Suzlon Energy Ltd said it will move the Securities Appellate Tribunal (SAT) against a Sebi order imposing penalty of ₹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 Securities and Exchange Board of India, 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 ₹15.95 crore on Suzlon Energy Ltd (SEL), ₹5.75 crore on Vinod R Tanti, and ₹5.45 crore on Girish R Tanti.

The markets watchdog also penalised its former chief financial officers: ₹1.5 crore on Kirti J Vagadi and ₹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.

Published on May 31, 2026