Indian Government Orders Inspection Into Eros International's Accounts After Damning Report by Regulators
The ministry investigation follows an examination into the company’s accounts by financial market regulator Securities and Exchange Board of India . That resulted in an interim order in late June and the banning of two Eros executives.
The SEBI investigation also looked at the accounts of the companies that Eros had advanced funds to. Here it found that “in some instances, the amounts were paid back by these entities to Eros on the very day the funds were transferred by Eros to their accounts. In other instances, it was transferred back after a gap of a few weeks/months.”
“These figures call into question the integrity of the financial statements of the company and give an indication that Eros was using the cover of these entities to inflate its financial statements. Subsequently, in FY 2019-20, it appears that the company, under the guise of Covid-19, attempted to clean up its balance sheet by writing-off the outstanding balance shown as receivable from these 19 entities in its books,” the order states.
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