Month: September 2018

Rafale row: Government does not decide partner in inter-governmental deals, says V K Singh

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Minister of State for External Affairs General V K Singh has defended the Rafale fighter aircraft deal, saying it is not the government but the company that makes the equipment which decides the partner to fulfill the offset obligations in the inter-governmental agreements.

Addressing the Indian community at the Indian consulate in Dubai on Saturday evening, General Singh said no noise should be made if the French aerospace major Dassault Aviation did not find the state-run aerospace major Hindustan Aeronautics Ltd (HAL) “useful enough”.

“The thing that gets paddled around is what happens to Hindustan Aeronautics Ltd (HAL). If I can say tongue-in-cheek, if Dessault didn’t find (HAL) useful enough, we shouldn’t make noise,” he said.

“It’s the company that is making equipment that decides whom to give the offset. So the decision is that of Dassault and for various things they have selected a number of companies, Anil Ambani is one of them,” he said.

Prime Minister Narendra Modi had announced the procurement of a batch of 36 Rafale jets after holding talks with then French President Hollande on April 10, 2015 in Paris. The final deal was sealed on September 23, 2016.

A controversy broke out when a French media report quoted Hollande as saying that the Indian government proposed Anil Ambani’s Reliance Defence as the partner for the French aerospace giant in the Rs 58,000 crore Rafale deal and France did not have a choice.

Hollande’s comments triggered a sharp reactions from the opposition parties which have been accusing the government of massive irregularities in the deal and benefiting Reliance Defence Ltd (RDL) despite not having any experience in the aerospace sector.

The Indian government has been maintaining it was not officially aware of whom the Dassault Aviation had selected as its Indian partner to fulfill offset obligations of the deal.

Dassault Aviation has said it had made the decision to partner with Reliance Defence Ltd for the Rafale deal.

The Congress has also been demanding answers from the government on why the HAL was not involved in the deal as finalised during the UPA.

Singh, a former Indian Army chief, defended the government’s decision, saying HAL was overburdened and has many things to do.

“Dassault may have negotiated with them. It is said that 95 per cent was already negotiated with them, so what happened to the 5 per cent. Why did it fall through?,” he asked.

“The basic price and the price at which it was negotiated for 126 aircraft by the UPA government and the basic price for a fly-away condition aircraft has a difference of 40 per cent cheaper by this government,” he said.

He said the secrecy clause comes in where the equipment was concerned.

“Avionics, radars and the type of weapon systems, the types of weapons delivery platforms, if you let it be known, the enemy would know what is to be done with them. That’s why it remains a secret,” Singh said.

“If the same thing was negotiated along with this 40 per cent drop in the basic price, you will find that the aircraft deal is far superior to what has been done,” he said.

Singh also said that those 126 aircraft had to be assembled here and were to come in a locked out kit.

“We are getting 36 in fly-away condition, which means they are coming in absolutely fitted with everything to take on the targets the moment they land in India,” he said.

Singh said the finalisation will only happen next year.

“So it is only a speculation as Dassault has to find out whether the company is capable or not,” he said.

Singh criticised the Opposition for its role.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

13 Indian banks lost out about 40 million pounds in Force India sale, says bidder

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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One of the two main bidders, keen to acquire embattled Indian businessman Vijay Mallya’s Force India Formula One racing team after it went into administration, has claimed that a consortium of 13 Indian banks lost out on estimated 40 million pounds as a result of an “unfair” sales process concluded last month.

Russian fertiliser group Uralkali said that by turning down its higher bid for the company, the administrators had denied the extra funds that would have accrued to the shareholder of Force India , Mallya’s Orange India Holdings Sarl, which is subject to a freezing order issued by the UK’s High Court in favour of his 13 creditor Indian banks, led by the State Bank of India.

Uralkali launched legal proceedings against administrators FRP Advisory in the High Court in London on Thursday to claim “tens of millions of dollars” in damages over the alleged “prejudicial and unequal treatment” in the bidding process.

The administrators, however, insist they oversaw a “fair and transparent bidding process” which led to the sale of Force India to the Racing Point consortium, led by Canadian billionaire Lawrence Stroll, after it went into administration in July.

