Zee senior management to meet investors in Singapore from Sept 25-27 amid Star India dispute
The announcement has come after the media and entertainment behemoth rejected a $940 million (Around Rs 8,000 crore) claim filed by Disney-owned Star India regarding the termination of a cricket broadcasting agreement on Wednesday
ADVERTISEMENT
Zee Entertainment's senior management on Thursday announced that it will be convening multiple one-to-one group meetings with the investors from Wednesday, September 25 to September 27 in Singapore.
In a stock exchange filing, ZEEL wrote, "We wish to inform you that the senior management of the Company will be having multiple one-to-one group meetings with the investors from Wednesday, September 25, 2024, to Friday, September 27, 2024, in Singapore".
The announcement has come after the media and entertainment behemoth rejected a $940 million (Around Rs 8,000 crore) claim filed by Disney-owned Star India regarding the termination of a cricket broadcasting agreement on Wednesday.
Notably, Star India has filed a 'statement of case' before the London Court of International Arbitration (LCIA) in which it declared the termination of the alliance agreement and sought the damages in the now-terminated ICC TV rights deal case.
In 2022, ZEEL and Star India signed an agreement, valued at $1.4 billion.
The deal would have seen Star India license television broadcasting rights for the ICC tournaments to ZEEL for four years.
However, this year in January, ZEEL withdrew the agreement, claiming Star India breached the terms and conditions of the deal. ZEEL demanded a repayment of rs 68.54 crore.
Consequently, Star India initiated arbitration proceedings under the LCIA Rules, alleging that Zee terminated the agreement on its part, The company on 16 September asked for $940 million of damages, along with costs, expenses, and interest.
ZEEL has categorically refuted claims by Star India. The company said that LCIA is yet to assess its liability if any.
"The Company categorically refutes all claims and assertions made by Star including its claims for damages. The arbitration is at its initial stage and the LCIA Arbitral Tribunal is yet to determine if the Company is liable in any manner. The Company will, on merits, strongly contest all unfounded claims by Star and reserves all its rights," Zee told stock exchanges.
The shares of ZEEL were up 1.06% to Rs 127.47 on Friday at 12:57 pm.
