Suzlon Energy to challenge SEBI order in SAT after ₹28.95-crore penalty, claims findings relate to FY14-FY18 disclosures

Suzlon Energy has said it will challenge before the Securities Appellate Tribunal (SAT) a recent Securities and Exchange Board of India (SEBI) order that imposed penalties totalling ₹28.95 crore on the company, its top executives and former finance officials over alleged misstatements in financial statements spanning multiple years.

In a stock exchange filing on Saturday, the renewable energy company said the regulator's findings pertain to financial statements for FY14 to FY18 and that it intends to appeal against the order issued by SEBI's Whole Time Member on May 29. The company also asserted that the order would have no impact on its financial, operational or business activities.

SEBI overturns earlier relief granted to company

The latest regulatory action stems from SEBI's decision to set aside an adjudication order issued in June 2025, which had disposed of the matter without imposing any penalty on Suzlon Energy and other noticees. According to the company, the earlier order had related to specific transactions undertaken between FY14 and FY18.

Subsequently, SEBI exercised its revisionary powers and issued a fresh show-cause notice in September 2025 seeking an examination of the adjudication order. Suzlon said it had responded to the notice by providing factual justifications and denying the allegations levelled by the regulator.

The market regulator has now reinstated enforcement action, imposing a penalty of ₹15.95 crore on Suzlon Energy, ₹5.75 crore on Chairman and Managing Director Vinod R. Tanti, ₹5.45 crore on promoter Girish R. Tanti, ₹1.5 crore on former CFO Kirti J. Vagadia and ₹30 lakh on Amit Agarwal.

Company says no operational impact, prepares legal challenge

SEBI's order follows an investigation that originated from an anonymous complaint and subsequent forensic scrutiny of the company's books. The regulator alleged that Suzlon's financial statements did not present a true and fair picture of key financial parameters, including profitability, leverage, net worth and risk exposure during the review period.

Responding to the development, Suzlon said it would pursue legal remedies and file an appeal before SAT against the May 29 order. The company further stated in its regulatory disclosure that there would be "no impact on the financial, operation or other activities of the Company" arising from the order.
The case adds a fresh layer of regulatory scrutiny to one of India's largest renewable energy companies, even as Suzlon continues to strengthen its position in the country's rapidly expanding wind energy sector.