“We submitted by far the winning bid for the assets and business, which would have meant most money to the stakeholders and qualitatively recapitalised the team… We have serious concerns as to why the administrators did not use the opportunity to maximise the amounts that could have been paid to creditors and shareholders,” said Paul James Ostling, Senior Independent Director of Uralkali, who led the firm’s offer for Force India.

“Had he [administrator] taken our bid, because of the freezing order, there would have been millions and millions more available for the ultimate stakeholders, which according to the freezing order are the Indian banks,” he said.

Mallya, through Orange India Holdings set up in 2007, owned a 42.5 percent stake in the Silverstone-based racing team alongside a similar shareholding in the hands of India’s Sahara Group.

Describing the 62-year-old UK-based businessman fighting his extradition to India on fraud and money laundering charges amounting to nearly Rs 9,000 crores as a “unique character”, Ostling said it had been made clear to Uralkali that the administrator and team’s engine partner Mercedes would not accept any deal in which either Mallya or Sahara had any “share or interest or participation”.

“Mallya’s legal entanglements made it impossible for anyone to do a normal business deal with him to acquire Force India. When you are trying to do a deal with a man who is facing extradition and other charges, it made it extraordinarily difficult,” said Ostling, who indicated that Uralkali is still interested in acquiring Force India because it is a good racing team which “punches above its weight”.

“It’s very sad what’s going on with Mr Mallya and Sahara and all their problems. But the team is a wonderful group of people; the drivers, mechanics, business people are an extraordinary group of 400 people who we adore. We wanted to take care of them and support them,” Ostling added.

A ruling in Mallya’s extradition trial at Westminster Magistrates’ Court in London is scheduled for December 10.

A separate UK High Court ruling from May this year upheld a worldwide freezing order against the businessman, with a follow-up enforcement order in June in favour of the consortium of 13 Indian banks to recover estimated funds of around 1.145 billion pounds.

Uralkali, which accounts for 20 per cent of the world’s potash production, has been a partner of Force India and one of the sponsors of Formula One Grand Prix Sochi, which takes place in Russia on Sunday.

The company said it had set out an extremely generous offer to acquire Force India’s business, assets and goodwill, which included a cash consideration between 101.5 million and 122 million pounds.

“Uralkali had a strong business rationale for acquiring Force India. The company sells its fertilisers to more than 60 countries worldwide, including 20 in which Formula One holds its Grand Prix Championship. Force India would be a highly effective and valuable marketing tool for the business, the company said.

It said that it had no option but to launch legal proceedings and seek “substantial damages” from the administrators for their “misrepresentation and failure to conduct a process that was proper”.

“Having now seen the substance of Uralkali’s claim we are ever more confident it will be dismissed at the earliest opportunity,” said a statement on behalf of FRP Advisory’s joint administrators Geoff Rowley and James Baker.

“As all of the interested parties were aware, our primary statutory duty as administrators was to pursue a rescue of Force India as a going concern.

“All parties had the opportunity to submit a proposal to rescue the company rather than buy its assets. When the final offers came in, Racing Point was the only party to submit a rescue proposal,” the statement noted.

While the administrators claim Uralkali failed to submit a rescue offer, the Russian firm accuses the administrators of running an “opaque” process that never made such a criterion for the bidding process clear.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Elon Musk out as Tesla chairman, remains CEO in $40 million SEC settlement

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Tesla and its CEO Elon Musk have agreed to pay a total of $40 million and make a series of concessions to settle a government lawsuit alleging Musk duped investors with misleading statements about a proposed buyout of the company.

The settlement with the Securities and Exchange Commission allows Musk to remain CEO of the electric car company but requires him to relinquish his role as chairman for at least three years.

Tesla must hire an independent chairman to oversee the company, something that should please a number of shareholders who have criticized Tesla’s board for being too beholden to Musk.

The deal was announced Saturday, just two days after SEC filed its case seeking to oust Musk as CEO.

Musk, who has an estimated $20 billion fortune, and Tesla, a company that ended June with $2.2 billion in cash, each are paying $20 million to resolve the case, which stemmed from a tweet Musk sent on Aug. 7 indicating he had the financing in place to take Tesla private at a price of $420 per share.

“A reckless tweet cost a lot of money — the $20-million tweet,” said Michelle Krebs, executive analyst at Autotrader.

