One of the largest production house in India, Eros International, is reportedly going through a tough financial time.
For a long period of time, the industry had heen aware that the production company has been faced with financial difficulties which led to a delay in the payment of or even refusing to pay the third-party and artists.
COO Submits Resignation
The latest addition to this list is Shikha Kapoor, the company’s Chief Operating Officer (COO).
The source said: “in the last 6 months, many employees have not received a salary. They waited for a few months but when it became clear that the company was not interested in clearing their dues, they preferred to quit. Around 10-15 employees have left in the last 2-3 months.”
Even Shikha Kapoor is said to be leaving the company now, mainly for the same reason.
In June 2020, she took over as the company’s Chief Operating Officer for the expansion of the studio operations of Eros International. She has worked in a number of leadership roles at other studio, such as UTV Motion Pictures, Fox Star Studios, the Walt Disney before going to the Eros International.
Exodus Of Employees
The source said: “Eros International had merged with STX in early 2020. This deal had led to a lot of cash flow in the company. Yet, it is shocking that the company is facing these issues, which has resulted in an exodus of employees.”
When a representative of Eros International in touch with a leading daily, he said, “The global pandemic and the resulting scenario forced us to re-invent and re-structure our business model in the vertical position. The result of this is that some of the staff were fired as part of a corporate restructuring and cost optimization. While efforts are made to share as much knowledge as possible about the organization, and to ensure that the process of the restructuring impact the minimum number of employees, unfortunately, there are a number of roles that needed to be furloughed.