Entertainment firm Eros International today said an independent internal review of the company by an a US-based law firm has "reinforced confidence in the company's accounting policy, practices and disclosures".
Last year in November, Eros International had engaged US law firm Skadden, Arps, Slate, Meagher & Flom LLP to conduct an independent internal review in the wake what it called as an anonymous campaign spreading "false and malicious information" that has negatively impacted the company's share prices.
The company's shares had plunged after analysts in Wells Fargo & Co raised questions, including the company's growing business in the United Arab Emirates last year.
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The review included analysis of company's financial reporting areas which includes its UAE sales and revenue, amortisation policy of intangibles, related party transaction, Eros International Media said in a BSE filing.
It has also analysed ErosNow's registered user count and Eros' film library, it added.
Commenting on the development, Eros International CEO Jyoti Deshpande said, "We are pleased the Audit Committee with the assistance of Skadden Arps Slate Meagher & Flom LLP has completed its thorough internal review and reinforced its confidence in the company's accounting policy, practices and disclosures in the company's financial statements and other key matrics."
She further said, "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 to build on our market leadership position in the Indian film entertainment sector and capitalise on opportunities to create long term shareholder value."
The company expects to announce its full year results for FY2015-16 in June 2016.
