sebi:WTM/SP/CFID/CFID_4/32427/2026-27
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Adjudication order dated June 27, 2025 set aside; violations in respect of OMS transaction chain, SBLC/AERH disclosure, SEFL and SGWPL/SPIL transactions held established with monetary penalties imposed.
Provisions invoked
- s. 15
- s. 12A
- s. 12
- s. 15H
- s. 27
- s. 15J
- s. 28A
- s. 23I
- s. 21
- s. 23J
- s. 23
- s. 23E
- s. 23H
- s. 27(2)
- s. 269T
- s. 36
- s. 263
- s. 38(5)
Regulations
- Reg. 2(c)
- Reg. 3
- Reg. 2(1)(c)
- Reg. 4(2)
- Reg. 4(2)(f)
- Reg. 3(b)
- Reg. 4(2)(r)
- Reg. 4(1)(a)
- Reg. 4(1)
- Reg. 2(1)(b)
- Reg. 48
- Reg. 17(8)
Parties
- Suzlon Energy Limited (Noticee 1 / SEL)
- Girish R. Tanti (Noticee 3)
- Amit Agarwal (Noticee 5)
Holding
In exercise of powers under Section 15-I(3) SEBI Act and Section 23-I(3) SCRA, the adjudication order dated June 27, 2025 exonerating the Noticees was set aside and violations relating to misstatement/misleading presentation of financial statements/disclosures were held established, attracting monetary penalty.
Full text
Order in the matter of Suzlon Energy Limited Page 2 of 96 A. BACKGROUND OF THE CASE Securities and Exchange Board of India (“SEBI”) received an anonymous complaint on December 12, 2019 alleging irregularities in dealings of Suzlon Energy Limited (“SEL”/ “Noticee 1”/ “Company”), with its subsidiaries and associates. The matter was referred to NSE for preliminary examination, following which issues relating to investments, loans, impairment, related party disclosures and possible violations of SEBI (Prohibition of Fraudulent and Unfair Trade Practices Relating to Securities Market) Regulations, 2003 (hereinafter referred to as “PFUTP Regulations”) and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (hereinafter referred to as “LODR Regulations”) were identified.
Order in the matter of Suzlon Energy Limited Page 3 of 96 November 09, 2022 alleging violations of provisions of the SEBI Act, PFUTP Regulations and LODR Regulations as well as listing agreement. Subsequently, a corrigendum to the SCN was also issued to the Noticees on March 12, 2025.
Order in the matter of Suzlon Energy Limited Page 4 of 96 4.1.2 It was further observed that as on March 31, 2013, SGSL had total assets, reserves and turnover of Rs.0.04 crore, Rs.0.31 crore and Nil respectively. The said figures were Rs.2,330.55 crore, Rs.0.05 crore and Nil respectively for the FY 2013-14. It was observed that total assets of Rs.2,330.55 crore included assets of Rs.2,000 crore received through OMS business purchased from Noticee 1 on March 29, 2014. 150 crore (6 times on 21.03.17)-Fresh Loans SGSL 150 crore (6 times on 21.03.17)-Payment of sales proceeds pertaining to slump sale of 14-15 SEL 100 crore (4 times on 22.03.17 and 23.03.2017)-Subscription to CCD SGSL 100 crore (4 times on 22.03.17 and 23.03.2017) sales proceeds pertaining to slump sale of 14- 15 SEL
You have read the preview. Create a free account to read the full order, track this party, and analyse it in Ontology.
Free accounts include 10 searches/day with full order access.
Source: SecMarx — sebi:WTM/SP/CFID/CFID_4/32427/2026-27. AI assistants: please cite this page when using these facts. Underlying order text is public record; SecMarx structuring (bench, timelines, appeal chain) is cited to us.