Zee Entertainment once again came under scrutiny on Friday as the Supreme Court overturned previous rulings directing Bloomberg to remove a report claiming a $241 million accounting discrepancy in Zee Entertainment's records.
Even CJI DY Chandrachud, alongside Justices JB Pardiwala and Manoj Misra, expressed discontent with the prior decisions made by the Delhi High Court and a trial court regarding this issue, as per a report by Bar and Bench.
On Friday, Zeel's (Zee Entertainment Enterprise Ltd.) shares concluded the day at Rs. 142.35, up by more than a per cent on NSE.
Stressing the High Court's responsibility, the apex court highlighted the necessity for a thorough examination of assessment of facts.
The court's decision is based on the hearing dated back to March 14, which upheld a trial court's ex-parte order instructing Bloomberg to remove its article.
The report titled "India Regulator Uncovers $241 Million Accounting Issue at Zee" alleged that SEBI found an accounting irregularity in the company's books. Following its publication on February 21, Zee filed a defamation suit against Bloomberg in a Delhi district court.
The publication was instructed by a trial court to remove its article through an interim order, a decision that was eventually affirmed by the Delhi High Court on March 14.
Zee Entertainment continues to remain under stress following the cancellation of its mega-merger with Sony. The media company's shares have been under pressure since then, tumbling more than 50 per cent year-to-date.
