. The company plans to showcase at the India Mobility Global Expo 2025.
However, in its preliminary examination of the documents provided by the company to substantiate its claim, SEBI discovered that these were indeed only non-binding Memorandums of Understanding (MOUs) with nine entities for 29,000 vehicles. They were just letters of intent, with no obligation to discuss vehicle pricing or delivery schedules, he added. This brought up additional questions about what the company told investors.