Delhi court instructs Bloomberg to take down an article deemed ‘defamatory’ towards Zee

The Delhi Sessions Court has instructed Bloomberg Television Production Services India Pvt. Ltd. (Bloomberg) to remove a defamatory article targeting ZEE Entertainment Enterprises Ltd. (ZEE) published on February 21, 2024.

ZEE, through a lawsuit, argued in court that the article by Bloomberg was false and factually incorrect, with the deliberate intention to defame the company. The article contained inaccurate details about ZEE’s corporate governance and business operations, leading to a 15% decline in the company’s share price and causing financial losses to investors, as stated in a statement by ZEE.

The statement clarified that the Bloomberg article falsely claimed that the Securities and Exchange Board of India (SEBI) had identified a $241 million accounting problem at the company, which SEBI hasn’t confirmed. Even though the company strongly denied this claim, the article still alleged financial irregularities in ZEE without any regulatory backing.

During a hearing on February 28, 2024, ZEE’s legal representative argued before the judge that if the requested injunction wasn’t granted, the company could suffer irreparable loss and harm.

In a significant development for Zee, additional district judge Harjyot Singh Bhalla ordered Bloomberg to remove the defamatory article from its platform within one week of receiving the order. Additionally, the platform is prohibited from posting, sharing, or publishing the article on any online or offline platform until the next hearing date.

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