In what may account to be fresh trouble for Zee Entertainment Limited (ZEEL), Star India Private Limited (Star) has filed Statement of Case in its ongoing arbitration proceedings against the former, seeking damages of $940 million (approximately Rs 7, 869 crore) in the now terminated ICC TV rights deal case.
However, Zee has strongly denied all allegations and claims made by Star, asserting that the arbitration is still in its early stages. It categorically refuted Star's assertions, vowing to "strongly contest all unfounded claims" and stated that it will defend its position on merit. The company added that it "reserves all rights" in the ongoing arbitration.
This case pertains to Zee's non compliance in August 2022 deal with Star under which it would have sub-licenced the ICC TV rights until 2027. Zee had quit the $1.4 billion deal after missing its first $200 million payment, saying it was not in a position to pay.
Shares of Zee Entertainment were down 0.56%, trading at Rs 132.30 a piece on the BSE at 12:30 p.m.
The case was filed in March 2024 and in the lates development, Star has submitted its Statement of Case to the LCIA Arbitral Tribunal, requesting a formal declaration that the agreement was validly terminated and seeking damages to be assessed based on the Tribunal's final award.
Star's damages, as of a proxy date of August 31, 2024, are estimated at $940 million, along with costs, expenses, and interest until full payment, Zee said.
Zee has said that the LCIA Tribunal has yet to determine whether Puneet Goenka-led company bears any liability in the matter.
However, Zee has strongly denied all allegations and claims made by Star, asserting that the arbitration is still in its early stages. It categorically refuted Star's assertions, vowing to "strongly contest all unfounded claims" and stated that it will defend its position on merit. The company added that it "reserves all rights" in the ongoing arbitration.
This case pertains to Zee's non compliance in August 2022 deal with Star under which it would have sub-licenced the ICC TV rights until 2027. Zee had quit the $1.4 billion deal after missing its first $200 million payment, saying it was not in a position to pay.
Shares of Zee Entertainment were down 0.56%, trading at Rs 132.30 a piece on the BSE at 12:30 p.m.
The case was filed in March 2024 and in the lates development, Star has submitted its Statement of Case to the LCIA Arbitral Tribunal, requesting a formal declaration that the agreement was validly terminated and seeking damages to be assessed based on the Tribunal's final award.
Star's damages, as of a proxy date of August 31, 2024, are estimated at $940 million, along with costs, expenses, and interest until full payment, Zee said.
Zee has said that the LCIA Tribunal has yet to determine whether Puneet Goenka-led company bears any liability in the matter.
