From Clean Chit to Crores in Penalty: SEBI Reopens Suzlon Case and Strikes Hard

In the matter of Suzlon Energy Limited And Other (SEBI) In a significant securities market enforcement action, SEBI set aside the adjudication order that had earlier exonerated Suzlon Energy Limited and its key officials, holding that the company had engaged in transactions that allegedly resulted in misstatement of financial statements, artificial inflation of net worth, misleading disclosures, and presentation of a distorted financial position to investors.   The case arose from SEBI’s investigation into various intra-group transactions undertaken by Suzlon between FY 2013-14 and FY 2019-...