In a choice that additional impacts the standing of Eros Worldwide Media, the capital markets regulator, SEBI (Securities and Trade Board of India), has slapped a high-quality of Rs. 50 lakhs on the previous managing director of the corporate, Sunil Lulla, in a case associated to the violation of regulatory norms.
Sunil Lulla’s 13-month defiance in opposition to SEBI ends in Rs. 50 lakh penalty; Eros Worldwide beneath fireplace
In June 2023, SEBI, by means of an interim order, prohibited Eros Worldwide and Sunil Lulla from securities markets in an alleged case of diversion of funds. The regulator additionally disallowed Lulla from holding any key managerial place in any listed firm, together with Eros, till additional orders. Although Sunil Lulla appealed in opposition to this order, the Securities Appellate Tribunal (SAT) upheld the order of SEBI in August 2023.
As per experiences, Sunil Lulla failed to stick to the orders of SEBI and didn’t resign from the place of director of Eros Worldwide Media till July 2024, that’s, 13 months for the reason that order was handed in opposition to him. Accordingly, the SEBI issued a show-cause discover to him on April 22, 2024. Subsequently, Sunil Lulla left his place in Eros on July 31, 2024. Nevertheless, this was completed solely after receiving the discover earlier than launching of prosecution on July 4.
In an order handed on October 30, SEBI noticed that Sunil Lulla didn’t adjust to their order from June 2023 to July 2024. It additionally remarked that it’s a matter of great concern when an individual in his place flouts the instructions given by the securities market regulator and exhibits full disregard for it.
Furthermore, on October 29, SEBI imposed a high-quality of Rs. 12 lakhs every on the 17 entities for non-compliance with its investigation and failure to supply full and well timed data within the matter of Eros Worldwide Media Ltd. Therefore, the entire high-quality totalled round Rs. 2 crores.
As per experiences, SEBI continues to scrutinize the corporate and its associated entities.
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