The Delhi Sessions Court on Friday ordered Bloomberg Television Production Services India to remove an article published on Zee Entertainment Enterprises on February 21st after Zee argued that the article was “false and factually incorrect, with a premeditated and malafide intention to defame the company, ” reported NDTV.
The article had details pertaining to the corporate governance and business operations of Zee, which were inaccurate in nature and led to a 15 per cent drop in the share price of the company, Zee said in a statement.
“The article by Bloomberg, incorrectly published that the Securities and Exchange Board of India (SEBI) has found a $241 million accounting issue at the company; whereas there is no such order from the mentioned regulator. Despite the company firmly refuting the same, the article incorrectly published financial irregularities in Zee, without the basis of any order from the regulator,” the Zee statement read.
Sony Group Corp. reportedly withdrew its agreement to merge with Zee Entertainment Enterprises Ltd. from India’s National Company Law Tribunal, officially terminating the $10 billion media giant plan. Sony had earlier sent a termination notice to Zee on Jan. 22, alleging failure to meet merger conditions. The collapse leaves Sony and Zee vulnerable as rivals like Reliance Industries and Walt Disney create a formidable entity in India’s media sector.
