Delhi High Court orders Bloomberg to take down ‘defamatory’ article against ZEE

The said article led to a 15% drop in the share price of ZEE.

The Delhi High Court, on March 1, 2024, ordered news media company Bloomberg to remove its article published against ZEE Entertainment Enterprises Ltd (ZEE) on February 21 2024.

The article mentioned details about the corporate governance and business operations of ZEE, which the affected company claims were inaccurate in nature and led to a 15% drop in the share price of the Company, eroding investor wealth.

The article by Bloomberg published that the Securities and Exchange Board of India (SEBI) has found a $241 million accounting issue at the company. ZEE said, there is no such order from the mentioned regulator.

ZEE had argued through its suit that the article was false and factually incorrect, with a pre-meditated and malafide intention to defame the company.

Additional District Judge Harjyot Singh Bhalla directed Bloomberg to take down the defamatory article from its platform within one week of receipt of the order, further restraining the platform from posting, circulating or publishing the article on any online or offline platform till the next date of hearing.