SEBI Slaps ₹99 Lakh Penalty on Mediaone Global for Fund Diversion and Financial Irregularities

The Securities and Exchange Board of India (SEBI) has fined Mediaone Global Entertainment Ltd ₹99 lakh for diverting funds, manipulating accounts, and misleading investors.

SEBI found that the company diverted ₹99.48 crore it received from Eros International Media Ltd. for film production and content, but did not use it for legitimate business purposes.

SEBI ordered the company to recover the diverted amount with 12% interest, transfer unpaid dividends to the Investor Education and Protection Fund, and restrict access to the securities market for key individuals involved.

The action aims to protect investors and enforce compliance with securities laws.