Delhi Court Orders Bloomberg to Remove Zee Entertainment Article

By By Rediff Money Desk, NEWDELHI
Mar 01, 2024 22:14
A Delhi court has directed Bloomberg to remove an article alleging accounting irregularities at Zee Entertainment from its online platform, citing potential reputational damage.
Illustration: Dominic Xavier/Rediff.com
New Delhi, Mar 1 (PTI) A city court on Friday directed Bloomberg Television Production Services India Pvt. Ltd. (Bloomberg) to remove a news article published against media major ZEE Entertainment Enterprises Ltd (ZEEL) from its online platform.

A court of Additional District Judge H S Bhalla has directed Bloomberg "to take down the article dated Feb 21, 2024, from online platform within one week of receipt of this order."

It has further restrained Bloomberg "from posting, circulating or publishing the aforesaid article in respect of the plaintiff on any online or offline platform till the next date of hearing."

The court's direction came over a suit filed by ZEEL against Bloomberg, in which it submitted that the article by Bloomberg has damaged its reputation.

Bloomberg had published an article titled "India Regulator Uncovers $241 Million Accounting Issue at Zee" which was "defamatory" and was published to malign its image.

ZEEL in a statement said it argued in front of the Court that the article published by Bloomberg was false and factually incorrect, with a pre-meditated and malafide intention to defame the Company.

"The article mentioned details pertaining to the corporate governance and business operations of ZEE, which were inaccurate in nature and led to a 15% drop in share price of the Company, eroding investor wealth.

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," it said.

Despite the Company firmly refuting the same, the article incorrectly published financial irregularities in ZEE, without the basis of any order from the regulator, it said.

Passing a 4-page-long order, the city Court said: "In my view, the plaintiff (ZEEL) has made out a prima facie case for passing ad interim ex-parte orders of injunction, balance of convenience is also in favour of plaintiff and against the defendant (Bloomberg) and irreparable loss and injury may be caused to the plaintiff, if the injunction as prayed for is not granted.."

"In view thereof, defendant no.1 and defendant no.2 are directed to take down the article dated 21.02.2024 (page 84 to 86 of the plaintiff's document) from online platform within one week of receipt of this order," it said.
Read More On:
zee entertainmentbloombergdelhi courtdefamationaccounting irregularities
DISCLAIMER - This article is from a syndicated feed. The original source is responsible for accuracy, views & content ownership. Views expressed may not reflect those of rediff.com India Limited.

You May Like To Read

MORE NEWS

RBI Approves Rajat Verma as DBS Bank India CEO

The Reserve Bank of India has approved Rajat Verma as the new CEO of DBS Bank India,...

PFC Consulting Sets Up SPV for Transmission...

PFC Consulting Ltd has incorporated a project special purpose vehicle (SPV) for...

IKEA India Widens Loss to Rs 1,299 cr in FY24,...

IKEA India reported a widening loss of Rs 1,299.4 crore in FY24, despite a 4.5% revenue...

Lupin Acquires Huminsulin for Diabetes...

Lupin has acquired 'Huminsulin' in India from Eli Lilly and Company to strengthen its...

Power Grid Corp Acquires Rajasthan IV 4A Power...

Power Grid Corporation of India acquired the project special purpose vehicle (SPV)...

Sebi Approves IPOs for Schloss Bangalore, Ather...

Sebi has approved IPO proposals from six companies, including Schloss Bangalore, Ather...

McDonald's Opens First Restaurant in Sikkim,...

McDonald's has opened its first restaurant in Gangtok, Sikkim, marking its entry into...

Bullion Rates Today: Gold, Silver Prices in...

Get the latest bullion rates for gold and silver in Bengaluru. Check today's prices for...

Wheat Sowing Area Up 2.15%, Oilseeds Decline -...

Wheat acreage rose 2.15% in India's ongoing rabi season, while oilseeds acreage fell...

SAIL Wins 'Great Place to Work' Certification...

State-owned SAIL has been certified as a 'Great Place to Work' for the second...

Read More »

Sectoral Indices Market Indicators Listed Companies Gainers Losers Mutual Funds Portfolio Watchlist
© 2024 Rediff.com