The regulator barred Sunil Lulla from holding the position of director or key manager in any listed company, including Eros or its subsidiaries or SEBI-registered intermediaries.
Subsequently, Sunil Lulla appealed to the Securities Appellate Tribunal (SAT) against SEBI’s interim order. However, the tribunal upheld the regulator’s order in August 2023.
In October 2023, the regulator confirmed the ban against them.
The market watchdog noted that Sunil Lulla failed to comply with SEBI’s directions and did not resign as a director of Eros International Media, and allegedly failed to comply with the regulator’s order of action, which was initiated in his regard.
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Subsequently, the regulator issued a show cause notice to Sunil Lulla on April 22, 2024.
In its fresh order, SEBI noted that Sunil Lulla had resigned from his post with effect from July 31, 2024, i.e. after more than 13 months, that too on July 4, 2024, only after receiving notice from the market regulator before initiating proceedings. . in front of him.
This shows the reckless nature of Sunil Lulla (Notice). Therefore, it is seen that he was not in compliance with the regulator’s order from June 2023 to July 2024, the Securities and Exchange Board of India (SEBI) said in an October 30 order.
According to SEBI, if a person in his position violates the directions given by the securities market regulator, it should be looked at more seriously. His (Sunil Lulla) action showed complete disregard for the regulator, which is totally unbecoming of a person of his position.
On October 29, SEBI slapped a total of Rs. A fine of 2 crores was imposed.
The regulator levied a fine of Rs 12 lakh each on 17 institutions.
The matter revolves around alleged financial irregularities and mismanagement related to contracts between Eros International Media Limited (EIML) and Spicy Entertainment and Media Limited (SEML) and other related entities.
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