“…it was informed that the company and Margo Networks Private Ltd a subsidiary of the company, have initiated arbitration proceedings against wrongful termination of the Content on Demand Agreement by the RailTel Corporation of India Ltd and claimed the amounts wrongfuly forfeited by Railtel along with cost/damages.
This is to inform you that the Arbitral Tribunal vide its Arbitral Award has rejected the said claims filed by the company and Margo against RailTel,” ZEEL said in a regulatory filing
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The claims pertained to the alleged wrongful termination of a Content on Demand Agreement and the forfeiture of funds by Railtel. The Tribunal also dismissed the counterclaims filed by Railtel in the same arbitration proceedings.
ZEEL has stated that it is reviewing the Arbitral Award and considering filing an application or appeal before the appropriate court to challenge the decision. The arbitration was initiated following disputes over the agreement, which ZEEL and Margo argued had been wrongfully terminated.
“Further, the Arbitral Tribunal has also rejected the counter claims made by Railtel. The company is evaluating the option of filing an application/appeal before the appropriate Court for setting aside the Arbitral Award,” it said.
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Shares of Zee Entertainment Enterprises Ltd ended at ₹120.60, up by ₹2.00, or 1.69% on the BSE.
First Published: Nov 26, 2024 9:56 PM IST
