Securities Appellate Tribunal
M/s. Mediaone Global Entertainment Ltd & Others vs SEBI on 8 September 2026
BEFORE THE SECURITIES APPELLATE TRIBUNAL
MUMBAI
Date : 08.09.2026
Appeal No. 254 of 2026
[Along with Misc. Application Nos. 712 & 738 of 2026]
M/s. Mediaone Global Entertainment Ltd. & Ors. …Appellants
Versus
Securities and Exchange Board of India
…Respondent
Mr. Mustafa Doctor, Senior Advocate i/b Palantir Law for the Appellants.
Mr. Pradeep Sancheti, Senior Advocate with Mr. Ravishekhar Pandey and Mr. Rushikesh Dusane, Advocates i/b Agama Law Associates for the Respondent - SEBI.
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ORDER:
The application for exemption is allowed. Misc. Application No. 738 of 2026 is disposed of.
2. For the reasons stated therein, the application for condonation of delay is allowed. Delay of 108 days is condoned. The Misc. Application No. 712 of 2026 is disposed of.
3. Admit.
4. Respondent is granted six weeks to file reply and three weeks thereafter to the appellant to file rejoinder.
5. Mr. Mustafa Doctor, learned Senior Advocate for the appellants submitted that SEBI’s first allegation is that the appellant Company has failed to pay dividends declared for FY 2010-11 and FY 2011-12. The second allegation is that the appellant Company has indulged in round tripping of funds with a Company called ‘Eros International Media Limited’ during FY 2013-14 and FY 2014-15. SEBI has issued Show Cause Notice (SCN) on 10.10.2025, after about 15 years. He submitted that Company’s financial condition is weak and prayed that a lenient view may be taken with regard to conditions for grant of interim order of stay of the impugned order.
6. Mr. Pradeep Sancheti, learned Senior Advocate for the SEBI submitted that admittedly appellant Company has not paid the dividends to which the shareholders were entitled to as back as in FY 2010-11 and 2011-12 and opposed any interim relief.
7. The principal amount of dividends payable is Rs.2.31 Crore and penalty is Rs.99 Lakhs.
8. Having heard the learned Senior Advocates on both sides, we direct that pending consideration of final hearing, there shall be stay of recovery subject to deposit of Rs.2 Crore within four weeks from today and the same shall be kept in an interest bearing account by the SEBI.
9. Mr. Doctor submitted that the appellants’ bank accounts have been frozen by the SEBI and the same may be de-frozen. Mr. Sancheti submitted that the bank accounts may be de-frozen only after the appellant Company deposits the sum of Rs.2 Crore directed by this Tribunal.
10. We direct that the banks mentioned in the tabular column below shall permit debit only for the purpose of making the deposit of Rs.2 Crore directed by this order. Once the deposit is made, the appellant Company shall be at liberty to move this Tribunal for de-freezing the accounts.
11. The appellants shall file a list of shareholders as on the record date for FY 2010-11 and FY 2011-12.
12. The bank details of appellant Nos. 1 to 7 are as under:
App. No. Name of the Appellant Bank details
1. M/s. Mediaone Global Entertainment Ltd. Bank : ICICI Bank A/C No.: 606102809 – Lien IFSC : ICIC0006026 Branch : T Nagar Branch
Bank : Indian Overseas Bank A/C No. : 009102000006166-Blocked IFSC : IOBA0000571 Branch : Kilapuk
Bank : Axis Bank A/C No. 920020051516122 Banch : Mylapore Main IFSC : UTIB0000006
2. Suryaraj Kumar Bank : Bank of India A/C No. : 802410100000267-Blocked A/C No. 802427110000005-Lien A/C No. 802427110000009-Lien Branch : Anna Nagar
Bank : IDFC Bank A/C No. 10075805153 – Blocked Branch : Anna Nagar
Bank : City Union Bank A/C No. 500101010605870 – Blocked
Bank : HDFC Bank A/C No. 01361000087930-Blocked A/C No. 00041000208075 – Blocked
Bank : Union Bank A/C No. 022712010000768 - Blocked
3. J Murali Manohar Bank : Karur Vysya Bank A/C No. 1154151000004141 (NRE)–Blocked Branch : Anna Nagar
Bank : HDFC Bank A/C No. 01361930002595 – Blocked IFSC : HDFC0000136 Branch : Ashok Nagar
4. K Sai Prasad Bank : Kotak Mahindra A/C No. 4645139316 – Blocked IFSC : KKBK0008055
Bank : ICICI Bank A/C No. 180601515314 – Lien IFSC : ICIC0001806
Bank : State Bank of India A/C No. 64057787211-Blocked IFSC : SBIN0040199
5. M Srinivas Kumar Bank : HDFC Bank A/C No. 04931140010325 – Blocked IFSC : HDFC0000493 Branch : Mogappair Branch
Bank : State Bank of India A/C No. 10009100456 – Blocked Branch : Mahalingapuram
6. Timothy Moses Bank : IDFC Bank A/C No. 10182148456 – Blocked IFSC : IDFB0080147 Branch : Chennai – Purasawalkam
Bank : HDFC Bank A/C No. 50100181481637 – Blocked IFSC : HDFC0000124 Branch : Kilpauk
Bank : SBI Bank A/C No. 10094551283 – Blocked IFSC : SBIN0001853 Branch : Kilpauk
Bank : CSB Bank A/C No. 0059010003805 IFSC : CSBK0000059
7. Saraswathy Gopalan Bank : HDFC Bank A/C No. 25901930001395 – Blocked IFSC : HDFC0002590
Bank : ICICI Bank A/C No. 602601537443 – Blocked IFSC : ICIC0006026
Reality Consulting Bank : Bank of Maharashtra A/C No. 60064489679 – Blocked IFSC : MAHB0000450
Bank : Indian Bank A/C No. 418673676
13. Call on 22.12.2026.
Justice P.S. Dinesh Kumar
Presiding Officer
Ms. Meera Swarup Technical Member
Dr. Dheeraj Bhatnagar Technical Member 08.09.2026 msb MADHUKAR BHALBAR Digitally signed by MADHUKAR BHALBAR Date: 2026.09.09 13:27:32 +05'30'