News Stocks Suzlon Energy Receives Relief as Tax Authorities Drop Rs.1.02 Crore Penalty for FY 2016-17Suzlon Energy Receives Relief as Tax Authorities Drop Rs.1.02 Crore Penalty for FY 2016-17
Suzlon Energy Limited has received complete relief as tax authorities dropped a Rs.1.02 crore penalty imposed for late provident fund and ESI payments during FY 2016-17. The penalty was originally levied by the Deputy Commissioner of Income Tax, Ahmedabad, and the company had informed exchanges about it in January 2025. As part of fresh proceedings, the tax authorities have now dropped the penalty in full, providing significant financial and regulatory relief to the renewable energy company.
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Suzlon Energy Limited has received significant relief from tax authorities regarding a penalty that was imposed for FY 2016-17. The company announced that the Deputy Commissioner of Income Tax, Ahmedabad, has dropped a penalty of Rs.1.02 crore in full as part of fresh proceedings.
Background of the Penalty
The penalty was originally levied on the company in relation to disallowance on account of late payment of employees' contribution to provident fund and ESI during FY 2016-17. Suzlon Energy had previously informed the stock exchanges about this penalty through a letter dated 4th January 2025.
Current Development
| Parameter: | Details |
|---|---|
| Penalty Amount: | Rs.1.02 crore |
| Imposing Authority: | Deputy Commissioner of Income Tax, Ahmedabad |
| Related Period: | FY 2016-17 |
| Nature of Disallowance: | Late payment of employees' contribution to PF/ESI |
| Current Status: | Penalty dropped in full |
The tax authorities have now dropped the aforesaid penalty in full as part of the fresh proceedings. This development provides complete relief to the company from the financial burden that was imposed earlier.
Regulatory Compliance
Suzlon Energy has informed both the National Stock Exchange of India Limited and BSE Limited about this development in compliance with the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The communication was signed by Company Secretary Geetanjali S. Vaidya on 17th February 2026.
Impact on Company
The dropping of this penalty removes a financial liability from the company's books and provides relief from the regulatory burden that was imposed for the FY 2016-17 period. This development is particularly significant as it resolves a matter that had been pending since the original penalty was imposed.
Historical Stock Returns for Suzlon Energy
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| -0.58% | -4.67% | -5.18% | -23.51% | -10.66% | +793.77% |
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