Zee dismisses Star India’s $940 million damage claim

Star India has submitted a Statement of Case against Zee Entertainment, claiming $940 million (approximately Rs 7869 crore) in damages related to the canceled ICC TV rights deal, under the Arbitration Rules of the London Court of International Arbitration (LCIA).

Zee categorically refutes all claims and assertions made by Star including its claims for damages. The arbitration is at its initial stage and the LCIA Arbitral Tribunal is yet to determine if the company is liable in any manner, as stated in a BSE filing.

This case involves Zee's non-compliance with its August 2022 agreement with Star, which would have allowed Zee to sub-license the ICC TV rights until 2027. Zee withdrew from the $1.4 billion deal after missing its initial $200 million payment, citing an inability to fulfill the payment.

In March of this year, Star India began arbitration proceedings against ZEEL in the LCIA due to non-compliance with the agreement for the sub-licensing of TV broadcasting rights for ICC international matches from 2024 to 2027.