Eros Media World Approved by SEC, Internal Review Finds No Misconduct By Investing.com

Douglas, Isle of Man – Eros Media World plc, a global media and entertainment company, today announced that following an internal investigation, no irregularities were found in the company’s financial reporting. The internal review, conducted by the Audit Committee, concluded that revenues recognized during the fiscal year ended March 31, 2020, were appropriate, and there were no impairments of intangible assets and goodwill as reflected in the Company’s Form 6-K dated March 31, 2021. Furthermore, no material weaknesses in internal controls over financial reporting were identified.

In a parallel development, the US Securities and Exchange Commission (SEC) closed its investigation into Eros Media World and its subsidiaries, without recommending any enforcement action. This conclusion marks the end of the SEC’s scrutiny into the allegations that included inflated revenues and misleading financial statements.

The company has faced multiple challenges, including short-selling attacks and three separate SEC investigations into alleged financial discrepancies. However, with these investigations now closed, Eros Media World is looking to move forward without the cloud of regulatory concerns.

Kishore Lulla, CEO of Eros Media World Group, expressed relief and gratitude at the resolution of these issues and expressed his appreciation to the legal counsel who represented the company during the investigations.

Eros Media World Plc specializes in acquiring, co-producing and distributing films, digital content and music across various platforms such as theatrical releases, television, OTT digital media streaming and the emerging Web 3.0 ecosystem, serving a global audience.

This announcement is based on a press release issued by Eros Media World Plc.

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