Zee Media Corporation Limited has informed the Exchange about General Updates regarding receipt of notice of Pre-Institution Mediation proceeding initiated against the Company before the Alternative Dispute Redressal Center, Kolkata.
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Zee Media Corporation has received intimation that Mr. Saumyajit Sen alias Ronny Sen has filed a commercial suit against the company before the Hon'ble Commercial Court at Rajarhat, Kolkata, regarding alleged copyright infringement. The plaintiff is seeking a permanent injunction and has claimed Rs. 18,11,25,000 (approximately Rs. 18.11 crore) along with 18% interest. The matter originated from a Pre-Institution Mediation proceeding initiated before the Alternative Dispute Redressal Center, Kolkata. The company states based on preliminary assessment that no financial implications are expected and it is defending the matter with legal counsel.
This is a civil copyright dispute that could potentially impact the company's finances if the claim succeeds, though the company currently believes no financial outflow is likely. The litigation is in early stages.