Arbitral Tribunal Rules Against Zee And Margo In dispute With Railtel Corp
The arbitral tribunal, led by Justices Nageswara Rao, Dr. A K Sikri, and M R Shah, has ruled against Zee Entertainment and Margo Networks in their dispute with Railtel Corporation, rejecting claims over the wrongful termination of the Content on Demand Agreement and the forfeiture of Rs.170 crore.
By: : Nilima Pathak
Update: 2024-11-26 05:15 GMT
Arbitral tribunal rules against Zee and Margo in dispute with Railtel Corp
An arbitral tribunal has rejected the claims of Zee Entertainment and its subsidiary Margo Networks Pvt Ltd challenging the wrongful termination of the Content on Demand Agreement and claiming the amounts wrongfully forfeited against the Railtel
Corporation of India Ltd. It also junked Railtel’s counterclaims. Zee and Margo initiated the arbitration and the subsequent forfeiture of Zee’s bank guarantee of Rs.37.17 crore, Margo's earnest money deposit of Rs.74.34 crore and Rs.59 crore other costs. The total disputed amount was Rs.170 crore.
The arbitration was conducted before retired judges Justice Nageswara Rao, Justice Dr. A K Sikri, and Justice M R Shah.
Meanwhile, Zee plans to appeal before the appropriate court to set aside the arbitral award.