The Delhi High Court on Thursday upheld an order directing Bloomberg to take down a report alleging Sebi had found a $241 million irregularity in Zee Entertainment’s books. Bloomberg has been given three days time to comply with the order to take the article down.
“It is clarified that the appellants shall comply with the trial court order within three days,” the High Court order stated.
Bloomberg had moved the Delhi High Court against a trial court order directing it to remove an article alleging that the Sebi found irregularities of around US $240 million at Zee Entertainment.
The article titled India Regulator Uncovers $241 Million Accounting Issue at Zee was published by Bloomberg on February 21, 2024.
As per the story, the market regulator had found that more than $241 million was missing from the Zee Entertainment’s accounts with no proper transaction history shown for the amount. Zee then filed a defamation suit before a Delhi district court against Bloomberg.
It told the district court that the article was defamatory and that Sebi has not rendered any finding against Zee. It was argued that the article claims that Sebi had unearthed large financial bungling though no such finding was disclosed.
