Month: March 2022

Ashneer Grover says investigation a sham, seeks to learn from Nithin Kamath and Bhavin Turakhia to build bootstrapped firms

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

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The boardroom battle that has played out in one of India’s youngest companies, BharatPe, over the last month has been anything but pleasant.

While the outcome of an internal investigation against co-founder Ashneer Grover and his wife, Madhuri Jain Grover, are still awaited, Grover on March 1 resigned as the managing director and director of the fintech firm.

The move came ahead of a board meeting slated later that day or March 2, with the board asking Grover to be present.

In an interview to Moneycontrol, Grover called the whole process a sham and asked the company’s chairman Rajnish Kumar, the former SBI chief, why the investigation did not remain confidential?

Also Read | Ashneer Grover resigns from BharatPe, sends scathing resignation letter to board; read it here

“The whole process is a sham. You have decided what you want. There is no consideration for any process. You are just going after me, my wife, my whole family. Have you even called me once? Have the investors even spoken to me even once? What kind of a process is this where the chairman of SBI can’t run a confidential process for a month,” Grover told Moneycontrol.

Grover also said that he would look at founders who have had the “courage to build businesses with 100 percent ownership”. Grover holds a 9.5 percent stake in BharatPe.

“I am now looking up to people like Turakhia (Bhavin) and Kamath (Nitin) who have (had) the courage to build businesses with 100 percent ownership. It will take a bit longer to build. I will be in control of what I build and not build it for these people who are opportunistic,” he added.

Grover’s resignation also comes close on the heels of Madhuri being sacked as BharatPe’s Head of Controls. In a two-page resignation letter, Grover alleged that he and his family were at the receiving end of baseless targeted attacks.

In his letter, he has also took on investors, accusing them of treating founders as slaves.

Also Read | Sacked by BharatPe, Madhuri Jain Grover unleashes Twitter storm against company brass

“You treat us Founders as slaves—pushing us to build multi-billion-dollar businesses and cutting us down at will. Investor-Founder relation in India is one of Master-Slave. I am the rebel slave who must be hung by the tree so none of the other slaves can dare to be like me ever again,” the letter read.

As reported by Moneycontrol on February 27, Grover’s emergency arbitration plea challenging the firm’s decision to conduct a governance review has been rejected by the Singapore International Arbitration Centre (SIAC).

In his resignation letter, Grover wrote, “From being celebrated as the face of Indian entrepreneurship and an inspiration to the Indian youth to build their own businesses, I am now wasting myself fighting a long, lonely battle against my own investors and management. Unfortunately, in this battle, the management has lost of what is actually at stake–BharatPe.”

On January 28, BharatPe said it had hired Alvarez to conduct a governance review of the company. The next week, it confirmed roping in PwC as well.

Also Read | Ashneer Grover resigned minutes after board meeting agenda, including PwC audit report, was distributed: BharatPe

Moneycontrol also reported on February 7 that the decision to bring PwC after hiring Alvarez was a step towards terminating the services of Grover and Madhuri, as they could only be ousted if a Big 4 audit firm indicted them.

According to a preliminary report by Alvarez, inconsistencies were found in dealings with vendors. The report had flagged payments to vendors and consultants that were non-existent.

Allegations and counter-allegations have become the norm at BharatPe. Soon after an embattled Grover launched an attack against Rajnish Kumar and co-founder Bhavik Koladiya alleging that the governance review was riddled with prejudice, the company accused him of spreading false information which it said was not appropriate for a managing director.

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

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

Delhi govt ends discounts on liquor to stop queues at stores; all you need to know

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

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

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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

Power consumption grows 2.2% to 105.54 billion units in February

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

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India’s power consumption growth remained subdued at 2.2 percent year-on-year in February to 105.54 billion units (BU), showing the impact of local restrictions imposed by the states due to the third wave of COVID-19. Power consumption in February 2021 was 103.25 BU, a tad lower than 103.81 BU in the same month of 2020, as per the power ministry data.

According to the data, peak power demand met or highest supply in a day rose to 193.64 GW in the month under review compared to 187.97 GW in February 2021 and 176.38 GW in February 2020. Experts are of the view that the power consumption growth remained subdued in February due to the impact of local restrictions imposed by states to curb the spread of the deadly coronavirus.

Also Read | Prime Minister Narendra Modi says India’s energy needs expected to double in 20 years

The local restriction had affected industrial and commercial demand, the experts said. The third wave of the pandemic hit the country in January 2022, which forced many states to impose local restrictions like night and weekend curfews. They have also taken measures like banning dining in bars and restaurants. These restrictions were eased gradually by the states in February.

