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Capital market regulator SEBI has imposed a fine of Rs 50 lakh on Eros International Media promoter and former MD Sunil Arjan Lulla in a case related to violation of regulatory norms. In June 2023, SEBI passed an interim order in which the regulator barred five entities, including Eros International and its Managing Director (MD) Sunil Lulla, from the securities market in a case of possible diversion of funds based on prima facie findings.
The regulator also barred Sunil Lulla from holding the position of director or key managerial employee in any listed company, including Eros or its subsidiaries or any SEBI-registered intermediary, till further orders. Sunil Lulla then appealed to the Securities Appellate Tribunal (SAT) against SEBI's interim order. However, the tribunal upheld the regulator's order in August 2023. Did not follow the rules The market regulator found that Sunil Lulla failed to comply with SEBI's instructions and did not resign from the post of director of Eros International Media. He failed to comply with the order of the regulator's judicial proceedings, which were initiated in relation to him. After this, the regulator issued a show cause notice to Sunil Lulla on April 22, 2024. In its new order, Sebi said Sunil Lulla has resigned from his post with effect from July 31, 2024, that is, more than 13 months have passed, that too after receiving the notice by the market regulator before initiating prosecution against him on July 4, 2024.
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