US SEC Closes Investigation into Eros Media World plc and Affiliates; Internal Investigation Reveals No Wrongoing

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Eros Media World plc (“EMW” or the “Company”) is pleased to announce that the Company’s internal review of certain accounting practices and internal controls has been concluded, with the Audit Committee concluding that no revenues of the Company recognized during the fiscal year ended March 31, 2020, were inappropriately recognized, and finding no impairment in the intangible assets and goodwill reflected on the Company’s Form 6-K dated March 31, 2021. In addition, the Audit Committee found no material weaknesses in internal controls over financial reporting.

In addition, the Company is pleased to announce that the investigation opened by the United States Securities and Exchange Commission (“SEC”) into the above subject matters, among other issues, has been closed, with the SEC not recommending an enforcement action against the Company, or any of its affiliates, officers, or employees.

EMW has now been through several waves of short attacks by short-sellers such as Hindenburg Research (which recently announced that it was shutting down) as well as three separate SEC investigations. The Company has been accused of, and investigated for: allegedly inflated revenues, alleged false and misleading financial statements, and alleged improper related party transactions. The Company is pleased that all three SEC investigations looking into those and other allegations have been closed without further action taken by the SEC.

“We are most pleased to have these issues behind us as we look forward to a new future for the Company,” said Kishore Lulla, Founder & Executive Director of Eros Media World Group. “We would like to thank our United States counsel for their brilliant legal representation and their extraordinary efforts on our behalf: Kenneth E. Lee of Levine Lee LLP, lead litigation counsel and regular outside counsel; Rachel G. Skaistis of Cravath, Swaine & Moore LLP, SEC counsel; and Victor Hou of Cleary Gottlieb Steen & Hamilton LLP.”

About Eros Media World plc

Eros Media World Plc, (“Eros”, the “Company”) (NYSE: EMWP) is a global media and entertainment company that acquires, co-produces and distributes films, digital content and music across multiple formats such as theatrical, television and emerging web 3.0 ecosystem to consumers around the world.

For more details – erosmediaworld.com.

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Ravindra Kirti is a well-rounded Marketing professional with an impressive academic and professional portfolio. He is IIM Calcutta alumnus & holds a PhD in Commerce, having written an insightful thesis on consumer behavior and psychology, which informs his deep understanding of market dynamics and client engagement strategies. His academic journey includes an MBA in Marketing, where he specialized in strategic management, international marketing, and luxury retail management, equipping him with a global perspective and a strategic edge in high-end market segments. In addition to his business expertise, Ravindra is also academically trained in law, holding a Master’s in Law with specializations in law of patents, IT & IPR, police law and administration, white-collar crime, and corporate crime. This legal knowledge complements his role as the Chief at Jurislaw Partners, where he applies a blend of legal acumen and strategic marketing. With such a rich educational background, Ravindra excels across a range of fields, from legal marketing to luxury retail, and event design. His ability to interlace disciplines—commerce, marketing, and law—enables him to drive successful outcomes in every venture he undertakes, whether as Chief at Jurislaw Partners, Editor at Mojo Patrakar and Global Growth Forum, Founder of CircusINC, or Chief Designer at Byaah by CircusINC. On a personal note, Ravindra Kirti is not only a devoted pawrent to his pet, Kattappa, but also an enthusiast of Mixed Martial Arts (MMA) and holds a Taekwondo Dan 1. This active lifestyle complements his multifaceted career, reflecting his discipline, resilience, and commitment—qualities he brings into his professional relationships. His bond with Kattappa adds a warm, grounded side to his profile, showcasing his nurturing and compassionate nature, which shines through in his connections with clients and colleagues. Ravindra’s career exemplifies versatility, intellectual depth, and excellence. Whether through his contributions to media, law, events, or design, he remains a dynamic and influential presence, continually innovating and leaving a lasting impact across industries. His ability to balance these diverse roles is a testament to his strategic vision and dedication to making a difference in every field he enters.