Bloomberg Ordered To Pull Down Article On Zee

NEW DELHI  (IANS) – A Delhi court on March 1 ordered Bloomberg Television India, to take down an article published against Zee Entertainment Enterprises Ltd on February 21.

Bloomberg was also restrained 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, were inaccurate in nature and led to a 15 percent drop in the share price of the company, eroding investor wealth. It said that the “false and factually incorrect” article was published, with a pre-meditated and mala fide intention to defame the company.

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