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US SEC closes perusal into Eros Media World with no enforcement action
MUMBAI: Eros Media World plc (EMW) can finally breathe a sigh of relief. Following a thorough internal review and multiple investigations by the United States Securities and Exchange Commission (SEC), the company has emerged unscathed, with the SEC officially closing its inquiry without recommending any enforcement action.
An internal investigation by EMW’s audit committee concluded that the company’s accounting practices and internal controls were sound. The review found that:
1 No revenues for the fiscal year ending 31 March 2020, were improperly recognised.
2 No impairments existed in intangible assets or goodwill as stated in the company’s Form 6-K dated 31 March 2021.
3 No material weaknesses were identified in internal controls over financial reporting.
These findings marked a decisive end to allegations of inflated revenues, misleading financial statements, and improper related-party transactions, which had triggered three separate SEC investigations.
Eros Media World has faced waves of criticism and short attacks from entities like Hindenburg Research, which itself recently announced its closure. However, the conclusion of these investigations without any adverse action underscores EMW’s commitment to transparency and compliance.
“We are most pleased to have these issues behind us as we look forward to a new future for the company,” said Eros Media World group founder & ED Kishore Lulla.
Lulla extended gratitude to the company’s legal team for their exceptional representation throughout this challenging period:
1 Levine Lee LLP, Kenneth E. Lee led litigation and outside counsel.
2 Cravath, Swaine & Moore LLP, Rachel G. Skaistis SEC counsel.
3 Cleary Gottlieb Steen & Hamilton LLP Victor Hou.
With the investigations closed and the company cleared of allegations, EMW is charting a new course for growth and innovation in the media and entertainment space. The closure of these cases allows the company to refocus on its core mission while reinforcing its commitment to ethical practices and transparency.
NEW DELHI: Hamdard Laboratories gathered a cross-section of India’s achievers in New Delhi on Friday, handing out the Hakeem Abdul Hameed Excellence Awards to figures who have left their mark across healthcare, education, sport, public service and the arts.
The ceremony, attended by minister of state for defence Sanjay Seth and senior officials from the ministry of Ayush, celebrated individuals whose work blends professional success with a sense of public purpose. It was as much a roll call of achievement as it was a reminder that influence is not measured only in profits or podiums, but in people reached and lives improved.
Among the headline awardees was Alakh Pandey, founder and chief executive of PhysicsWallah, recognised for turning affordable digital learning into a mass movement. On the sporting front, Arjuna Awardee and kabaddi player Sakshi Puniya was honoured for her contribution to the game and for pushing women’s participation onto bigger stages.
The cultural spotlight fell on veteran lyricist and poet Santosh Anand, whose songs have echoed across generations of Hindi cinema. At 97, Anand accepted the honour with characteristic humility, reflecting on a life shaped by perseverance and hope.
Healthcare honours spanned both modern and traditional systems. Manoj N. Nesari was recognised for strengthening Ayurveda’s place in national and global health frameworks. Padma shri Mohammed Abdul Waheed was honoured for his research-backed work in Unani medicine, while padma shri Mohsin Wali received recognition for his long-standing contribution to patient-centred care.
Education and social development also featured prominently. Padma shri Zahir Ishaq Kazi was honoured for decades of work in education, while former Meghalaya superintendent of Police T. C. Chacko was recognised for public service. Goonj founder Anshu Gupta received an award for his dignity-centred rural development initiatives, and the Hunar Shakti Foundation was honoured for empowering women and young girls through skill development.
The Lifetime Achievement Award went to former IAS officer Shailaja Chandra for her long career in public healthcare and governance, particularly in the traditional systems under Ayush.
Speaking at the event, Hamdard chairman Abdul Majeed said the awards were a tribute to those who combine excellence with empathy. “These awardees reflect Hakeem Sahib’s belief that healthcare, education and public service must ultimately serve humanity,” he said.
Minister Seth struck a forward-looking note, saying India’s young population gives the country a unique opportunity to become a global destination for learning, health and wellness by 2047.
The ceremony also featured the trailer launch of Unani Ki Kahaani, an upcoming documentary starring actor Jim Sarbh, set to premiere on Discovery on 11 February.
Instituted in memory of Unani scholar and educationist Hakeem Abdul Hameed, the awards have grown into a national platform that celebrates those building a more inclusive and resilient India. For one evening at least, the spotlight was not just on success, but on service with substance.
