ZEEL's arbitration claims against Railtel rejected
The arbitration arose from a dispute over the wrongful termination of a Content on Demand Agreement by Railtel
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Published: Nov 27, 2024 1:36 PM | 1 min read
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Zee Entertainment Enterprises Ltd. (ZEEL) has informed the Bombay Stock Exchange (BSE) that the Arbitral Tribunal has issued an award rejecting the claims filed by the company and its subsidiary, Margo Networks Pvt. Ltd., against Railtel Corporation of India Limited (Railtel).
This arbitration arose from a dispute over the wrongful termination of the Content on Demand Agreement by Railtel.
In August 2023, ZEEL and Margo initiated arbitration proceedings, claiming wrongful forfeiture of amounts by Railtel and seeking damages. However, the Arbitral Tribunal's recent decision has dismissed these claims.
Additionally, the tribunal rejected counterclaims filed by Railtel.
In light of this ruling, ZEEL stated that it is considering the option of filing an application or appeal before the appropriate court to challenge and potentially set aside the Arbitral Award.
The company’s next steps in this legal matter are under evaluation. The outcome of this case could have significant implications for ZEEL and its subsidiary, with the company still exploring avenues for recourse.
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