Capital markets regulator Securities and Exchange Board of India (SEBI) has imposed penalties of nearly Rs 29 crore on Suzlon Energy after concluding that the company presented a distorted picture of its financial health through a series of transactions involving subsidiaries, profit recognition practices, and disclosure shortcomings. In a detailed 96-page order dated May 29, the regulator found that Suzlon and several former senior executives had breached provisions of the SEBI Act, the Prohibition of Fraudulent and Unfair Trade Practices (PFUTP) Regulations, listing requirements, and disclosure norms.
