Sebi order: SAT denies relief to Eros
The tribunal has asked Executive Vice-Chairman Sunil Lulla and CEO Pradeep Dwivedi to reply or submit an objection along with an application in three weeks seeking a stay on the Sebi order
The Securities Appellate Tribunal has denied relief to Eros International Media, Executive Vice-Chairman Sunil Lulla and CEO Pradeep Dwivedi against Sebi's order that bars them from accessing the securities market.
The tribunal has asked Lulla and Dwivedi to now reply or submit an objection along with an application in three weeks seeking a stay on the Sebi order.
As per earlier reports, Sebi has found that Eros had overstated its books and transferred funds in the name of content advances, and then recognised them as revenue by routing them through other entities.
In July, the Ministry of Corporate Affairs issued orders for inspecting the accounts of Eros International Media after it was "satisfied that allegations of fund siphoning need to be investigated".
