Sebi has barred Eros International Media and four others — including executive vice chairman and managing director Sunil Lulla and chief executive officer Pradeep Dwivedi — from accessing the securities market for alleged diversion of funds and financial misreporting. The two others are firms Eros Worldwide and Eros Digital Private. In an interim ex-parte order issued on Thursday, Sebi observed that about 1,247 crore has become untraceable, of which nearly 94 per cent has been written off by Eros. In the ongoing investigation, Sebi order further said that, potentially, Rs 687 crore had been diverted by Eros.
SEC now trains guns on Adani
All the Adani shares were under pressure on Friday after a Bloomberg report said that US authorities, including the Securities and Exchange Commission and the Attorney’s Office in Brooklyn, New York, are enquiring about the representations made by Adani Group to its American investors in the wake of the Hindenburg Research’s report that accused the company of using offshore companies to manipulate its share prices. Most of the Adani group shares were trading almost 2-7% down with Adani Enterprises closing 7.02% down at Rs 2229. The institutional investors with large holdings in the Indian conglomerate have received inquiries from the Attorney’s Office in Brooklyn and SEC asking for the information on what Adani group told those investors, the report added.
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