“Delhi Court Directs Bloomberg To Remove “Defamatory” Article Against Zee”
In a recent development, a Delhi court has issued a directive to Bloomberg Television Production Services India Pvt. Ltd, instructing them to remove an article deemed defamatory against Zee Entertainment Enterprises Ltd. This decision came following Zee’s claims that the article, published by Bloomberg, contained false and factually incorrect information, leading to a significant drop in the company’s share price.
In a recent development, a Delhi court has issued a directive to Bloomberg Television Production Services India Pvt. Ltd, instructing them to remove an article deemed defamatory against Zee Entertainment Enterprises Ltd. This decision came following Zee’s claims that the article, published by Bloomberg, contained false and factually incorrect information, leading to a significant drop in the company’s share price.
Zee Entertainment Enterprises Ltd asserted that the article, published on February 21, contained inaccurate details regarding the corporate governance and business operations of the company. These inaccuracies allegedly resulted in a staggering 15 per cent decline in ZEE’s share price, causing substantial losses to investors and eroding shareholder wealth.
During the proceedings in front of the Delhi Sessions Court, Zee Entertainment Enterprises Ltd argued that the article was crafted with a pre-meditated and malicious intent to defame the company. The court, represented by Additional District Judge Harjyot Singh Bhalla, found merit in Zee’s claims and directed Bloomberg to take down the contentious article from its platform within one week of receiving the court order.
Moreover, the court issued a restraining order against Bloomberg, prohibiting the platform from posting, circulating, or publishing the article on any online or offline platform until the next hearing date.
A pivotal contention raised by Zee Entertainment Enterprises Ltd was regarding the purported mention in the Bloomberg article of a $241 million accounting issue discovered by the Securities and Exchange Board of India (SEBI) at the company. Zee vehemently refuted this claim, highlighting that there was no such order from the regulatory body. Despite the company’s denials, Bloomberg allegedly persisted in publishing the article, which falsely asserted financial irregularities within Zee Entertainment Enterprises Ltd, without any substantiated basis from the regulatory authority.
This ruling marks a significant victory for Zee Entertainment Enterprises Ltd in its pursuit of justice against what it perceives as a malicious attempt to tarnish its reputation. The court’s decision to order the removal of the article underscores the importance of upholding accuracy and integrity in journalism, while also emphasizing the severe consequences of disseminating false information that can adversely impact businesses and investors alike.
Sources By Agencies
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