Latest News
-
Gold Prices In US: Yellow Metal Rates Surge Amid Escalating Tensions In Middle East; Hit Record High -
Jio Financial Services Sees 80% YoY Decline In Q4 Net Profit, Net Interest Income Dives 70% -
Rs 25/Share Dividend Payout: Multibagger Small Cap Tata Stock Declares 52.6% Jump In Q4 PAT -
Wipro Q4 Results: Cons PAT Up 5% QoQ To Rs 2,834.6 Crore, Revenue Guidance Weaker Than Estimates -
How To Apply Your Voter ID Card Online: Quick Guide For Indian Citizens -
Emmforce Autotech IPO Debut April 23: Issue Size, Price Band, Check Details? -
1:5 Stock Split: PSU Bank Fixes Record Date For First Ever Stock Split; Buy For Rs 650-680 Targets -
Closing Bell: Market Stages Smart Recovery, Sensex & Nifty Snap 4-Day Losing Streak Led By HDFC Bank -
Hindustan Zinc's Quarterly Profits Dive 21% Amid Global Metal Price Slump, Shares Plummet; Buy Or Not? -
IRFC, RVNL, IRCTC, Railtel: Railway Stocks In Focus As Election Polls Begin; Mega Rs 10-12 Lakh Crore Plan
Eros International Completes Internal Review After Accounting Allegations
Eros International, a leading global company in the Indian film entertainment industry has announced that, with the assistance of Skadden Arps Slate Meagher & Flom LLP, the Company's Audit Committee has completed the internal review which it commenced in November 2015.
The review included analysis of the Company's financial reporting for the following areas: (i) UAE sales and revenue recognition, (ii) amortization policy of intangibles, including film and content costs, (iii) related party transactions, (iv) ErosNow registered users count, and (vi) Eros' film library. Having completed its review, the Audit Committee remains satisfied with the Company's financial reporting and disclosures in its financial statements as filed.
We reiterate that the Company maintains the highest standards of integrity and transparency in financial reporting. I am positive that our strong business fundamentals will continue to help us build on our market leadership position."
The Company expects to announce its full year results for the fiscal year ended March 31, 2016 in June 2016. Grant Thornton India LLP continue as Auditors of the consolidated financial statements of Eros International Plc and subsidiaries.
Eros International is the top film distributor and producer and there were reports that revenues were boosted by the company, by not following apt accounting policies. These were later denied and quashed by the company.
Following the allegations the share price of Eros International saw a dramatic drop from Rs 600 levels to the current levels of Rs 174. the stock had also hit a 5w-week low of Rs 125 on the day of the Union Budget.
GoodReturns.in
