The investigation opened against Eros Media World Plc by the United States Securities and Exchange Commission (SEC) has been closed, with the SEC not recommending any enforcement action against the company or its affiliates, officers or employees. The internal review of certain accounting practices and internal controls has been concluded. The Audit Committee has said that no revenues of the company during fiscal year ended March 31, 2020 were inappropriately recognised, and no impairment was found in the intangible assets and goodwill reflected on the company’s Form 6-K dated March 31, 2021. The Audit Committee also found no material weaknesses in internal controls over financial reporting.
Eros had been accused of, and investigated for allegedly inflated revenues, false and misleading financial statements, and improper related party transactions. All the three SEC investigations have now been closed without further action taken by the SEC.
