BlackRock has again reduced the valuation of its share in edtech firm Byju's - this time to about $1 billion, TechCrunch reported on Friday, citing disclosures made by the US-based asset manager. This is 95 per cent less than its peak valuation of $22 billion in 2022. The markdown comes at a time when the company is facing a multitude of challenges, including securing fresh capital, delays in financial reporting and legal disputes with lenders.
Ramaswamy's stance on H-1B visas is reminiscent of the 2016 Trump campaign, when then-candidate Donald Trump, who has also hired a number of foreign workers under H-1B visas for his businesses, took a hardline stance on these foreign workers before later softening his rhetoric.
Rishad Premji, chairman of IT services major Wipro, saw his compensation for FY23 decline by almost 50 per cent year-on-year, due to a fall in the firm's profit. According to the Form 20-F, filed with the US Securities and Exchange Commission by Wipro, Premji's compensation for FY23 was $951,353, down 50 per cent from $1,819,022 in FY22. "Rishad A Premji is entitled to a commission at the rate of 0.35 per cent on incremental consolidated net profits of Wipro Limited over the previous fiscal year. However, in light of the fact that the incremental consolidated net profits for fiscal year 2023 was negative, the Company determined that no commission was payable for fiscal year 2023 to Mr Rishad A. Premji," said the company in the filing.
In 1937, a hydrogen-powered German airship flying into New Jersey caught fire and crashed, killing 35 passengers on board. It was sort of a man-made disaster as some 100 people were loaded on to a balloon filled with the most flammable material in the universe. The airship was named Hindenburg. Eight decades later, in 2017, a graduate of international business management from the University of Connecticut founded a "forensic financial research" firm to specialise in spotting wrongdoings and frauds, or what it calls man-made disasters, at companies around the globe and take market bets against them.
Three senior executives have resigned from Byju's at a time when the most valuable edtech company has been trying to address challenges such as due diligence issues, legal battles with lenders, challenges in raising fresh capital, and a markdown in its valuation by investors. Prathyusha Agarwal, the chief business officer of Byju's, has quit, according to sources. They said Himanshu Bajaj, business head of Byju's tuition centres, and Mukut Deepak, business head for Class 4 to 10, have also moved on.
She was found guilty in January of duping investors and lying about the technology after a three-month trial.
Vodafone Idea's (Vi's) search for a lifeline has turned longer and tougher even as it continues to lose customers and delay vendor payments. Vi's much-needed Rs 1,600-crore fundraising plan got stuck due to the government's silence on picking up a proposed 33 per cent equity in the financially stressed telco. The development spells further trouble for the company, which has an overall debt pile of Rs 2.2 trillion, including hefty dues to the government.
Sebi is reportedly examining the matter internally and has reached out to the fund house on the matter.
Ebix had signed the agreement last year to acquire Gurugram-based Yatra Online for an enterprise value of $338 million (about Rs 2,327 crore) in an all-stock deal. The deal was supposed to conclude in the October-December quarter after regulatory approvals but went through several extensions, according to regulatory filings with the US Securities and Exchange Commission.
Damage from new shenanigans can be contained if regulators move quickly when something does not smell right, counsels Debashis Basu.
Some Manchester United fans had previously urged Musk on Twitter to consider buying the club
Manchester United is one of the most famous names in world soccer but is currently in crisis
Walmart agreed to pay more than $ 144 million to settle US Security and Exchange Commission's charges and approximately $ 138 million to resolve parallel criminal charges by the Department of Justice for a combined total of more than $ 282 million.
The SECP notification further warned that non-compliance with the said ruling could result in a hefty monetary fine.
The United States Securities and Exchange Commission, the federal agency to regulate the securities industry in that country, has sought India's permission to probe the multi-million dollar Satyam fraud case.
Infosys on Friday said a class action lawsuit filed against the company and some of its employees in the US district court has been dismissed. The move comes after whistleblower complaints alleging certain unethical practices by the top management emerged in October last year.
A US Securities and Exchange Commission team is in India to probe the multi-crore rupee accounting fraud at NYSE-listed Satyam Computer and is taking the help of local agencies to this end.
Hedge funds maximise absolute returns using a broad range of strategies including unconventional and liquid investments. Quoting people familiar with the matter the Wall Street Journal said: "The Securities and Exchange Commission ordered more than two dozen hedge funds to turn over trading information as it ramps up its investigation into whether traders were spreading rumours to manipulate shares."
Infosys on Tuesday said the US Securities and Exchange Commission has concluded the investigation into the whistleblower allegations made last year, and that it does not anticipate any further action by the regulator. In October last year, Infosys had informed stock exchanges of having received anonymous whistleblower complaints alleging certain unethical practices by the top management. It then started a probe into the matter and roped in external investigators.
Sebi has signed an MoU with its Pakistani couterpart to enhance cooperation between the two countries.
According to reports, an anonymous group that calls itself "ethical employees" have written to the Infosys Board as well as American regulator US Securities and Exchange Commission with the allegations. They have claimed that they have emails and voice recordings to substantiate the same.
Discussion has started between blank check companies in the US and Indian PEs on possible deals in certain key sectors.
After oscillating over 486 points, the 30-share Sensex settled 38.44 points, or 0.10 per cent, lower at 39,020.39. It hit an intra-day low of 38,840.76 and a high of 39,327.15.
Adversarial Harmful Networks -- India Case Study, cited in Facebook whistleblower Frances Haugen's SEC complaints, revealed, among other things, that Facebook was a preferred platform for 'fear-mongering anti-Muslim narratives' in India, observes Devangshu Datta.
In a filing to SEC, the company said proposed regulations may discourage its customers from seeking services.
Rajarengan 'Rengan' Rajaratnam, 42, of Manhattan, was charged by the Federal Bureau of Investigation and the US Securities and Exchange Commission with conspiracy to commit securities fraud and six counts of securities fraud.
The company handed kickbacks to foreign govt officials in return for software contracts.
US officials did not prosecute companies accused of bribing officials in foreign countries when companies disclosed the conduct to authorities, fired responsible employees and took steps to improve compliance with the law.
While elaborating on its international business, including the cash-and-carry or wholesale stores in a joint venture (JV) with the Bharti group, Walmart has pointed out that the list does not include the 'franchised' retail stores.
Two Indian Americans are at the centre of a case, which resulted in a deal that brought $600 million to the Securities and Exchange Commission, the largest amount it got ever to settle an investigation.
Lawyers say compensation may be an uphill task for investors because of a lack of judicial precedent and broader institutional difficulties.
Facebook Inc's initial public offering will vastly increase the wealth of its 27-year-old co-founder Mark Zuckerberg, leaving him with over $ 1 billion in cash and stocks worth $17.6 billion.
Billionaire money manager George Soros reported a nearly 2 percent stake in Manchester United Plc on Monday, in one of the first revelations of investors in the British soccer club's controversial initial public offering earlier this month.
Wal-Mart said in its annual report, filed with the US Securities and Exchange Commission, that it could not estimate how much loss would come to because of the complexity of the related probes and internal review.
Monday's move indicated China was refusing to yield in talks with the United States over access to Chinese audit papers, trying to keep foreign regulators off what it sees as its turf.
The firms settled the charges by paying a total of $1.8 million.
Since the start of the year, the PE player has no board representation in the company.
India must learn from the missteps made by financial regulators in the US and UK.
US-based Schall Law Firm has said it will file a class action lawsuit against Infosys Ltd to recover losses suffered by investors in the wake of allegations of "unethical practices" at the Indian IT major. In October, Infosys had informed the stock exchanges of having received anonymous whistleblower complaints alleging certain unethical practices by the top management.
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