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Indian Ministry of Corporate affairs orders probe into Eros International's account
As per a Reuters report, the ministry ordered the probe after it was satisfied that an inspection was required to check allegations of fund siphoning.
Indian Ministry of Corporate Affairs has ordered an inspection of the accounts of Eros International Media. The ministry ordered the probe after it was satisfied that an inspection was required to check allegations of fund siphoning, a Reuters report states.
Earlier, the Securities and Exchange Board of India (SEBI) had said they found prima facie evidence that Eros International's accounts are 'overstated and do not present a true and fair picture of the financial health of the Company.' Subsequently, Eros International Media's Managing Director Sunil Arjan Lulla and three of the company's entities were barred by the regulator. The company had challenged the regulator's order earlier this month.