Suzlon Energy to Challenge SEBI's ₹15.95 Crore Penalty Order Before Securities Appellate Tribunal

The Securities and Exchange Board of India (SEBI) has levied a penalty of ₹15.95 crore on Suzlon Energy Limited due to financial misstatements spanning fiscal years 2013-14 to 2017-18.  

This decision follows a revision of a previous order that had exonerated the company. 

SEBI's Revised Order on Suzlon Energy 

On May 29, 2026, SEBI's Whole Time Member (WTM) issued an order overturning an earlier decision by the Adjudicating Officer (AO) dated June 27, 2025.  

The AO had previously dismissed allegations against Suzlon Energy and other individuals without imposing penalties.  

However, SEBI's latest order has imposed penalties on Suzlon Energy and several key individuals, including Mr. Vinod R. Tanti (₹5.75 crore), Mr. Girish R. Tanti (₹5.45 crore), Mr. Kirti J. Vagadia (₹1.5 crore), and Mr. Amit Agarwal (₹30 lakh). 

Details of the Alleged Violations 

The penalties relate to alleged misstatements in the financial statements of Suzlon Energy for the fiscal years 2013-14 to 2017-18. SEBI's order was issued under section 15-I(3) of the SEBI Act and section 23-I(3) of the Securities Contracts (Regulation) Act, 1956 (SCRA).  

The company plans to appeal against this order before the Securities Appellate Tribunal. 

Impact on Suzlon Energy 

Despite the penalties, Suzlon Energy has stated that there will be no impact on its financial, operational, or other activities.  

The company has maintained its stance of denying the allegations and providing factual justifications in response to SEBI's show cause notice dated September 26, 2025. 

Read More: Suzlon Energy Fined by SEBI for Irregularities in OMS Slump Sale! 

Response and Future Actions 

Suzlon Energy has expressed its intention to challenge SEBI's order by filing an appeal with the Securities Appellate Tribunal.  

The company remains committed to defending its position and addressing the allegations made by SEBI. 

Suzlon Energy Share Price Performance  

As of June 01, 2026, at 11:03 AM, Suzlon Energy share price on NSE was trading at ₹55.20 down by 3.14% from the previous closing price. 

Conclusion 

SEBI's imposition of penalties on Suzlon Energy and associated individuals marks a significant regulatory action concerning financial misstatements. The company's decision to appeal reflects its ongoing efforts to contest the allegations and seek a favourable outcome. 

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