New Delhi: Suzlon Energy Ltd said it will file a petition before the Securities Appellate Tribunal (SAT) against a Sebi order imposing a fine of Rs 28.95 crore on the company, its two promoters and former financial directors for alleged misrepresentation of financial statements.
In a BSE filing, the company stated that the Securities and Exchange Board of India (Sebi), by an order passed on May 29, 2026, set aside an earlier allotment ruling dated June 27, 2025.
The earlier ruling had exonerated Suzlon Energy and its promoter-directors Vinod R Tanti, Girish R Tanti and former financial directors Kirti J Vagadi and Amit Agarwal without imposing any penalty over allegations of misrepresentation in financial statements between financial years 2014 and 2018.
“The company will file an appeal before the Securities Appellate Tribunal regarding the SEBI order dated May 29, 2026,” the renewable energy solutions provider said on Saturday.
Capital markets regulator Sebi imposed a fine 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 penalized its former CFOs – Rs 1.5 crore to Kirti J Vagadi and Rs 30 lakh to Amit Agarwal.
Suzlon noted that after the allotment order, Sebi issued a show-cause notice in September 2025, under its review powers, to examine whether the earlier order needed to 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. PTI