The experts opined that the power demand and consumption would improve in the coming months as the states are now lifting local restrictions after a decline in the positivity rate. Power consumption would surge with increased industrial and commercial activities after the easing of lockdown restrictions and due to the onset of summers in the coming months, according to the experts.

Power consumption grew 1.8 percent in January 2022 to 111.80 BU from 109.76 BU in the year-ago period. It had grown by 3.3 percent in December 2021 to 109.17 BU from 105.62 BU a year ago. In November 2021, power consumption increased 2.5 percent to 99.32 BU from 96.88 BU in the year-ago month.

Also Read | Indian Energy Exchange: Power trade volume rose 16 percent to 8,652 million units in January

Various states had imposed lockdown restrictions after the second wave of the pandemic in April 2021, which affected the recovery in commercial and industrial power demand. Curbs were gradually lifted as the number of COVID cases fell.

Power consumption witnessed a 6.6 percent year-on-year growth in May 2021 at 108.80 BU, from 102.08 BU in the same month of 2020. In June 2021, it grew nearly 9 percent to 114.48 BU compared to 105.08 BU in the same month of 2020. In July 2021, it rose to 123.72 BU from 112.14 BU in the year-ago period, while in August, power consumption surged by over 17 percent to 127.88 BU against 109.21 BU in the same month a year back.

Power consumption in September 2021 remained flat at 112.43 BU, mainly due to the delayed monsoon. In October 2021, power consumption grew at 3.3 percent to 112.79 BU from 109.17 BU in the same month of 2020.

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

Ashneer Grover resigned minutes after agenda for board meeting on PwC audit report was distributed: BharatPe

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

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The board members of fintech firm BharatPe will meet on Tuesday evening to take Ashneer Grover’s resignation as Managing Director and Board Director on board and to review the results of an external audit report, a spokesperson of the company said.

The announcement came hours after BharatPe’s founder Grover tendered his resignation from the top posts saying he and his family have been embroiled in baseless and targeted attacks. This is days after the services of his wife Madhuri Jain Grover as head of controls were terminated on allegations of misappropriation of funds.

BharatPe said Grover resigned as MD and Board Director of the fintech firm just minutes after receiving the agenda, which includes the PwC audit report, for the upcoming board meeting. The board reserves the right to take action based on the report’s findings, it added.

Grover is understood to have submitted his resignation 11 minutes after the board meeting agenda was distributed.

Also Read: Ashneer Grover sends scathing resignation letter to BharatPe board; read it here

According to sources, PwC’s report shall largely focus on Grover’s role and conduct at BharatPe. A larger corporate governance audit is still underway and the report is likely to be submitted later, they added.

External accounting firm PwC was hired for an independent audit and governance review of the company amid reports of financial irregularities at the company even as Grover denied all allegations along those lines.

Also Read: Ashneer Grover loses arbitration against governance review at BharatPe

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

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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

SBI takes ‘cautionary’ view in processing transactions of Russian entities

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

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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

COVID-19: India logs 6,915 new cases; active caseload falls below 1 lakh after 2 months

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

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India saw a single-day rise of 6,915 coronavirus infections, taking the country’s total tally of cases to 4,29,31,045, while active cases fell below the one-lakh mark after 60 days, according to Union Health Ministry data updated on Tuesday. The death toll climbed to 5,14,023 with 180 new fatalities reported in 24 hours, the data updated at 8 am stated.

The active cases have declined to 92,472, now comprising 0.22 percent of the total infections, while the country’s COVID-19 recovery rate has further improved to 98.59 percent, the health ministry said. A reduction of 10,129 cases has been recorded in the active COVID-19 caseload in a span of 24 hours.

The daily positivity rate was recorded at 0.77 percent, while the weekly positivity rate was recorded at 1.11 percent, according to the health ministry. The number of people who have recuperated from the disease surged to 4,23,24,550, while the case fatality rate was recorded at 1.20 percent, the data showed.

Also Read: RT-PCR test report, COVID vaccination certificate not required for Indians arriving from Ukraine

The cumulative anti-Covid doses administered in the country so far exceeded 177.70 crore. India’s COVID-19 tally had crossed the 20-lakh mark on August 7, 2020, 30 lakh on August 23. It surpassed the one-crore mark on December 19. India crossed the grim milestone of two crore on May 4 and three crore on June 23. The 180 new fatalities include 110 from Kerala and 20 from Goa. A total of 5,023 deaths have been reported so far in the country — 1,43,701 from Maharashtra, 65,333 from Kerala, 39,950 from Karnataka, 38,004 from Tamil Nadu, 26,122 from Delhi, 23,456 from Uttar Pradesh and 21,176 from West Bengal.

