India, May 31 -- Renewable energy company Suzlon Energy has announced that it will challenge a recent order by the Securities and Exchange Board of India (SEBI), which imposed penalties totaling Rs.28.95 crore on the company and several of its current and former executives over alleged misleading financial disclosures.

The company said it plans to file an appeal before the Securities Appellate Tribunal (SAT) against the regulator's order issued on May 29.

SEBI alleged that Suzlon's financial statements between FY2014 and FY2018 did not present a true and fair picture of the company's financial position.

According to the regulator, certain intra-group transactions, subsidiary dealings, and accounting treatments allegedly inflated the co...