Talk:Eros International plc
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CC-BY-SA declaration; I've removed text in this section from the article because it is off-topic here; Eros STX has its own article. I'm leaving it here in case its removal breaks any named references and for the benefit of future editors. See the article's history for full attribution.
Eros Media World did not file its annual reports for the year ended March 31, 2021 and March 31, 2022, or file its semiannual report for the six months ended September 30, 2021 with the Securities and Exchange Commission (SEC).[1] The New York Stock Exchange delisted its stock and suspended trading. Eros filed an appeal with the New York Stock Exchange to review the determination made by the NYSE Regulation but then decided not to submit any further appeal since would not be able to produce compliant annual reports.[2]
Eros Media World was months behind on payments owed to British bondholders. Its £50 million bond was due in 2021, but payments were raised when Eros asked if it could pay back the bonds in 2023 rather than 2021.[3] In March 2023, the company offered to repurchase up to half their bonds at a price of 60p in the pound and delay repayment of the rest of the bonds until 2026. Eros offered to purchase only £2m of bonds delay payment until March 2024. In July 2023, the Bank of India filed a claim against the UK arm of Eros in the London Circuit Commercial Court. The company put its UK business into insolvency. Eros Media World's Indian subsidiary was barred by the Securities and Exchange Board of India (SEBI) from accessing the securities market in June 2023 for the alleged misrepresentation of financial statements and siphoning off of funds. The regulator barred Eros International Media Limited Managing Director Sunil Arjan Lulla and CEO Pradeep Dwivedi from the securities market.[4]
References
- ^ "Eros Media World Plc Receives Notice of Delisting From NYSE, Intends To Appeal The Staff Determination". www.businesswire.com. 2022-08-18. Retrieved 2023-09-08.
- ^ "NYSE suspends trading of WeWork warrants, to start delisting them". Reuters. 2023-08-22. Retrieved 2023-09-08.
- ^ "Thousands of UK investors left in the lurch after investing in a £50 million bond in Bollywood". The Times of India. 2023-01-30. ISSN 0971-8257. Retrieved 2023-09-08.
- ^ Zachariah, Reena (2023-06-23). "Sebi bans Eros International, its promoter and CEO from securities markets". The Economic Times. ISSN 0013-0389. Retrieved 2023-09-08.
Cheers, Baffle☿gab 22:29, 16 February 2024 (UTC)