The health ministry stressed that more than 70 percent of the deaths occurred due to comorbidities. “Our figures are being reconciled with the Indian Council of Medical Research,” the ministry said on its website, adding that state-wise distribution of figures is subject to further verification and reconciliation.

Also Read: India may see fourth COVID-19 wave around June 22: IIT Kanpur study

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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

Ashneer Grover resigns from BharatPe, sends scathing resignation letter to board; read it here

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

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BharatPe Managing Director and Director of the Board, Ashneer Grover tendered in his resignation on March 1 from both posts. In a scathing letter to the Board, the co-founder of the fintech company said, “I will continue as the single largest individual shareholder of the Company.”

CNBC-TV18 has a copy of the resignation letter. “I hereby resign as the Managing Director of BharatPe, effective immediately. I also resign as a Director of the Board. I will continue as the single largest individual shareholder of the Company,” Grover wrote.

He added that he was forced to quit the company and said, “Since the beginning of 2022, unfortunately, I’ve been embroiled in baseless and targeted attacks on me and my family by a few individuals who are ready not only to harm me and my reputation but also harm the reputation of the company, which ostensibly they are trying to protect.”

Also Read: Ashneer Grover loses arbitration against governance review at BharatPe

He co-founded the company in October 2018 and was appointed as the CEO. Grover was promoted as the Managing Director in August 2021.

Here’s the complete resignation Grover has sent to the BharatPe Board:

To,
The Board of Directors,
M/s. Resilient Innovations Private Limited,
45, 1st and 2nd Floor, Corner Market,
Malviya Nagar, Delhi – 110017

Subject: Letter of Resignation

Dear Board,

I write this with a heavy heart as today I am being forced to bid adieu to a company of which I am a founder. I say with my head held high that today this company stands as a leader in the fintech world. Since the beginning of 2022, unfortunately, I’ve been embroiled in baseless and targeted attacks on me and my family by a few individuals who are ready not only to harm me and my reputation but also harm the reputation of the company, which ostensibly they are trying to protect.

From being celebrated as the face of Indian entrepreneurship and an inspiration to the Indian youth to build their own businesses, I am now wasting myself fighting a long, lonely battle against my own investors and management. Unfortunately, in this battle, the management has lost of what is actually at stake – BharatPe.

People who know me and have worked closely with me know that I believe in building – whatever the odds may be. I am an IIT Delhi – IIM Ahmedabad graduate, the best of what Indian education system has to offer. I am the child of middle-class parents who’ve imbibed in me the values of hard work, integrity and honesty. I am a professional with an impeccable track record who has been instrumental in building two unicorn businesses, i.e. Grofers and BharatPe from scratch. I have not only encouraged the youth of this country to follow their dreams but have also created an arena of job opportunities for tens of thousands of India’s gig-economy workers. I am proud that my journey and growth has not only been limited to me but has also encompassed within its fold people associated with me, professionally and personally. In my endeavor to promote and grow the start-up ecosystem in our country, I have invested back what I have earned and have helped many along the way.

I have nurtured BharatPe as my baby. I’ve built it along with my co-founder and an amazing team of individuals. Most times the circumstances were hostile (to say the least) but it did not stop me. BharatPe was the last entrant in UPI space and competed with goliaths like PayTM, PhonePe and GooglePay – but it still emerged as a leader in the industry. I had the vision to disrupt payments with ‘0% MDR’, lending with shopkeeper ‘loans against payments’, P2P with ‘12%Club’ and BNPL with ‘postpe’. With my efforts and hard work, the Company has created a network of more than 1 Crore (10M) shopkeepers who transact more than Rs 100,000 Crores (US$ 16B) annually and lent out more than Rs 4,000 crores (US$ 0.5B) as loans. It is indisputable that BharatPe loans have helped lakhs of small businesses fight organized e-commerce and COVID.

Most importantly and the only time for any Fintech in India – with my constant efforts the Company has acquired a Small Finance Bank license to create ‘Unity Small Finance Bank’. I’ve shown the gumption and intent to find a solution for PMC Bank and Ten Lakh of its depositors to give them back their hard-earned funds.