The deal could remove one cloud that hangs over Tesla. Investors fretted about the company’s ability to cope without Musk, a charismatic entrepreneur whose penchant for coming up with revolutionary ideas has drawn comparisons to one of Silicon Valley’s most revered visionaries, Apple co-founder Steve Jobs.

Tesla’s stock plummeted 14 percent Friday after the SEC filed its lawsuit, erasing more than $7 billion in shareholder wealth. Many analysts predicted the shares were bound to fall even further if Musk had been forced to step down. Tesla’s stock has dropped 30 percent since Aug. 7, closing Friday at $264.77.

The steep downturn in Tesla’s market value may have influenced Musk to have an apparent change of heart and negotiate a settlement. Musk had rejected a similar settlement offer before the SEC sued Thursday, maintaining he had done nothing wrong when he posted a tweet declaring that he had secured the financing to lead a buyout of Tesla.

The SEC alleged Musk wasn’t close to locking up the estimated $25 billion to $50 billion needed to pull off the buyout.

Musk and Tesla reached their settlement without admitting to or denying the SEC’s allegations.

The resolution “is in the best interests of our markets and our investors, including the shareholders of Tesla,” SEC Chairman Jay Clayton said in a statement.

A Tesla spokeswoman said the company and Musk had no comment Saturday.

Besides paying a fine and stripping Musk of his chairman’s title, Tesla also must appoint two more directors who have no ties to the company or its management. Musk will be allowed to remain on the board.

The company also must clamp down on Musk’s communications with investors, a requirement that might make its colorful CEO’s Twitter posts slightly less interesting.

“Considering the drastic punishment the SEC had announced, Musk and Tesla got lucky,” said Krebs, the Autotrader analyst. “Musk at least remains at the helm of the company, and adding a couple of board members is a good thing.”

The SEC also got what it wanted by bringing the combative Musk down a notch and taking steps to tone down his off-the-cuff remarks while forcing Tesla to expand its board to counterbalance its CEO’s power, said Carl Tobias, a law professor at the University of Richmond. Besides being CEO, Musk owns a roughly 20 percent stake in Tesla.

“Maybe this will make Musk stop acting so crazy and fly right,” Tobias said.

Besides tweeting about a deal that the SEC alleged he didn’t have money to pay for, Musk had been engaging in other erratic behavior that had been raising questions about whether he should remain CEO.

Musk had raised hackles by ridiculing stock market analysts for posing fairly standard questions about Tesla’s shaky finances, and calling a diver who helped rescue 12 boys on a Thai soccer teamfrom a flooded cave a pedophile, triggering a defamation lawsuit. He was also recently caught on a widely circulated video apparently smoking marijuana , a legal drug in Tesla’s home state of California.

The erratic behavior has convinced more analysts that Tesla needs to find a replacement for Musk, but the SEC settlement will allow the company to do so on its own timetable, if it decides to hire a new leader.

Tesla is also under mounting pressure to overcome its past manufacturing problems and produce enough vehicles to become consistently profitable after years of huge losses.

A gauge of the company’s progress should come within the next few days when Tesla is expected to release its vehicle production numbers for the July-September period.

Musk has pledged Tesla would manufacture an average of 7,000 vehicles per week, enough to turn a profit.

Tesla needs to turn the financial corner because it has $1.3 billion in debt coming due during the next six months. If it keeps burning through its cash, Tesla will likely have to raise more money to pay its bills — something that analysts say will be easier to do without any lingering doubt who will be running the company.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Legendary Chicago blues guitarist Otis Rush dies at 84

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Legendary Chicago blues guitarist Otis Rush, whose passionate, jazz-influenced sound influenced generations of musicians, has died. He was 84. His longtime manager Rick Bates says Rush died Saturday of complications from a stroke suffered in 2003.

Rush was a key architect of the Chicago “West Side Sound” in the 1950s and 1960s. His first recording in 1956 on Cobra Records, “I Can’t Quit You Baby” reached No. 6 on the Billboard R&B Charts and catapulted him to fame. He won a Grammy for Best Traditional Blues Recording in 1999 for “Any Place I’m Going.” Rush was inducted into the Blues Foundation Hall of Fame in 1984.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

It will be all VVPAT in 2019 Lok Sabha polls, says Election Commissioner Sunil Arora

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Election Commissioner Sunil Arora Saturday said VVPATs will be used at all polling stations in the 2019 Lok Sabha election. “The use of Voter Verifiable Paper Audit Trail machines has been a success during elections held in the past, and keeping in view its effectiveness, the Election Commission of India is committed to provide 100 percent VVPAT machines at all the polling stations in 2019 Lok Sabha elections,” he said here.

