Sebi slaps ₹29 crore penalties on Suzlon Energy, former executives for financial misrepresentation

The Securities and Exchange Board of India (Sebi) has imposed penalties on Suzlon Energy and several of its executives, alleging that the company used a series of intra-group transactions to present a misleading picture of its finances.

In a 96-page order issued on Friday, the market regulator said Suzlon structured transactions between its subsidiaries in a manner that artificially inflated profits, net worth and investor perception, even though the dealings lacked genuine economic substance.