afaqs! news bureau

SEBI bans Eros International from the market, CEO and MD barred from holding board posts

CEO, Pradeep Kumar Dwivedi has been barred from having any directorship in any publicly traded company other than Eros International.

On June 22, the Securities and Exchange Board of India (SEBI) stated that it has prohibited Eros International Media, its proprietors, and CEO Pradeep Kumar Dwivedi from the securities market till further notice due to suspected violations of trade practise standards.

Sunil Arjan Lulla, vice chairman and managing director of Eros International, has also been forbidden from holding any directorship position in any listed business, including Eros International or its subsidiaries, by the capital markets regulator.

Dwivedi has been barred from holding any directorial position in any listed company other than Eros International, according to SEBI. Eros Worldwide FZ and Eros Digital have been barred from accessing the securities markets until additional rulings are issued.

SEBI has recruited a forensic auditor to investigate if monies have been syphoned out from the firm, and the investigations are still ongoing. "The investigation is currently underway, and a forensic auditor has also been appointed to conduct an examination of the company's books of accounts," SEBI stated in its interim decision.

The order was issued following a review of the company's financial accounts, which revealed a suspected manipulation of statistics and/or syphoning of monies.

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