Bengaluru (Reuters) – India’s market regulator said on Thursday it had barred Eros Group Managing Director Sunil Arjan Lulla and three of the media company’s entities from the securities market, citing accounting irregularities at the firm.
In an interim order, the Securities and Exchange Board of India (SEBI) said it had found prima facie evidence that the books of accounts of the company were “overstated and do not present a true and fair picture of the financial health of the Company.”
The SEBI has barred Eros International Media Ltd (EROS.NS), Eros Worldwide and Eros Digital from the securities market until further orders.
Pradeep Kumar Dwivedi, CEO of Eros International Media, was also barred from the securities market. Both, Lulla and Dwivedi have also been restricted from holding directorial positions in listed companies, according to the SEBI order.
Eros International Media was in the process of seeking legal advice in the matter, the company said in a stock exchange filing.
