Matrix Gas and Renewables Ltd is now under the spotlight after SEBI (Securities and Exchange Board of India) exposed a major financial scam involving the promoters of Gensol Engineering Ltd. This development is very important for investors who hold unlisted shares of Matrix Gas.
What Happened?
On April 15, 2025, SEBI released an interim order that revealed serious problems at Gensol Engineering Ltd. The promoters, Anmol Singh Jaggi and Puneet Singh Jaggi, are accused of:
- Misusing over ₹262 crore of loan money that was meant for buying electric vehicles.
- Moving the money to other companies linked to them.
- Creating fake documents to fool investors and credit rating agencies.
- Spending money on luxury items and foreign currency.
These same promoters are also major stakeholders in Matrix Gas and Renewables Ltd, a company whose shares are traded in the unlisted market.
SEBI’s Findings on Matrix Gas
SEBI’s order clearly mentions Matrix Gas. Here are the key points:
- Matrix Gas received ₹63.9 crore through a company called Wellray Solar, which was used as a middleman.
- Out of this, ₹46 crore was used in stock market trades, including buying shares of Gensol.
- SEBI believes Matrix Gas was used to move and hide funds, which raises questions about how the company is being run.
Why This Matters to Investors
If you have invested in Matrix Gas through the unlisted market, this news should be taken seriously. Here are some risks to consider:
- Reputation Damage
The company’s image is now affected because of the link with Gensol’s promoters. This could reduce interest from future investors. - Regulatory Trouble
Since Matrix Gas is mentioned in an ongoing SEBI case, it may face more investigations or restrictions. - Low Liquidity
Investors may find it harder to sell their shares if demand in the unlisted market goes down due to negative news. - Governance Issues
If similar wrong practices are found within Matrix Gas, it could hurt the company’s value, funding ability, and chances of going public in the future.
What Makes This Case Serious?
Matrix Gas is not just loosely connected to Gensol. SEBI says it was directly used to move funds, which is a major concern. This brings up doubts about how the company handles money and whether investors are protected.
What We Think at DelistedStocks
At DelistedStocks, we focus on helping investors find good opportunities in the unlisted market. But promoter honesty and company transparency are very important.
Based on current information, we suggest all Matrix Gas investors:
- Keep an eye on SEBI’s ongoing investigation.
- Recheck their investment based on how much risk they can handle.
- Wait for an official response from the company, if they release one.
Final Thoughts
This case reminds us that even in the unlisted market, proper checks and transparency are important. Investors should always look beyond the numbers and ask the right questions about who is running the company.
Bad governance can destroy a good business. Be alert, stay informed.
