Suzlon Energy To Appeal Sebi's Rs 29-Crore Penalty Order In SAT

Suzlon Energy Ltd said it will appeal to the Securities Appellate Tribunal (SAT) against a Sebi order that fined the company, its two promoters, and former CFOs Rs 28.95 crore for allegedly misrepresenting financial statements.

In a filing to the BSE, the company said that Sebi, through an order on May 29, 2026, overturned an earlier decision from June 27, 2025. The earlier decision had cleared Suzlon Energy and its promoter-directors Vinod R Tanti, Girish R Tanti, and former CFOs Kirti J Vagadi and Amit Agarwal without any penalty for alleged misrepresentation in financial statements between FY14 and FY18.

The company said it will file an appeal before the Securities Appellate Tribunal regarding the SEBI order dated May 29, 2026. Sebi fined Suzlon

Energy Ltd (SEL) Rs 15.95 crore, Vinod R Tanti Rs 5.75 crore, and Girish R Tanti Rs 5.45 crore. Sebi also fined former CFOs: Rs 1.5 crore for Kirti J Vagadi and Rs 30 lakh for Amit Agarwal.

Suzlon said that after the adjudication order, Sebi sent a show-cause notice in September 2025, using its revisionary powers, to review the earlier order. The company replied to the notice, giving factual reasons and denying the allegations. Suzlon Energy also assured its investors that there would be no impact on the company’s financial, operational, or other activities.