India's Eros Group Says It Is Taking Action to Resolve Loan Payment Delays

Indian film and entertainment group Eros International has taken steps to resolve delays in loan payments, Chief Executive Kishore Lulla said, as he also dismissed a short seller’s allegations of accounting irregularities at the group, Reuters reported. The company’s New York-listed shares plunged more than 55% last week, and those of its Indian subsidiary Eros International Media Ltd sunk more than 30%, after an Indian rating agency categorized debt of Eros’s Indian subsidiary at “default” levels due to delays in loan payments. “All the steps have been taken to rectify the issues (around delayed loan payments),” Lulla said in a telephone interview on Sunday, adding the company has no big bond payments either that come due in the short term. Read more