Month: October 2023

Cricket World Cup drives up accomodation bookings, room tariffs in host cities

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

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The upcoming cricket World Cup is driving up bookings for accomodations in host cities, specially where India is slated to play, thereby pushing up room tariffs, according to travel and hospitality players. Ahmedabad, Hyderabad, Bangalore, Delhi, Kolkata and Dharamshala are among the cities which have witnessed a surge in demand, as per booking trends of MakeMyTrip, OYO and Yatra Online.

“Bookings for accommodation facilities, including hotels and homestays, in all cities where the Indian cricket team is slated to play, are now exhibiting a significant uptrend,” MakeMyTrip Co-founder and Group CEO Rajesh Magow said. Match-day bookings in Ahmedabad continue to be on an uptick, with a 200 per cent increase in accommodation bookings, including hotel and homestays, over the city’s average daily room night bookings in August 2023, he added.

Also Read: ‘Introducing Blaze and Tonk’; ICC unveils names of World Cup mascots

Similarly, Magow said, “Reservations in Dharamshala on the match date have escalated by an astounding 605 per cent above the on platform daily average in August 2023. “Meanwhile, bookings for India match dates in Lucknow have increased 50 per cent for the same comparative and are poised to grow alongside other centers as we move closer to match dates.” When contacted, an OYO spokesperson said, “We are experiencing a more than usual surge in demand in the host cities, specifically Ahmedabad, Hyderabad, Bangalore, Delhi, and Kolkata, where occupancy rates exceed 60 per cent.” Notably, the OYO spokesperson further said, “Ahmedabad stands out with a staggering 777 per cent increase in bookings for October and November following the announcement of the World Cup schedule.” The first match of the ICC Cricket World Cup 2023 will be played at Ahmedabad between defending champions England and New Zealand on October 5.

The city will also host the high-profile India vs Pakistan match on October 14. The final of the tournament will also be played in the city on November 19. Hyderabad, Bangalore, and Delhi have also seen substantial surges of 102 per cent, 81 per cent, and 39 per cent, respectively, the OYO spokesperson said, adding, “The rise in demand is directed more towards our mid-premium to premium hotels.” OYO has introduced 500 new hotels across all the host cities, strategically located near the stadiums for convenient access for all attendees to meet this increased demand.

Yatra Online Senior VP Flights and Hotel Business, Bharatt Malik said, “The demand for accommodations has reached unprecedented levels, resulting in soaring room rates. In addition, airfares to the key destinations hosting the matches have experienced a significant increase.” On the match dates, airfares have risen by 2-3 times, while the rates for 4/5-star hotels have surged by 10-15 times, he said. “Even 3-star and lower-category hotels have witnessed a doubling in their room rates. The cricket fever has truly taken hold, as we observe a remarkable double-digit growth in all the cities surrounding the World Cup venues,” Malik said, adding queries and growing interest in flight bookings are continuing.

Currently, he said for flights, “we have witnessed a surge of 15 to 20 per cent. For hotels, cities, where India is playing, have seen greater growth compared to non-India matches. “Ahmedabad has seen a jump of 80 to 90 per cent. This is due to the India Pakistan match scheduled there and the relatively smaller inventory compared to bigger cities. Delhi hotels have witnessed a jump of 25 to 30 per cent.” Magow of MakeMyTrip said homestays, traditionally favored in leisure destinations, are currently enjoying strong interest across all cities hosting matches.

“To supplement the surge in homestays demand, we have strengthened our supply across all match venues, with a specific focus on Ahmedabad, where we have increased inventory by 31 per cent, followed by Dharamshala (15 per cent) and Lucknow (14 per cent),” he added.

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

Toyota reports highest ever monthly sales again, sells 23,590 units in September

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

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Toyota Kirloskar Motor on Sunday said it sold 23,590 units in September 2023, 53 percent more than last year’s 15,378 units.

The automaker said its  September 2023 sales, were its highest-ever in a month, which were 3 percent more than its August sales of 22,910 units, its previous highest number.

