In a recent development, the Delhi High Court issued an order on March 1, 2024, directing news media company Bloomberg to take down an article published against ZEE Entertainment Enterprises Ltd (ZEE) on February 21, 2024.

The article, which purportedly delved into the corporate governance and business operations of ZEE, has drawn scrutiny from the affected company, alleging inaccuracies that reportedly caused a significant downturn in its share price. ZEE claims that the article led to a 15% drop in the company’s share price, resulting in erosion of investor wealth.

According to the Bloomberg article, the Securities and Exchange Board of India (SEBI) had identified a $241 million accounting discrepancy at ZEE. However, ZEE vehemently refuted these claims, asserting that there has been no such order issued by the regulatory body.

ZEE initiated legal action against Bloomberg, contending that the article was not only false and factually incorrect but also published with a deliberate and malicious intent to tarnish the company’s reputation.

In response to ZEE’s plea, Additional District Judge Harjyot Singh Bhalla ordered Bloomberg to remove the allegedly defamatory article from its platform within one week of receiving the court order. Furthermore, the court instructed Bloomberg to refrain from posting, circulating, or publishing the article on any online or offline platform until the next date of hearing.

The court’s decision marks a significant development in the ongoing dispute between ZEE and Bloomberg, shedding light on the complexities surrounding corporate governance and media accountability in the contemporary business landscape.