VVPAT is a machine which dispenses a slip with the symbol of the party for which a person has voted for. The slip drops in a box but the voter cannot take it home.

Arora was talking to the media after a meeting with election and returning officers of Amritsar, Jalandhar, Tarntaran, Kapurthala, Gurdaspur, Hoshiarpur and Pathankot districts to prepare for the 2019 Lok Sabha election.

He was accompanied by Director, Election Commission, Nikhil Kumar and Chief Electoral Officer, Punjab, S Karuna Raju.

Arora directed officers to gear up for the upcoming parliamentary polls and make preparations well in time regarding various aspects like availability of EVMs, staff training and transportation.

About the issue of paid news, he said the EC was taking all the necessary steps to curb the trend.

Arora said the commission would regularly review aspects like registration of the eligible youths as voters and voter registration of persons with special needs.

Raju assured that all preparations would be completed well in time and necessary steps would be taken to ensure that voters exercise their right to vote.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

GM will recall more than 3.3 million vehicles in China

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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General Motors’ joint venture in China, Shanghai GM, will recall more than 3.3 million Buick, Chevrolet and Cadillac vehicles from October 20 because of a defect with the suspension system, China’s market regulator said on Saturday.

The recall includes cars produced between 2013 and 2018, the State Administration for Market Regulation said in a statement.

GM will contact those affected and repair the vehicles free of charge, it said.

GM Shanghai said in a text message the suspension arm may be deformed under extreme operating conditions, but there are no known casualties related to the issue.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Family silver of LIC and SBI being sold to save IL&FS, says Congress

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The Congress on Saturday accused the Modi government of “financial scam management” and alleged that it was selling the family silver of the LIC and the SBI to bailout a private firm, IL&FS, which is saddled with long-term debt of Rs 91,000 crore.

Talking to the media, party media panellist Gourav Vallabh also said that Prime Minister Narendra Modi’s pet project of GIFT city in Gandhinagar was “virtually a gift to IL&FS” and said his “role” needs to be seriously probed.

He said the Modi government has “systematically demolished” the foundations of the banking and financial services sector of the country.

“The latest episode in financial scam management series is the bailing out of Infrastructure Leasing & Financial Services Limited (IL&FS), – which is 60 per cent privately owned, out of which 36 per cent is owned by foreign entities and the rest 39.43 per cent is owned by public sector banks (PSBs) and the LIC,” he said.

Vallabh alleged that the BJP-led government’s modus operandi was to bail out corporate entities by using profit-making PSUs, thereby jeopardising the savings of crores of Indians.

“We have seen how ONGC was used to cover up the GSPC Scam, how LIC is bailing out a loss making IDBI Bank and now how LIC & SBI are being used to bail out a 60 per cent privately-held corporate entity i.e IL& FS. Is this the ‘Lehman Brothers Moment’ for Modi government.” he asked.

Vallabh said the total debt of IL&FS increased by a whopping Rs 42,420 crore in just four years of Modi government.

“This means that IL&FS’ debt was increasing at the rate of Rs 900 crore per month under Modi government. If we add long-term and short-term debt, it is more than Rs 1,20,000 crore. It reflects that for a capital of one rupee, there was a Rs 7.71 debt in 2013-14 and under the present government, it has jumped by a massive 117 per cent to a debt of Rs 16.78 in 2017-18.”

Vallabh said the Modi government’s “economic mismanagement has left the IL&FS into a precarious financial situation”, where it does not have the required cash to even sustain them and pay their employees and other dues.

“By forcing LIC & SBI to inject Rs 7500 crore, the Modi government is only providing a band-aid to a problem, which requires a surgery. Even the wound was inflicted by Modi government itself. It will lead the public-held LIC and SBI into a cycle of servicing unfathomable debt of a private company forever in future,” he said.

He alleged that the IL&FS management was indulging in gold plating of contracts through their favoured associates. “The management is diverting IL&FS business to their personal entities siphoning off the funds, causing huge losses to banks, financial institutions and shareholders,” he alleged.

