Sebi levies Rs 28.95 cr penalty on Suzlon Energy, MD, others over misleading financial statements
Capital markets regulator Sebi on Friday 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.
Capital markets regulator Sebi on Friday 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.
