Markets regulator Sebi has slapped a fine of Rs 50 lakh on Sunil Arjan Lulla in a case related to the violation of regulatory norms. He is the promoter and former MD of Eros International Media. In June 2023, Sebi passed an interim order, wherein the regulator prohibited five entities, including 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 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. Sunil has been associated with the production of around 50 feature films. He has over 20 years of experience in the media and entertainment industry. He is the brother of Kishore Lulla, the chairman of Eros International plc. He has been associated with the company`s expansion ever since his induction in the mid-2000s. Sunil received a bachelor's degree in commerce from Mumbai University.
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The markets watchdog observed that Sunil Lulla had failed to comply with Sebi's directions and did not resign from the directorship of Eros International Media, and allegedly failed to comply with the order of the regulator's adjudication proceedings, which was initiated in respect of him. Thereafter, the regulator issued a show-cause notice to Sunil Lulla on April 22, 2024.
In its fresh order, Sebi noted that Sunil Lulla had resigned from his position with effect from July 31, 2024, i.e. more than 13 months, that too only after receiving the notice before launching of prosecution on July 4, 2024, by the market regulator against him.
(With inputs from PTI)
