Arbitral Tribunal rejects claims of ZEEL and Margo Networks against Railtel

The Arbitral Tribunal vide its Arbitral Award has rejected the claims of wrongful termination of agreement filed by Zee Entertainment Enterprises Ltd (ZEEL) and Margo Networks against Railtel. Further, the Arbitral Tribunal has also rejected the counter claims made by Railtel.

ZEEL has informed the bourses that pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 and in continuation to its earlier disclosure to the bourses dated August 22, 2023, ZEEL and its subsidiary Margo Networks have initiated arbitration proceedings against wrongful termination of the Content on Demand Agreement by the Railtel Corporation of India.

ZEEL is making a claim for the amounts wrongfully forfeited by Railtel along with cost/ damages.

Meanwhile, ZEEL is evaluating the option of filing an application/ appeal before the appropriate Court for setting aside of the Arbitral Award.