Suzlon Energy Limited has announced a comprehensive leadership restructuring effective February 24, 2026, marking a pivotal moment in the company's transformation journey. The Board of Directors approved these strategic appointments during a meeting held from 9.45 a.m. to 10.00 a.m. IST, signaling the company's commitment to its Suzlon 2.0 vision.

Leadership Elevation and New Appointments

The company has implemented three key leadership changes as part of its organizational restructuring:

Updated Key Managerial Personnel Framework

Following the leadership restructuring, Suzlon Energy has formally updated its Key Managerial Personnel list in compliance with SEBI Listing Regulations. The company has designated specific officials for determining materiality of events and making stock exchange disclosures.

Officials for Determining Materiality

For stock exchange disclosures, Geetanjali S. Vaidya continues in her role as Company Secretary, serving as the primary contact for regulatory communications.

Strategic Organizational Architecture

Suzlon has established a new leadership framework to support its transformation from a wind energy solutions provider to a full-stack renewable energy solutions conglomerate. The Group Executive Council (GEC) will serve as a strategic body to steer long-term and medium-term growth initiatives, while an Executive Management Council led by the Group CEO will focus on operational transformation and sustainable growth.

J.P. Chalasani, in his elevated role as GEC member, will collaborate closely with the Chairman & Managing Director and Executive Vice Chairman on key strategic initiatives. He will continue mentoring senior leadership, maintaining strategic partnerships, and operationalizing new business opportunities while retaining his designation as Key Managerial Personnel.

New Group CEO Profile

Ajay Kapur brings extensive leadership experience to his new role as Group Chief Executive Officer:

Kapur's appointment aligns with Suzlon's need for operational discipline and sustainable growth as the company scales its diversified renewable energy portfolio across wind, solar, BESS, and emerging technologies.

Independent Director Addition

Girish Vanvari has been appointed as Additional Director in the capacity of Independent Director for a five-year term. As a Chartered Accountant with over three decades of experience, Vanvari brings expertise in taxation and corporate finance, mergers & acquisitions, corporate restructuring, and risk management.

Trading Window and Compliance

In compliance with insider trading regulations, Suzlon has closed its trading window for designated persons from February 21, 2026, to February 26, 2026, with reopening scheduled for February 27, 2026. This temporary closure aligns with the company's code of conduct for monitoring and reporting insider trading activities.

Suzlon Energy Limited has disclosed to stock exchanges that it faces a significant customs penalty of Rs 9.60 crores imposed by the Principal Commissioner of Customs, Chennai. The penalty was levied on Suzlon Global Services Limited, which has since merged with Suzlon Energy Limited, for alleged violations related to customs duty payments.

Penalty Details and Authority Action

The customs authority has imposed a substantial financial penalty on the renewable energy company. The order was received by the company on February 19th, 2026, with the penalty amount specified as Rs 9,60,45,306.

Nature of Alleged Violation

The penalty stems from alleged short payment of customs duty under the Integrated Goods and Services Tax (IGST) head. The customs department has determined that there was a shortfall in the duty payments made by the company's subsidiary, leading to this enforcement action.

Company's Response and Next Steps

Suzlon Energy Limited has indicated that it will challenge the customs order through the appropriate legal channels. The company stated in its regulatory filing that it "shall prefer an appeal against the order with the appropriate authorities in due course of time."

Financial Impact Assessment

The company has disclosed that the financial impact of this penalty is contingent upon the outcome of the planned appeal process. According to the regulatory filing, the cumulative penalty of Rs 9,60,45,306 may become payable subject to the results of the appeal proceedings.

This disclosure was made under the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, ensuring transparency with investors and the public regarding material developments affecting the company.