Eros Challenges SEBI Order; Naik Naik & Co To Offer Counsel

The Securities Appellate Tribunal will hear the matter on 13 July
Eros Challenges SEBI Order; Naik Naik & Co To Offer Counsel
Source: Eros International

Eros International Media Ltd. filed an appeal before the Securities Appellate Tribunal (SAT) against the Indian capital markets regulator’s recent order that alleged the company siphoned funds and engaged legal advisor to represent in the matter.

The Indian media and entertainment company’s Executive Vice Chairman and Managing Director Sunil Arjan Lulla, and Chief Executive Officer Pradeep Kumar Dwivedi also challenged the Securities and Exchange Board of India’s (SEBI) order that prohibited them from holding board positions, Eros said in a stock exchange announcement.

The appeals, which were filed on 6 July, want the appellate tribunal to set aside the SEBI’s interim ex-parte order and stay the operation of the order, according to the announcement. The SAT will hear their appeals on 13 July.

Eros said Naik Naik & Company is its legal counsel in the matter and additionally Senior Advocate Vikram Nankani will represent the company. Advocate Somasekhar Sundaresan will represent Lulla and Dwivedi before the SAT, it added.

In June, the regulator restrained Lulla from holding the position of a director or a key managerial personnel in any listed company, including Eros, or its subsidiaries or any SEBI-registered intermediary until further orders.

SEBI also barred Dwivedi from holding the position of a director or a key managerial personnel in any listed company other than Eros or any SEBI-registered intermediary until further orders.

The regulator had also retrained Eros, Eros Worldwide FZ LLC, Eros Digital Private Ltd., Lulla and Dwivedi from buying, selling or dealing in securities, either directly or indirectly, in any manner whatsoever until further orders.

In addition, SEBI directed the BSE to appoint a forensic auditor to examine the books of accounts of the three exclusively BSE-listed companies, namely Thinkink Picturez Ltd., Mediaone Global Entertainment Ltd. and Spicy Entertainment and Media Ltd., saying these companies prima facie acted as conduits in the alleged misrepresentation/diversion of funds by Eros.

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SEBI Orders Forensic Audit Of Eros International
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