Suzlon Energy Contests Sebi's Rs 29 Crore Fine in SAT

Suzlon Energy Ltd has announced its intention to appeal to the Securities Appellate Tribunal (SAT) following a Securities and Exchange Board of India (Sebi) order imposing a substantial penalty of Rs 28.95 crore. The penalty targets the company, its two promoters, and former CFOs due to alleged financial misrepresentation.

According to Suzlon's BSE filing, Sebi issued an order on May 29, 2026, reversing an earlier exoneration in June 2025. The previous ruling cleared Suzlon, its promoter-directors Vinod R Tanti, Girish R Tanti, and ex-CFOs Kirti J Vagadi and Amit Agarwal of financial misreporting charges for FY14 to FY18.

Sebi's revised penalties include Rs 15.95 crore on Suzlon Energy, with fines of Rs 5.75 crore and Rs 5.45 crore on Vinod and Girish R Tanti, accordingly. Former CFOs Kirti J Vagadi and Amit Agarwal were penalized at Rs 1.5 crore and Rs 30 lakh, respectively.

Suzlon is challenging the updated judgment, asserting comprehensive defenses against Sebi's allegations, which include a September 2025 show-cause notice. The company emphasized that this legal proceeding wouldn't affect its financial health or operations.

(With inputs from agencies.)