Gensol pulled out of DLF office deal a month before Sebi order

New Delhi: A month before stock market regulator Sebi's scathing April 15 order against Gensol's promoters, brothers Anmol Singh Jaggi and Puneet Singh Jaggi, the company had terminated an agreement to lease 90,000 sq ft at DLF's upcoming premium office building in Gurgaon, two people aware of the development said.

Gensol had signed letter of intent (LoI) in 2024 but conveyed to the developer a month ago that it cannot sign the final agreement.

"Usually at an LoI stage, the company pays rent for two months in advance. In this case, the rent was around ₹1.8 crore a month and the LoI was signed around 8-9 months ago. When Gensol team approached for cancelation of agreement, DLF agreed to it since majority of the building is pre-leased and it has demand from more corporates," said one person aware of the development.

Companies like Google and Table Space are also in talks to take space in the same complex.

NCR reported gross leasing volume (GLV) of 2.8 million sq ft in Q1 2025, with the IT-BPM sector leading with a 45% share, followed by professional services firms (21%) and engineering and manufacturing companies at 13%. Gurugram reported a dominant 62% of leasing activity in the March quarter, followed by Noida and Delhi with 35% and 3% shares, respectively, according to Cushman & Wakefield.

In standalone terms, the Noida Expressway sub-market witnessed highest leasing (27%) last quarter, registering 1.7x growth over the average GLV in the last four completed quarters.

Sebi's interim order, the findings of which will be validated by a detailed forensic audit over the next six months, pointed out that Gensol procured 4,704 EVs against loans disbursed for the purchase of 6,400 EVs.

Sebi's April 15 order accused Gensol Engineering's promoters of fund diversion and pointed to an accounting discrepancy of ₹262 crore in the company's books.