Eros International plc

Eros International plc was an Indian multinational global mass media conglomerate. It generally works in the Indian film and entertainment industry. It co-produced, acquired and distributed Indian language films through its film production and distribution subsidiary, Eros International and distributes them in multiple formats worldwide. The group distribution network includes over 50 countries[6] and has offices in India, the United Kingdom, the United States, the United Arab Emirates, Australia, Fiji and the Isle of Man. Kishore Lulla, the son of the founder Arjan Lulla, was the chairman of Eros International plc before its merger with STX Entertainment.[7]

Eros International plc

Trade name	EROS
Type	Public limited company
Industry	Media and Entertainment
Founded	5 January 1977 (1977-01-05)
Founder	Arjan Lulla and Kishore Lulla
Defunct	25 April 2020 (2020-04-25)
Fate	Merged with STX Entertainment
Successor	Eros Media World
Headquarters	First Names House, Victoria Road, Douglas, Isle of Man IM2 4DF, British Isles[1], Isle of Man
Area served	Worldwide
Key people	Kishore Lulla (Executive Chairman and Director) Ridhima Lulla (COO) Prem Parameswaran (Chief Financial Officer) Vijay Ahuja (Executive Director) Mark Carbeck (Chief Corporate Officer) Ali Hussain (CEO-Eros Digital)
Services	Motion picture production and distribution
Revenue	US$ 261 million [2] (FY 2018)
Operating income	US$ 63.9 million[2] (FY 2018)
Net income	US$ 126.5 million[2] (FY 2018)
Total assets	US$ 1.41 billion[3] (FY 2018)
Total equity	US$ 865.6 million[3] (FY 2018)
Owner	Kishore Lulla
Number of employees	423 [4][5]
Divisions	see Divisions
Subsidiaries	See Subsidiaries
Website	erosmediaworld.com

On 16 April 2020, U.S. film studio STX Entertainment announced that it would merge with Eros International to form Eros STX, in a transaction expected to close by June.[8] The proposed merger was completed in July 2020, forming Eros STX Global Corporation. Eros merged with STX in 2020, and changed its name to Eros STX Global. The merger ran into difficulties, and STX was re-separated and sold to the Najafi Companies in April 2022. Shortly after, ErosSTX announced their rebrand to Eros Media World plc.[9]

Eros Media World did not file its annual reports for the year ended March 31, 2021 and March 31, 2022, or file its semiannual report for the six months ended September 30, 2021 with the Securities and Exchange Commission(SEC).[10] The New York Stock Exchange delisted its stock and suspended trading. Eros filed an appeal with the New York Stock Exchange to review the determination made by the NYSE Regulation but then decided not to submit any further appeal since would not be able to produce compliant annual reports.[11]

Eros Media World has been months behind on payments owed to British bondholders. Its £50 million bond was due in 2021, but payments were raised when Eros asked if it could pay back the bonds in 2023 rather than 2021.[12] In March 2023, the company offered to repurchase up to half their bonds at a price of 60p in the pound and delay repayment of the rest of the bonds until 2026. Eros offered to purchase only £2m of bonds, and delay payment until March 2024. In July 2023, the Bank of India filed a claim against the UK arm of Eros in the London Circuit Commercial Court. The company put its UK business into insolvency. Eros Media World's Indian subsidiary has been barred by the Securities and Exchange Board of India (SEBI) from accessing the securities market in June 2023 for the alleged misrepresentation of financial statements and siphoning off of funds. The regulator also barred Eros International Media Limited Managing Director Sunil Arjan Lulla and CEO Pradeep Dwivedi from the securities market.[13]