The height at which BharatPe stands today is the result of the hard work of the last four years. With a team of less than Five hundred on-roll employees, an aggregate spending of less than US$ 150 Mn, and by raising US$ 615 Mn from ten of the marquee investors without using a single banker, the success story of BharatPe is for everyone to see. While scripting the commercial success of BharatPe, the Company was also affording liquidity to our employees of more than Rs 100 crores against their ESOPs and giving at least Eighty times returns to each of its twenty-eight angel investors. While the Company was valued at Rs 20,000 crores (US$ 3B) as per the Series E round; today it would be valued at Rs 40,000 crores (US$ 6B), within a span of less than a year. No other startup of similar valuation has been able to achieve what BharatPe has achieved today that too by utilizing less than Rs 1,000 crores. Clearly, BharatPe’s success story is for the world to see.

Am I perfect? As every other human being does, I am sure I have my follies. I have been told that I am too straight forward, headstrong, and have very demanding standards when it comes work. But it is these qualities that have resulted in BharatPe’s exponential growth in becoming an industry behemoth.

Unfortunately, what has happened in the recent past seems to be a battle of egos being played to the gallery of the media under the charade of “good governance”. The fundamental fact is that all of you as investors are so far removed from reality that you’ve forgotten what real businesses look like and have no appreciation for what it took to run this enterprise day in and day out. Your outlook towards BharatPe has been limited to the small window on your Zoom Meetings application, far removed from the sweat of the brow that goes into making BharatPe the business leader that it is. None of you, including the ones based in India, have ever been to our office even once, since the pandemic turned our lives upside down and sought to suffocate the economy. Not even once. Not Micky. Not Harshjit. Not Mohit. Not Teru San. Not Rahul. Not Deven. No one. None of you even turned-up despite an invitation for the inauguration of our new office. This is how connected you are to BharatPe.

Your views of businesses and problems on the ground are so colored by the windows of the Ivory Tower in which you all reside that you have no connect whatsoever with the human element of the business. It is sad that you have even lost touch with the Founder. You’ve lost touch with me. For you, the Founder of this company has been reduced to a button to be pressed when needed. I cease to be a human for you. Today, you have chosen to believe gossip and rumours about me instead of having a frank conversation. You are so easily spooked because you have no touch with reality.

The fact of the matter is that today you believe that I have served my utility and so incrementally I am just becoming a liability. And since the The fact of the matter is that today you believe that I have served my utility and so incrementally I am just becoming a liability. And since the investor template to make an unwanted Founder go away is to make them the villain of the piece, that’s what you have gone ahead and done – “Let’s invoke the SHA. Let’s put him on leave under the pretext of a governance review. Let’s terminate his wife’s employment. Let’s vilify his whole clan. We as investors are on top of the food chain – let’s cut him down to size and make an example of him.” When you wanted to leverage my personal network, you were very happy to do so – today I am being vilified and treated in the most disgraceful manner.

You treat us Founders as slaves – pushing us to build multi-billion-dollar businesses and cutting us down at will. Investor-Founder relation in India is one of Master-Slave. I am the rebel slave who must be hung by the tree so none of the other slaves can dare to be like me ever again. Unfortunately, I refuse to walk that path and refuse to tolerate this continuous and shameful vilification of me and my family. I have been the one who founded this company and built it up to its enviable position today, no wonder you want to oust me for your vested interests.

So when do we end this? We end this now. While I maintain that you will not find a single act of impropriety against me, I will not be participating in your charade. Since you clearly believe you can run this Company better without me – I am leaving you with this challenge. Build incrementally even half of the value I created so far – I am leaving you with three times the funds I’ve utilized till date. I hereby resign as the Managing Director of BharatPe, effective immediately. I also resign as a Director of the Board. I will continue as the single largest individual shareholder of the Company.

I have founded and built BharatPe into what it is today, and this identity, none of you can take away from me.

Best regards,
Ashneer Grover

Also read | Madhuri Jain writes to BharatPe board over her ‘alleged resignation’: Report

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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

Commercial LPG becomes more expensive from March 1; check out new rates here

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

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From March 1, commercial LPG cylinder becomes more expensive. The price of commercial liquefied petroleum gas (LPG) or cooking gas was increased by Rs 105 per 19 kilogram cylinder in Delhi with effect from Tuesday.

After the revision, the price of 19-kg cylinders in the national capital stands at Rs 2,012 per unit.

