Suzlon to challenge SEBI’s ₹28.95 crore Penalty Order before Securities Appellate Tribunal
Renewable energy company Suzlon Energy has announced that it will challenge a recent order by the Securities and Exchange Board of India (SEBI), which imposed penalties totaling ₹28.95 crore on the company and several of its current and former executives over alleged misleading financial disclosures.
The company said it plans to file an appeal before the Securities Appellate Tribunal (SAT) against the regulator’s order issued on May 29.
SEBI alleged that Suzlon’s financial statements between FY2014 and FY2018 did not present a true and fair picture of the company’s financial position.
According to the regulator, certain intra-group transactions, subsidiary dealings, and accounting treatments allegedly inflated the company’s net worth and profitability, potentially misleading investors.
The market watchdog imposed a ₹15.95 crore penalty on Suzlon, while additional fines were levied on promoters and former finance officials.
In its exchange filing, Suzlon stated that the findings relate to historical disclosures and asserted that the order will not impact its current financial performance, business operations, or growth plans. The company also noted that it disagrees with SEBI’s conclusions and will seek legal remedies through the appellate process.
The case stems from a long-running investigation into accounting and disclosure practices following complaints regarding transactions involving subsidiaries and related entities.