The company’s vice-president of sales and strategic marketing Atul Sood said the September number underlines the growing acceptance of the company’s diverse portfolio and robust services. “We are witnessing sustained demand across our product line-up, which is leading to the company’s record-breaking performance,” he said.

The automaker said its sales grew 35 percent to 1,23,939 units in the first six months of the the ongoing financial year, compared to the 91,843 units in the previous year.

In the first six months this fiscal, the automaker expanded its reach from 577 to 612 touchpoints across the country, it added.

With inputs from PTI

Also Read: Bajaj Auto feels entry-level pressure may continue and the company might have a plan

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: NSE, BSE to remain closed on Oct 2 on account of Gandhi Jayanti

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

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Traders are in for a long weekend as the National Stock Exchange of India (NSE) and the Bombay Stock Exchange (BSE) will remain shut on Monday, October 2, on account of Gandhi Jayanti.

This means that there will be no trading in the equity, equity derivative and securities lending and borrowing (SLB) segments on Monday.

Apart from equities, there will be a trading holiday for the currency derivatives segment as well as the commodity derivatives and electronic gold receipts (EGR) segments.

Trading on both the stock exchanges — NSE and BSE — will resume on Tuesday, October 3.

In the coming months, the stock exchanges will also remain closed for trading on October 24 (Tuesday) for Dussehra, November 14 (Tuesday) for Diwali, November 27 (Monday) for Gurunanak Jayanti and December 25 (Monday) for Christmas.

A special muhurat trading session shall be held on November 12 on the occasion of Diwali – Laxmi Pujan.

On Friday, the NSE benchmark Nifty 50 index was trading higher at 19,672.30, up 148.75 points, or 0.76 percent, at 12:27 pm. Meanwhile, the BSE benchmark Sensex was trading up 454 points, or 0.7 percent, at 65,962.28.

Notably, NSE and BSE shifted settlement holidays today, to September 29, 2023, instead of earlier declared September 28, 2023, on account of Eid-e-Milad-un-Nabi.

The decision was taken after a shifting of the holiday by the Reserve Bank of India (RBI) and the Maharashtra State Government to September 29.

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

SEBI extends timeline for verification of market rumours by listed entities

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

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Capital market regulator Securities and Exchange Board of India (SEBI) has extended the timeline for verification of market rumours by listed entities.

The watchdog said market rumours have to be verified and confirmed, denied, or clarified by the top 100 listed entities by market capitalisation by February 1, 2024, and by the top 250 listed entities by August 1, 2024.

In order to bring more transparency and to ensure timely disclosure of material events or information by listed entities, SEBI had introduced new regulations earlier this year.

Bringing amendments to the Listing Obligations and Disclosure Requirements (LODR) regulations, the market regulator introduced the concept of quantitative threshold for considering materiality of events/information.

Once the rules come into effect, companies will have to confirm, deny, or clarify any reported event or information in the mainstream media that is not general in nature and indicates that rumors of an impending specific material event are circulating among the investing public. This must be done within 24 hours of the information being reported.

The new rule will allow for better transparency and help investors make informed decisions. By directing companies to issue a quick clarification on any market rumor, the watchdog wants to protect investors, who will be able to make better decisions about whether or not to invest in a particular company.

This is also expected to reduce market manipulation by making it more difficult for people or entities to spread false news and misleading information about a company in order to drive up or down the stock price.

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

India make winning start in mixed doubles squash at Asian Games

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

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A day after the Indian men’s squash team secured a thrilling victory against Pakistan to clinch the gold medal, the mixed doubles teams won their respective pool matches at the Asian Games at Hangzhou, China on Sunday.

In Pool A, the pair of Dipika Pallikal and Harinder Pal Singh Sandhu defeated the South Korean duo of Jaejin Yoo and Hwayeong Eum 2-0, recording an 11-2, 11-5 win in 22 minutes.

On the other hand, the pair of Anahat Singh and Abhay Singh crushed the pair of David William Pelino and Yvonne Alyssa Dalida from the Philippines 2-0. Anahat and Abhay won 11-7, 11-5 in their Pool D contest lasting 15 minutes.

India’s Mahesh Mangaonkar will take on Jonathan Reyes of the Philippines in the men’s round of 32. Also in action are Pallikal and Sandhu, who will take on the Pakistani duo of Noor Zaman and Mehwish Ali in mixed doubles Pool A match.

In Pool D, Anahat and Abhay will face the Pakistani pair of Sadia Gul and Farhan Zaman.

Also Read: ‘Introducing Blaze and Tonk’; ICC unveils names of World Cup mascots

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

LIC Housing Finance takes possession of Mumbai property whose guarantor is Essel Group’s Subhash Chandra

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

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LIC Housing Finance has taken symbolic possession of a property in Churchage, Mumbai, whose guarantor was media mogul Subhash Chandra, for non-payment of dues.

In a newspaper advertisement published on Saturday, September 30, LIC Housing Finance said it has issued a demand notice calling upon Vasant Sagar Properties, as well as PAN India Infraprojects and the guarantor Chandra to repay the aggregate amount of over Rs 570 crore within two months from the date of receipt of the notice.

LIC Housing Finance said the guarantors and borrowers had failed to repay the amount and so it took symbolic possession of the assets on September 28, under the SARFESI Act.

LIC Housing Finance said the borrowers/guaranters and the public are cautioned “not to deal with the properties and any dealings with the properties will be subject to the charge of LIC Housing Finance for an amount of Rs 570,50,43,723.11, and interest and ither charges, etc, thereon,” the newspaper advertisement stated.

The property mentioned is a plot located in the Backbay Reclamation Estate in Churchgate, Mumbai.

Also Read: All India Gaming Federation writes to finance ministry to suspend GST notification on online gaming: Sources

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

All India Gaming Federation writes to finance ministry to suspend GST notification on online gaming: Sources

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

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Following the Centre’s notification that the 28 percent GST rates would be implemented on online gaming companies from October 1, the All India Gaming Federation (AIGF) wrote to the finance ministry, raising concerns. The federation has asked the Department of Revenue to suspend the notification implementing the 28 percent GST.

The letter, written to Revenue Secretary Sanjay Malhotra, has sought a suspension of the amendment notice until all states pass their respective amendments, in line with the judgment of the Supreme Court of India.

The federation has based its request on the fact that at least 15 states are yet to make changes to their state GST laws. Many of the online gaming companies registered in these states can face challenges when there is no uniformity in the statutory framework. AIGF, in its letter, has said that the notification from the centre could open ‘floodgates of unilateral actions in future by various states in various other aspects of GST.’

Also Read: Show cause notices to online gaming firms as per legal provisions: CBIC chairman

“At the outset, it is submitted that the very edifice of GST laws is premised on simultaneous taxing powers between the Centre and the States as encapsulated under Article 246A of the Constitution of India, 1950 (“COI”). The principle of simultaneous taxing power connotes that qua taxation under GST laws, the Centre and the States shall simultaneously make laws, as opposed to unilaterally,” notes the letter accessed by CNBC-TV18.

According to experts, since amendments to State GST laws are yet to be passed, online gaming companies cannot charge SGST and can only charge CGST. Will online gaming companies be penalized for not being able to charge appropriate GST, AIGF asked this question in its letter.

Online gaming companies have also raised concerns about aligning business practices with the legal framework. The federation has said that it will be a massive challenge for companies to operationally adapt to these large-scale changes when there is no uniformity in the statutory framework.

In recent weeks, GST authorities have issued several notices of tax evasion to online gaming companies. In the most recent case, fantasy gaming company Dream 11 filed a writ petition in the Bombay High Court challenging a GST notice alleging GST evasion.

Also Read: WhatsApp bans 74 lakh accounts in August

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

Like Chandrayaan, US-India relationship will go to the moon and even beyond, says S Jaishankar

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

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The India-US relationship is at an all-time high and the Narendra Modi government is going to take it to a different level, External Affairs Minister S Jaishankar said, stressing that “like the Chandrayaan, bilateral ties will go to the moon and even beyond.”

Jaishankar’s remarks came as he addressed several hundred Indian-Americans gathered at the India House from various parts of the US to attend the ‘Celebrating Colours of Friendship’ event organised by the Embassy of India in Washington on Saturday.

“There is one clear message today that our relationship is at an all-time high. But as they say in America, you ain’t seen anything yet. So, we are going to take this relationship to a different level, to a different place,” he said at the largest-ever gathering of Indian- Americans at the India House.

Jaishankar said that the success of the G20 could not have happened without the support of the US.

“As the host, when things go well, the host always gets the credit. It’s reasonable. But, the G20 could not have come together if all the members of the G20 did not work for its success,” he said.

“I think particularly, I must say, because I’m in this country today, the contribution, the support and the understanding that we got from the United States to make a successful G20, I think that is something I would certainly like to recognise in public in Washington DC,” Jaishankar said amid loud applause from Indian- Americans.

“So, it may have been our success in a literal way, but I think it was the G20 (nations) success. To me, it was also a success of the India-US partnership…please keep giving this partnership the support it needs, the support it deserves and the support it expects. And I can promise you that this relationship, like the Chandrayaan, will go to the moon, maybe even beyond,” he said.

Jaishankar said that the human bond between the two countries makes the bilateral relationship unique.

“Countries do business with each other. Countries do politics with each other. They have military ties, they do exercises, and they have cultural exchanges. But when two countries have that deep human bonding, that’s a completely different ballgame. That is today the defining characteristic of our relationship,” he said.

He said the contribution of the diaspora in building the bilateral relationship is something fantastic.

“There are no words that can capture it. It is on that foundation that today we are looking ahead for…a new hope on the horizon…So, I think when we look at the horizon, we really see fantastic possibilities out there, and it’s the community which is going to deliver on that,” Jaishankar said.

The minister said the India of today is different from what it was earlier.

“I want to share with you that this is truly a different India for which I speak. It is an India, which as you heard from others, is capable of the Chandrayaan-3 mission,” he said.

“It is an India which was able to pull off the most spectacular G20 and prove those who said that we will not be able to get 20 nations, I don’t want to say quarrelling nations but 20 countries with different positions, to come to the table together,” he said.

This is an India, which showed during Covid that it could not only look after its own people but could extend its hand to more than a hundred countries across the world, he said.

“I want to say in many ways, if there is a spring in our step, a confidence in our voice, a sort of squaring of our shoulder, there are very good reasons for it,” he said.

“Because it is built today on 10 years of hard work…There are domains where our capacities have doubled or tripled,” he said.

Also Read: On Nijjar killing, Jaishankar says India, Canada govts will talk and see how to take it forward | Top quotes

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

Price of commercial LPG cylinder increased by over Rs 200/19 kg across cities from October 1

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

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The price of 19 kg commercial LPG cyclinder has been increased by Rs 209 to Rs 1,731.50 from the previous Rs 1,522.50. The price hike is effective in Delhi and across cities from Sunday, October 1.

The last revision was on September 1, when the rates had been reduced. The domestic LPG price remains unchanged.

On another note, last month, the Union cabinet had approved the realease of Rs 1,650 crore to oil marketing companies to compensate for a scheme providing 75 lakh LPG connections under the Pradhan Mantri Ujjwala Yojana (PMUY).

With the provision for an additional 75 lakh Ujjwala connections, the total number of beneficiaries under the PMUY scheme will increase to 10.35 crore.

Prime Minister Narendra Modi had launched PMUY on May 1, 2016 in Ballia, Uttar Prdhesh. The scheme’s aim is to safeguard the health of women and children by providing them with clean cooking fuel, LPG. Traditional cooking fuels, which include the use of cowdung cakes, coal, firewood, can cause health and respiratory problems and they also have a negative impact on the climate.

At the end of August, the Indian government cut the price of 14 kg LPG cylinder by at least Rs 200. On August 1, Oil Marketing Companies (OMCs) had slashed the prices of 19 KG commercial LPG gas cylinders by nearly Rs 100.

Also Read: India hikes domestic natural gas price from October 1

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

Afghanistan embassy ends operations in India from today

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

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The Afghanistan embassy in New Delhi on Saturday night announced that it is ceasing its operations from Sunday, October 1, citing a “lack of support from the host government”, failure to meet expectations in serving Afghanistan’s interests, and reduction in personnel and resources.

“It is with profound sadness, regret, and disappointment that the Embassy of Afghanistan in New Delhi announces this decision to cease its operations,” the statement said in a statement. It added this decision, while deeply regrettable, was made after careful consideration, taking into account the historic ties and long-standing partnership between Afghanistan and India.

The statement also listed key factors affecting the embassy’s ability to continue the mission effectively and said that they were the primary reasons for the “unfortunate closure”. It cited a “lack of support from the host government”, alleging that it experienced a notable absence of crucial support from the host government, which it said hindered its ability to carry out duties effectively.

The mission also cited “failure to meet expectations in serving Afghanistan’s interests” as one of the reasons. “We acknowledge our shortcomings in meeting the expectations and requirements necessary to serve the best interests of Afghanistan and its citizens due to the lack of diplomatic support in India and the absence of a legitimate functioning government in Kabul,” the mission said.

It also said that due to unforeseen and unfortunate circumstances, there has been a significant reduction in both personnel and resources available to it, making it increasingly challenging to continue operations. “The lack of timely and sufficient support from visa renewal for diplomats to other critical areas of cooperation led to an understandable frustration among our team and impeded our ability to carry out routine duties effectively,” the statement said.

Given these circumstances, “it is with deep regret that we have taken the difficult decision to close all operations of the mission with the exception of emergency consular services to Afghan citizens till the transfer of the custodial authority of the mission to the host country,” it said. The embassy was headed by Ambassador Farid Mamundzay.

Mamundzay was appointed by the previous Ashraf Ghani government and he has been operating as the Afghan envoy even after the Taliban seized power in Afghanistan in August 2021. In April-May, the embassy was rocked by a power struggle in the wake of reports of the Taliban appointing a charge d’affaires to head the mission, replacing Mamundzay.

Following the episode, the embassy came out with a statement that there was no change in its leadership. The tussle for power had erupted after Qadir Shah, who was working as a trade councillor at the embassy since 2020, wrote to the MEA in late April claiming that he was appointed as the charge d’affaires at the embassy by the Taliban.

India is yet to recognise the Taliban set-up and has been pitching for the formation of a truly inclusive government in Kabul, besides insisting that Afghan soil must not be used for any terrorist activities against any country. In its statement, the Afghan Embassy said this step is being taken in the best interest of the people of Afghanistan.

In accordance with Article 45 of the Vienna Convention on Diplomatic Relations (1961), all property and facilities of the Embassy will be transferred to the custodial authority of the host country, it said. The embassy said it also wishes to address recent speculations and provide clarity on certain matters of importance.

In the three-page statement, the embassy categorically refuted any “baseless claims” regarding internal strife or discord among its diplomatic staff or any diplomats using the crisis to seek asylum in a third country. “Such rumours are unfounded and do not reflect the reality of our mission. We remain a united team working towards the best interests of Afghanistan,” the embassy said.

The embassy said it would like to verify the “authenticity” of an earlier communication with the Ministry of External Affairs regarding the intent to close the mission. “This communication accurately represents our decision-making process and the factors leading to the closure,” the statement said.

“We request the government of India to give serious consideration to the four requests outlined in the official note verbal submitted earlier. Specifically, we emphasize the importance of permitting the hoisting of the Afghan flag over the properties of our premises, as well as facilitating the smooth transition of the mission’s buildings and assets to a legitimate government in Kabul in the future,” the statement said. The embassy also acknowledged that, given the gravity of this decision, “there may be some who receive support and instructions from Kabul that may differ from our current course of action”.

The Embassy of Afghanistan made an “unequivocal statement” regarding the activities of certain consulates. “It is our firm belief that any actions taken by these consulates are not in consonance with the objectives of a legitimate or elected government and rather serve the interests of an illegitimate regime,” the statement said.

The embassy added it is keen to reach an agreement with the Indian government at the earliest possible juncture.

Also Read: US Congress averts government shutdown hours before October 1 deadline

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