Sebi slaps over Rs 1 cr fine on Suzlon Energy
New Delhi: Sebi on Friday slapped a fine of more than Rs 1 crore on wind turbine maker Suzlon Energy for violating listing agreement norms.
A total fine of Rs 1.1 crore, including Rs 5 lakh on an official, has been imposed as the company failed to disclose price sensitive information as required under the listing regulations on "more than one occasion".
"I find that the investigation did not bring out the disproportionate gain or unfair advantages to the noticees and loss caused to investors as a result of non-disclosure of truncation of order.
"They failed to make the disclosure on more than one occasion, hence it can be said, it is repetitive in nature," Sebi's Adjudicating Officer Sahil Malik said in the order.
The noticees in the case were Suzlon Energy, its promoters Tulsi R Tanti and Girish R Tanti, and Hemal A Kanuga.