Order in the matter of Mediaone Global Entertainment Ltd.
What is this order about?
SEBI issued an order examining Mediaone Global Entertainment Ltd. and its directors for financial irregularities involving a ₹63.61 crore write-off by Eros International Media Limited (EIML), which exceeded the company's asset base and occurred during a period of negligible revenue.
Who it concerns
Mediaone Global Entertainment Ltd., Suryaraj Kumar, J Murali Manohar, K Sai Prasad, M Srinivas Kumar, Timothy Alfred Joseph Moses, Saraswathy Gopalan
What was found or directed
- ₹63.61 crore write-off by EIML towards advances to Mediaone Global Entertainment Ltd.
- write-off exceeded Mediaone's asset base for the period
- Mediaone reported negligible revenues for several years
- company had negative reserves by FY2023-24
- share price rose from ₹8.19 to ₹65.13 within 15 months (May 2022-August 2023)
Points worth noting
- Company had trading suspended from June 2016 to May 2022
- Company was under liquidation until January 2023
- Company reported net losses for eight consecutive years (FY2014-15 to FY2021-22)
- Company became profitable in FY2022-23 and FY2023-24 with profits of ₹3.80 crore and ₹3.74 crore respectively
| Source body | Securities & Exchange Board of India (SEBI) — enforcement orders |
| Reference number | — |
| Status | closed (section: order) |
| Year | 2026 |
| Closing date | — |
| Documents | 1 |
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