Here’s how Indane 19-kg LPG cylinder prices have been revised in the recent past:

(Source: Indian Oil)

State-run Indian Oil Corp supplies LPG under brand Indane.

The price of 5-kg cylinders was also revised, to Rs 569 per unit from March 1, 2022.

The price of non-subsidised 14.2 kilogram cylinders, however, was kept unchanged at existing levels.

Here’s how 14.2 kg LPG rates have been moved:

(Source: Indian Oil)

Currently, the price of non-subsidised LPG is at Rs 899.5 per 14.2 kg cylinder in Delhi and Mumbai each. In Kolkata, the price is at Rs 926 per cylinder, and in Chennai, it is at Rs 915.5 per cylinder.

LPG rates vary from city to city and are reviewed on a monthly basis. Any changes in prices are implemented from the first day of each month.

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

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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

Stock market holiday: BSE, NSE to remain shut today for Mahashivratri

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

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Indian financial markets will remain shut on Tuesday (March 1) for the Mahashivratri holiday. The capital and money markets will resume trading on March 2.

Trading in the cash as well as derivatives segments of stock exchanges BSE and NSE will be available next on Wednesday. MCX will be shut for the morning session (9 am to 5 pm) on Tuesday, and resume trading in the evening session.

On Monday, equity benchmarks Sensex and Nifty50 made a smart recovery amid volatile trade to finish higher for a second straight session, ahead of the release of the official quarterly GDP numbers.

The 30-scrip index bounced back 1,413.8 points from its intraday low to settle at 56,247.3 for the day, up 388.8 points or 0.7 percent from its previous close. The broader Nifty50 benchmark settled at 16,793.9 in a rebound after sliding below 16,400 during the session. Gains in metal, oil & gas and IT shares pushed the headline indices higher, though losses in financial, auto and consumer stocks kept the upside in check.

Catch highlights of the February 28 session

The Nifty50 index lost 546 points or 3.1 percent in February.

Heightened geopolitical tensions have sent jitters across world equities since Russia invaded Ukraine last week. Investors globally are tracking newsflow on the conflict closely after the imposition of new Western sanctions on Russia over Ukraine.

The rupee settled mildly weaker at 75.34 against the US dollar on Monday, as against its previous close of 75.28. The yield on the 10-year government bond yield rose by two basis points to 6.77 percent on Monday.

Indian financial markets will also remain shut on March 18 for Holi. In April, there will be two holidays: Ambedkar Jayanti on April 14 and Good Friday on April 15.

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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

Exclusive: Ashneer Grover resigns as BharatPe MD and Director

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

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Ashneer Grover has resigned as Managing Director and Director of the Board of fintech firm BharatPe on Tuesday, March 1. Embroiled in a boardroom battle after a spate of controversies, Grover’s resignation comes days after the services of his wife Madhuri Jain Grover as head of controls were terminated on allegations of misappropriation of funds.

In a scathing letter of resignation to the board, Ashneer wrote, “I write this with a heavy heart as today I am being forced to bid adieu to a company of which I am a founder. I say with my head held high that today this company stands as a leader in the fintech world. Since the beginning of 2022, unfortunately, I’ve been embroiled in baseless and targeted attacks on me and my family by a few individuals who are ready not only to harm me and my reputation but also harm the reputation of the company, which ostensibly they are trying to protect.”

BharatPe was the last entrant in UPI space and competed with goliaths like PayTM, PhonePe and GooglePay and still emerged as a leader in the industry.

Writing further in the resignation letter, Grover said, “From being celebrated as the face of Indian entrepreneurship and an inspiration to the Indian youth to build their own businesses, I am now wasting myself fighting a long, lonely battle against my own investors and management. Unfortunately, in this battle, the management has lost of what is actually at stake — BharatPe.”

In his letter to the board @Ashneer_Grover also says – ‘I am the rebel slave who must be hung by the tree so none of the other slaves can dare to be like me ever again. Unfortunately, I refuse to walk that path and refuse to tolerate this continuous… @madsj30 @CNBCTV18News https://t.co/BmTbPNmVmF

— Shruti Mishra (@ShrutiMishra_) February 28, 2022

Earlier, Grover had lost an arbitration that he had filed against the company’s investigation against him, with an emergency arbitrator holding that there was no ground to stop governance review at the fintech firm.

Grover, who in January went on a two-month leave of absence following allegations of using abusive language against Kotak Mahindra Bank staff and fraudulent practices, had filed an arbitration plea with the Singapore International Arbitration Centre (SIAC) claiming the company’s investigation against him was illegal.

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