After becoming minority shareholders in March, the promoters are encashing leftover assets and continue transferring cash to related parties. No one seems bothered.
On 3 November, a public notice announced the sale of two premises alongwith with 25 car parking spaces in a flashy office building in Andheri, Mumbai. The notice was soliciting any objections to the sale of the premises, which belong to Eros International.
The sale announcement comes just 10 days after the Securities and Exchange Board of India issued its confirmatory order reiterating several strictures it passed on Eros’s promoter Sunil Lulla and key executive Pradeep Dwivedi. The latest order came after an appeal against SEBI’s ex-parte interim order issued in June was dismissed by the Securities Appellate Tribunal in …
Surendar helps lead the newsroom at The Morning Context as executive editor. Over the years, Surendar has worked in industries from pharmaceuticals to diamonds, as well as a stint as an equity analyst. In his long career as a business journalist, he has led teams at The Times of India, India Today and Fortune India. He was part of the founding team at Forbes India and interned at and published in The Times, London.
Executive Editor
surendar@mailtmc.com
Mumbai