New Delhi, March 14 The Delhi High Court on Thursday upheld a trial court’s order directing Bloomberg Television Production Services India Pvt Ltd (Bloomberg) to take down a defamatory article dated February 21 against ZEE Entertainment Enterprises Ltd (ZEE) relating to the corporate governance and business operations of the latter.
Earlier in a relief to ZEE, Additional District Judge (ADJ) Harjyot Singh Bhalla directed Bloomberg to take down the defamatory article from its platform within one week of receipt of the order.
Last week, Bloomberg had moved the high court against the ADJ’s order.
Justice Shalinder Kaur, who presided over the case, dismissed Bloomberg’s appeal and granted three days to comply with the directions of the ADJ.
The trial court had restrained Bloomberg from posting, circulating, or publishing the article on any online or offline platform till the next date of hearing.
ZEE, in its suit, argued that the Bloomberg article, which mentioned details relating to the corporate governance and business operations of ZEE, was inaccurate and led to a 15 per cent drop in the company's share price, eroding investor wealth.
It said the “false and factually incorrect” article was published with a pre-meditated and mala fide intention to defame the company.
The article, it claimed, incorrectly published that the Securities and Exchange Board of India (SEBI) has found a $241 million accounting issue in 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.
The counsel for ZEE argued that irreparable loss and injury may be caused to the company if the injunction, as prayed for, was not granted.
Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor