Indian Government Orders Inspection of Eros International’s Accounts After Damning Report by Regulators
variety.comEros International Media, per a Reuters report quoting government officials. Variety reached out to Eros for comment but had not received a reply by press time.
The ministry investigation follows an examination into the company’s accounts by financial market regulator Securities and Exchange Board of India (SEBI).
That resulted in an interim order in late June and the banning of two Eros executives. The June order, which probes Eros’ financial practices in forensic detail for the period 2012-13 to 2019-20, found that the company, which was in the business of producing and distributing films, had advanced funds to 19 entities said to be for film production.
Some $153 million of the amounts transferred to these companies was “untraceable.” Film rights were neither created nor the funds returned to Eros.
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