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In a disclosure to the exchanges, ZEEL said, “On 13 June 2025, Star filed its Reply and Defence to Zee’s Counterclaim of terminating the Alliance Agreement and updated its damage claim to $1,003 million (from $940 million) as of 30 April 2025.”
The dispute stems from an agreement signed on 26 August 2022, under which Star sublicensed the television broadcasting rights for ICC Men’s and Under-19 global events for the 2024–2027 cycle to Zee, while retaining the digital rights.
The Alliance Agreement was subject to certain conditions precedent, including financial commitments, corporate and bank guarantees, and final approval from the International Cricket Council (ICC).
Star had acquired the ICC TV and digital rights for India for $3 billion and sublicensed the television rights to Zee under a prior commercial understanding.
In early 2024, Star, through its legal counsel, alleged that Zee had breached the agreement by failing to pay the first installment of $203.56 million and by not submitting the required guarantees.In response, ZEEL terminated the agreement on 8 January 2024, citing Star’s alleged repudiatory breach. The company also sought a refund of Rs 685 million (approximately $8 million) paid towards bank guarantee commissions and interest.Star initiated arbitration proceedings before the London Court of International Arbitration (LCIA) on 14 March 2024, initially seeking specific performance of the agreement or, alternatively, damages. On 20 June 2024, Star terminated the agreement and opted to pursue damages only.
According to a procedural order issued by LCIA on 18 July 2024, Star filed its Statement of Case on 16 September 2024, seeking a declaration that it had validly terminated the agreement and quantifying damages at $940 million as of 31 August 2024, the proxy date used for the final award, along with interest and costs.
Zee responded with its Statement of Defence and Counterclaim on 23 December 2024, denying Star’s claims and seeking a refund of $8 million plus interest. On 31 May 2025, both parties exchanged their respective responsive documents as part of the document discovery phase in the arbitration.
With its latest filing on 13 June 2025, Star raised its damages claim to $1.003 billion. Zee is required to file its rejoinder by 8 August 2025, and evidentiary hearings are scheduled for November.
“The Board continues to monitor the progress of the aforesaid matter,” ZEEL said. “The management, based on legal opinion and internal assessment, has determined that the company is not in default of the Alliance Agreement and believes that the claims made by Star are unfounded and legally not tenable.”
ZEEL added that it does not expect any material adverse impact from the proceedings, reiterating its view that the contract has been repudiated and no adjustments are required to its financial statements.
Earlier, ZEEL MD and CEO Punit Goenka said the company was open to “all possible avenues” in resolving the dispute. “We are open to all possibilities available to us, both legal and non-legal, including out-of-court settlements,” Goenka said during the Q4 earnings call. “But it’s too early to comment further.”
