Suzlon Energy has been penalized ₹15.95 crore by the Securities and Exchange Board of India (SEBI) regarding misstatements in its financial statements for FY 2013-14 to FY 2017-18. The regulator passed the order on May 29, 2026, setting aside a previous adjudication order from June 27, 2025, that had exonerated the company and other noticees. Suzlon Energy confirmed it will file an appeal before the Securities Appellate Tribunal against this latest order.

The penalty was imposed by SEBI's Whole Time Member under Section 15-I(3) of the SEBI Act and Section 23-I(3) of the Securities Contracts (Regulation) Act, 1956. The action follows a show cause notice dated September 26, 2025, which questioned why the earlier exoneration should not be reviewed. The company disclosed that it received a formal copy of the order directly from SEBI on June 1, 2026, and promptly submitted the required summary to the exchanges.

Penalties Imposed on Noticees

The order levies fines on the company and several of its top executives. The detailed penalties are outlined below:

Regulatory Non-Compliances

SEBI identified specific aberrations and non-compliances in its order. Suzlon Energy Limited was found to have violated Section 12A(a), 12A(b) and 12A(c) of the SEBI Act, alongside regulations under the SEBI (PFUTP) Regulations, 2003, and the SEBI (LODR) Regulations, 2015. Executives Mr. Vinod R. Tanti and Mr. Girish R. Tanti were cited for violations related to FY 2016-17 and FY 2017-18, while Mr. Kirti J. Vagadia and Mr. Amit Agarwal were cited for lapses in earlier financial years and disclosures.

The company stated there would be no impact on its financial, operational, or other activities as a result of this order. The disclosure was made to the National Stock Exchange of India Limited and BSE Limited on May 30, 2026, with a formal submission following on June 2, 2026.

Suzlon Energy has appointed Mr. Ashok Ramachandran as President – India Business and Senior Managerial Personnel, effective June 4, 2026. The appointment strengthens the company's leadership as it accelerates its transition towards becoming a wind-first full-stack renewable energy company. Mr. Ramachandran will report to Ajay Kapur, Chief Executive Officer, Suzlon Group.

Leadership Profile

Mr. Ashok Ramachandran brings over two decades of global leadership experience in energy, industrial products, and vertical mobility, spanning India, Southeast Asia, and Australia. He is widely recognised for driving execution-led transformation at scale across complex, high-growth industries. As Chief Operating Officer and board member at JSW, he played a key role in shaping the company’s long-term growth strategy, helping accelerate its capacity journey from nearly 5 GW to 30 GW in close to 3 years.

Prior to this, Mr. Ramachandran spent the majority of his career with the Schindler Group. As the CEO & President – Schindler India & South Asia, he led the company’s largest and most strategic markets across Manufacturing, Operations and R&D, delivering strong operational performance and scaling revenues three-fold from ₹1,000 crore to ₹3,000 crore.

Strategic Context

Girish Tanti, Vice Chairman, Suzlon Group, highlighted that India has entered an accelerated growth pathway for wind energy, with a record 6.5 GW installations achieved last year. He noted that the opportunity ahead is significantly large, with the potential to scale to 13–15 GW annual installations in the coming years. Mr. Tanti emphasised that Mr. Ramachandran’s deep expertise in execution-led transformation and operational scaling will further strengthen Suzlon's leadership.

Ajay Kapur, Chief Executive Officer, Suzlon Group, stated that as the market leader, Suzlon aims to grow and expand the sector. He expressed confidence that Mr. Ramachandran’s execution-led leadership and operational expertise will help the company rise above benchmarks.

Appointment Details

The following table summarizes the key details of the appointment:

Mr. Ashok Ramachandran expressed his commitment to strengthening Suzlon's market leadership through sharper execution, operational excellence, deeper customer focus, and scalable growth strategies.