Suzlon Energy to challenge SEBI’s Rs 29 crore penalty order in SAT
Suzlon Energy Ltd said it will move the Securities Appellate Tribunal (SAT) against a Securities and Exchange Board of India (SEBI) order imposing a penalty of Rs 28.95 crore on the company, its two promoters and ex-CFOs over alleged misrepresentation of financial statements.
In a BSE filing, the company stated that the SEBI, through an order passed on May 29, 2026, set aside an earlier adjudication ruling on June 27, 2025.
The earlier ruling had exonerated Suzlon Energy and its promoter-directors Vinod R Tanti, Girish R Tanti and former CFOs Kirti J Vagadi and Amit Agarwal without imposing any penalty regarding allegations of misrepresentation in financial statements between FY14 and FY18.
“The company will be filing an appeal before the Securities Appellate Tribunal in respect of the SEBI order dated 29th May 2026,” the renewable energy solutions provider said on Saturday.
Capital markets regulator Sebi imposed a penalty of Rs 15.95 crore on Suzlon Energy Ltd (SEL), Rs 5.75 crore on Vinod R Tanti, and Rs 5.45 crore on Girish R Tanti.
The markets watchdog also penalised its former chief financial officers: Rs 1.5 crore on Kirti J Vagadi and Rs 30 lakh on Amit Agarwal.
Suzlon noted that after the adjudication order, SEBI issued a show-cause notice in September 2025, under its revisionary powers, seeking to examine whether the earlier order should be reviewed.
The company responded to the notice, providing factual justifications and denying the allegations.
Suzlon Energy also sought to reassure its investors, stating that there would be no impact on the company’s financial, operational, or other activities.
