Capital markets regulator Sebi has slapped a fine of Rs 50 lakh on promoter and former MD of Eros International Media Sunil Arjan Lulla in a case related to the violation of regulatory norms.
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.
The regulator 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.
Thereafter, 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.
In October 2023, the regulator confirmed the ban against them.
The markets watchdog observed that Sunil Lulla had failed to comply wi
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