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Published: March 15, 2024
Updated: March 15, 2024
Indian media firm Zee and American media firm Bloomberg are battling each other in the courts. After Zee’s two-year-old merger deal with Sony collapsed, Bloomberg wrote a series of articles which pulled down Zee’s share prices in the stock markets.
As per Zee, the articles by Bloomberg incorrectly said that Securities and Exchange Board of India (SEBI) has found a $241 million (Rs 2,000 crore) funds diversion from Zee, whereas there is no such order from the regulator. Despite Zee firmly refuting the same, Bloomberg incorrectly published financial irregularities in ZEE without the basis of any order from the regulator, according to Zee.
Zee is currently going through a crisis with the promoter stake falling to just 4 per cent. The allegations of funds diversion from the company are under investigation by SEBI and an earlier order by the regulator was set aside by the Securities & Appellate Tribunal.
February 15, 2025 - First Issue
Industry Review
VOL XVI - 10
February 01-15, 2025
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