Emergency Arbitrator denies Sony’s application against Zee
The Singapore International Arbitration Centre (SIAC) has denied the application for emergency interim relief filed by Sony against Zee Entertainment.
A Delhi court on Friday ordered Bloomberg Television Production Services India Pvt Ltd (Bloomberg) to take down the defamatory article published against ZEE Entertainment Enterprises Ltd (ZEE) on February 21.
In relief to ZEE, Additional District Judge, Harjyot Singh Bhalla held that it had made out a prima facie case for passing ad interim ex-parte orders of injunction and directed Bloomberg to take down the defamatory article from its platform within one week of receipt of the order.
Bloomberg was also restrained from posting, circulating, or publishing the article on any online or offline platform till the next date of hearing.
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ZEE, in its suit, argued that the Bloomberg article which mentioned details relating to the corporate governance and business operations of ZEE, were inaccurate in nature and led to a 15 per cent drop in share price of the company, eroding investor wealth. It said that the “false and factually incorrect” article was published, with a pre-meditated and mala fide intention to defame the company.
The article, it said, incorrectly published that 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, ZEE said.
Counsel for ZEE argued in the hearing on Wednesday that irreparable loss and injury may be caused to the company if the injunction, as prayed for, was not granted.
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