Sebi levies Rs 28.95 cr penalty on Suzlon Energy, MD, others over misleading financial statements

New Delhi ( Raghwendra Pratap Singh) : Capital markets regulator Sebi imposed fines totalling Rs 28.95 crore on Suzlon Energy Ltd, its Chairperson-MD Vinod Tanti, Girish Tanti and others for alleged accounting irregularities and misleading financial disclosures related to intra-group transactions involving subsidiaries.

In a 96-page order, Sebi said Suzlon Energy Ltd's financial statements failed to present a "true and fair view" of the profitability, net worth, leverage, financial exposure and risk profile.

The regulator imposed a fine of Rs 15.95 crore on Suzlon Energy Ltd (SEL), Rs 5.75 crore on Vinod R Tanti, Rs 5.45 crore on Girish R Tanti, Rs 1.5 crore on former chief financial officers Kirti J Vagadia and Rs 30 lakh on Amit Agarwal.

Both Vinod and Girish R Tanti are promoters of the company. The latest order came after Sebi overturned an earlier ruling by an adjudicating officer that had exonerated the entities and disposed of the proceedings without imposing any penalty.