The Securities and Exchange Board of India (SEBI) imposed fines totaling ₹28.95 crore on Suzlon Energy Ltd, its Chairperson and Managing Director Vinod R Tanti, and three other associates for allegedly misleading investors regarding the company’s financial performance over several years.
In a detailed 96-page order, SEBI stated that the financial statements of Suzlon Energy Ltd did not accurately reflect the company’s profitability, net worth, leverage, financial exposure, and risk profile. Consequently, penalties were levied: ₹15.95 crore on Suzlon Energy Ltd, ₹5.75 crore on Vinod R Tanti, ₹5.45 crore on Girish R Tanti, ₹1.5 crore on former Chief Financial Officer Kirti J Vagadia, and ₹30 lakh on Amit Agarwal.
Both Vinod R Tanti and Girish R Tanti are identified as promoters of the company. This regulatory action follows SEBI’s decision to overturn a prior ruling by an adjudicating officer, which had dismissed the matter without imposing any fines.
The investigation was prompted by an anonymous complaint received by SEBI in December 2019, alleging discrepancies in Suzlon Energy’s financial dealings with its subsidiaries and associated entities. Following this, the National Stock Exchange (NSE) conducted a preliminary assessment, leading to a forensic audit focused on issues related to investments, loans, impairment, and related-party disclosures.
SEBI’s investigation extended over a period from fiscal year 2015 to fiscal year 2020, including the first three quarters of fiscal year 2021, to determine any misrepresentation or misstatement in the company’s financial statements.
Published on May 29, 2026.
