Sebi bans Eros, Sunil Lulla, Pradeep Dwivedi from securities market

Sebi has prohibited Eros International Media, along with its promoter Sunil Lulla and CEO Pradeep Kumar Dwivedi, from participating in the securities market.

This step has been taken in response to accusations of presenting financial statements in a misleading manner.

According to reports, Sebi has uncovered instances where Eros inflated its financial records and moved funds under the pretext of content advances, subsequently treating them as revenue by channeling them through different entities.

The regulatory authority has granted the company, Lulla, and Dwivedi a period of 21 days to provide a response to the directive