Zee Leisure Enterprises, in a regulatory submitting, introduced that it has filed a counterclaim of round Rs 70 crore, together with curiosity, towards Star India, now backed by Reliance Industries (RIL) in a dispute over broadcasting rights for the Worldwide Cricket Council’s (ICC) males’s tournaments spanning 4 years. This growth follows Star India’s Rs 7,800 crore damages declare relating to the failed ICC) contract, which is at the moment beneath arbitration on the London Courtroom of Worldwide Arbitration (LCIA).
The counterclaim pertains to the Rs 69 crore paid by Zee to Star beneath their settlement. Zee said that the arbitration course of continues to be in its early phases, and the willpower of Zee’s alleged legal responsibility for breaches of the Alliance Settlement with Star stays pending.
The administration, counting on authorized opinion and inner evaluation, has concluded that the corporate isn’t in breach of the Alliance Settlement and considers Star’s claims to be baseless and legally untenable.
The 2 corporations entered into an alliance settlement in August 2022 regarding the ICC rights. Below the settlement, Zee was required to offer monetary commitments, together with a financial institution assure and company ensures, whereas additionally planning for a merger with Sony Photos Community India (SPNI).
Star, which was beforehand owned by Walt Disney and is now majority-owned by Reliance Industries, secured the ICC media rights value $3 billion after Zee withdrew from the settlement. Walt Disney and Bodhi Tree Techniques additionally maintain shares in Star. Star claims that Zee didn’t make the preliminary fee of Rs 1,693 crore and incurred extra liabilities of Rs 17 crore for financial institution assure fee and deposit curiosity.
In March 2024, Star initiated arbitration proceedings to both implement the settlement or search damages. Nevertheless, by June 2024, Star selected to terminate the settlement and subsequently initiated arbitration proceedings on the LCIA. On September 16, 2024, Star filed an announcement of case with the LCIA, in search of damages, together with prices, bills, and relevant curiosity till full fee from Zee.
In response, Zee sought a refund of Rs 69 crore, arguing that the settlement had turn out to be null and void resulting from Star’s failure to satisfy its obligations. On December 23, 2024, Zee filed its assertion of protection, rejecting all claims made by Star. The dispute is being overseen by a three-member arbitral tribunal appointed by the LCIA.
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