SUNIL LULLA MD OF EROS INTERNATIONALThis has happened in the case of Mr. Sunil Arjan Lulla the MD of Eros International Media Ltd. In June 2023, SEBI passed an interim order, wherein the regulator prohibited five entities, including Eros International and its Managing Director (MD) Sunil Lulla from securities markets in a case on the possible diversion of funds based on prima facie findings. BAR TO HOLD DIRECTORSHIPSEBI also barred Sunil Lulla from holding the position of a director or a key managerial personnel in any listed company, including Eros or its subsidiaries or any SEBI-registered intermediary until further orders.APPEAL TO SATThereafter, Sunil Lulla appealed before the Securities Appellate Tribunal (SAT) against SEBI's interim order. However, the tribunal upheld the order of the regulator in August 2023.ADJUDICATION PROCEEDINGSEven after the above , as Mr. Sunil Arjan Lulla did not resign from the Company, adjudication proceedings were initiated against him by SEBI.The “defence” of the MD in the proceedings were: REGARDING ONGOING DIRECTORSHIP IN EROS, I RESTRAINED MYSELF AS A DIRECTOR BY NOT PARTICIPATING IN MEETING, DECISION MAKING PROCESSES AND SIGNING ANY NEW AGREEMENTS. SEBI is wrongly expanding the scope of its order by alleging me, that I failed to comply with order, as I did not volunt... |