Vallabh said a recent study on the borrowings of IL&FS has noted that there could be a systemic risk to PSBs and financial institutions.

“It is understood that SBI has already treated the exposure as NPA while there are others who are mulling legal recourse including some private finance entities,” he said.

He said Modi’s pet project of GIFT (Gujarat International Tec-City), which is pending since 11years, was envisaged with much hype and hoopla under the aegis of Gujarat Urban Development Corporation (GUDC).

“The entire development and the choice of partners is with IL&FS whose contribution is merely Rs. 2.5 Crore for 50 per cent stake,” he said, adding that the land was to remain in the government’s name, it has been fully transferred to the project company.

“This project has been a GIFT to IL&FS despite the fact that not even project management consultancy is provided by it.”

He alleged that IL&FS “had outsourced the project management consulting work to another private operator.” “The role of PM Modi needs to be seriously probed,” he added.

The party asked why IL&FS has not been subjected to oversight either by Comptroller and Auditor General or the Central Vigilance Commission as the PSBs and LIC have 40 per cent stake.

“Why is the Modi government bent in pouring the hard earned money of India’s people to bail out a semi foreign entity?” he asked.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Fuel prices hit new highs, petrol close to Rs 91/ litre in Mumbai

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Fuel prices in the country continued their upward movement on Saturday, with petrol costing nearly Rs 91 a litre in Mumbai.

In the country’s financial capital, petrol was priced at Rs 90.75 per litre, up from Rs 90.57 on Friday, data on the Indian Oil Corp’s website showed.

Petrol prices in the other key cities of Delhi, Kolkata and Chennai were at Rs 83.40, Rs 85.21 and Rs 86.70 per litre, respectively — all at new record levels — higher than the previous levels of Rs 83.22, Rs 85.03 and Rs 86.51 per litre.

The increase in transportation fuel prices comes amid surging crude oil prices. Currently, Brent crude oil is priced around $83 per barrel.

Sector experts also attribute the high domestic fuel prices to the high rate of excise duty across the country.

In tandem with petrol, cost of diesel also rose to hit new highs on Saturday.

Prices of the fuel in the four metros of Delhi, Kolkata, Mumbai and Chennai were Rs 74.63, Rs 76.48, Rs 79.23 and Rs 78.91 a litre, respectively, up from the Friday’s levels of Rs 74.42, Rs 76.27, Rs 79.01 and Rs 78.69 per litre.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Probe ordered after the discovery of virus in polio vaccine

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The Health Ministry has ordered a probe after traces of polio type 2 virus were found in some batches of oral polio vaccine (OPV) manufactured by a Ghaziabad-based pharmaceutical company, even as the firm’s managing director was arrested Saturday.

Polio type 2 virus strain has been eradicated worldwide, including in India.
The managing director of Biomed Pvt Ltd., which was supplying polio vaccines for only government-run immunisation programmes, was arrested after the Central Drug Regulator filed an FIR in this case.

The Drugs Controller General of India has also asked the company to stop “manufacture, sale or distribution till further orders.”

“The company has five directors. While the managing director has been arrested, we have asked the police to trace the rest directors as they also need to be questioned,” a government official said.

According to a Health Ministry source, the contamination came to light after surveillance reports from Uttar Pradesh showed signs of the virus in stool samples of some children.

Immediately, the OPVs were sent for testing which confirmed that some of them were contaminated with type-2 virus.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Odisha chit fund scam: CBI arrests Nirmal Infra official

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The Central Bureau of Investigation has arrested Niranjan Saxena, executive director of Nirmal Infra, from Madhya Pradesh for allegedly duping investors in the chit fund scam in Odisha.

Saxena was arrested from Madhya Pradesh by CBI and was brought to Odisha on transit remand on Saturday, said sources.

The accused was produced before a local court in Bhubaneswar and sent to Jharpada jail here.

Saxena and his firm are accused of duping investors of Rs 433 crore promising them high returns.

The CBI had arrested the chit fund firm CMD Ashish Chouhan and general manager Abhisekh Chouhan on March 7 this year in Bhubaneswar.

Nirmal Infra allegedly duped millions of investors in Odisha and other states.

The Bhopal-based private company allegedly claimed that they had business in real estate, apparel manufacturing, mineral water, consumer durables, hotels and resorts.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow