Bollywood giant Eros Media World agrees to pay overdue interest

Bollywood giant Eros Media World has agreed to pay interest in arrears to thousands of investors after The Mail on Sunday revealed last week that the Indian film group was months behind on payments to UK bondholders.

The company, run by the wealthy Lulla family, raised £50 million on the London Stock Exchange bond market in 2015, offering investors 6.5 per cent annual interest.

The payments were later increased to 8.5 percent when Eros asked if it could repay the bonds in 2023 instead of 2021.

But the company was unable to pay the interest due in October. Days after the MoS raised concerns, Eros said it would pay bondholders what is owed them.

However, many savers are afraid that they will not get their money back if the bond has to be paid in full in April.

Eros said in an announcement that it is “examining strategic options to secure a successful future for the company and create value for all stakeholders.”