Star India Files Statement Of Case Against Zee In London Court
Star India Files Statement Of Case Against Zee In London Court
Seeks damages of $940 million (approximately Rs.7,869 crore)
Star India Private Limited (Star) has filed a Statement of Case in its ongoing arbitration proceedings in the London Court of International Arbitration (LCIA) against Zee Entertainment Limited (ZEEL).
It has sought damages of $940 million (approximately Rs.7,869 crore) in the now-terminated International Cricket Council (ICC) TV rights deal.
Meanwhile, Zee has denied the allegations. It plans to contest the claims in the arbitration, which is in its early stage and Zee's liability is yet to be determined.
Refuting Star's assertions, Zee vowed to "strongly contest all unfounded claims". The company added that it "reserves all rights" in the arbitration.
The case relates to the August 2022 deal between Zee and Star.
Zee was accused of non-compliance with the rules, under which it was supposed to sub-licence the ICC TV rights until 2027. However, it quit the $1.4 billion deal after missing its first $200 million payment stating its inability to pay.
Star filed the case in March 2024. It has now requested the LCIA for a formal declaration that the agreement was validly terminated. The damages should be assessed based on the tribunal's award.
On the other hand, Zee stated that as of 31 August 2024, Star’s damages were $940 million, along with costs, expenses, and interest until full payment. It added that the tribunal was yet to decide whether the Puneet Goenka-led company bore any liability.
