Apple threatens to exit UK over $7-billion lawsuit: Report

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

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Tech giant Apple has threatened to quit the United Kingdom markets if asked to pay $7 billion by the local courts over a patent infringement lawsuit. Apple’s lawyers have said paying such an exorbitant amount over the patent infringement lawsuit filed by Optis Cellular is “commercially unacceptable.”

According to a report by This is Money, if forced to pay the amount by the courts in the UK, the US company could quit its operations in the region.

Optis Cellular Technology, which owns globally-distributed patent families relating to 3G and 4G LTE essential technologies, sued Apple for patent infringement after the iPhone creator refused to pay a licence fee worth $7 billion for using ‘standardised’ smartphone technology in its products.

According to the report by This is Money, though Apple is a leader in smartphones, it does not own the technology used in iPhones and pays licence fees to companies like Optis. A UK high court judge had passed a ruling last month confirming that Apple had infringed two Optis patents that help iPhones connect to 3G and 4G networks.

As per a Bloomberg Law report, Apple does not want to commit to taking a licence before the rate is determined. The trial date set for next week will focus on whether Apple is an “unwilling licensee.” If so, it could mean a possible sales ban in the UK. If the court rules in favour of Optis, this would result in companies committing to take a court-determined rate once a patent is found valid and infringed. Refusal to do so could lead to their products being banned in the UK.

The trial, among the first of its kind, has implications for companies sued in global disputes over patents essential to technological standards. They may have to commit to take a court-determined rate once a patent is found valid and infringed or risk their products being blocked from the UK markets.

If Apple decides to quit the lucrative UK market, it would not just spell an end to the sale of iPhones in UK but also discontinuation of services and upgrades to its existing customers.

This is not the first court battle that Apple is facing with Optis in UK. Another case filed by Optis over patent infringement comes up for trial in 2022.

Last year, the UK Supreme Court had pronounced a ruling that a UK court should set the rate that Apple must pay for all of its iPhone patents worldwide though the court only considers the infringement of UK patents. If it is enacted, it is a sure sign of the British authorities trying to rein in the US giants who have a strong grip on the UK markets.

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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

IPO Corner: LIC may invest in Zomato public offer, Paytm approve Rs 12,000 crore primary fundraise and OLA Electric raises $100 million

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

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Here’s a look at all the latest news from the IPO-bound train of Indian startups.

Paytm EGM finalises primary raise of Rs 12,000 crore

Paytm’s shareholders have given crucial approval for the company’s mega IPO plan, approving the proposal for Rs 12,000 crore primary raise. The company also plans a secondary raise of Rs 4,600 crore, bringing the total IPO size to Rs 16,600 crore.

The shareholders also approved the proposal to declassify founder Vijay Shekhar Sharma as the promoter of the company. Sebi approval will be needed for declassifying Sharma as the promoter. However, he will continue to be the chairman, managing director and chief executive officer of the company. Paytm is now looking to list as a Professionally Managed company, as per sources, and will need Sebi’s approval. CNBC-TV18 had reported earlier that Paytm is eyeing a Diwali listing.

Paytm Money launches new feature, users can pre-book Zomato IPO

Digital brokerage platform Paytm Money will now let users apply for Initial Public Offerings (IPO) before the actual IPO Opening in the markets, the company said in a statement. Paytm Money is the first in India to offer a “Pre-Open IPO Application” and this feature is expected to significantly boost the participation of retail users in IPOs. Food delivery giant Zomato’s IPO is the first to be launched on Paytm Money with this feature and the platform has already received thousands of orders over the last 2 days, the company stated.

LIC plans to invest in Zomato’s IPO: Report

The Life Insurance Corporation of India (LIC) is planning to buy shares in Zomato’s initial public offering (IPO) this week, according to reports.
If so, it will be seen as a big shift in LIC’s investment pattern as the state-owned body usually puts money in the secondary markets or buys shares of ventures that are being privatised by the government. The investment committee of the LIC will soon hold a meeting to take a final call on the plan to invest in Zomato’s IPO, the reports said. The food delivery platform’s much-awaited IPO is set to open on July 14.

OLA Electric raises $100 million ahead of IPO

Ola Electric, the electric vehicles focused arm of ride-hailing giant Ola, has raised $100 million of debt from the Bank of Baroda. This 10-year debt will be used in funding and financial closure of Phase-I of the Ola Future factory, Ola’s global manufacturing hub for its electric two-wheelers. Ola had, in December last year, said it will invest Rs 2,400 crore for setting up phase I of the factory.

Mobikwik files for Rs 1,900 crore IPO

Digital payments startup Mobikwik, backed by Sequoia Capital and Bajaj Finance has filed for an IPO of up to Rs 1900 Crore with the markets regulator Sebi on Monday. About Rs 1,500 crore will be primary share sales while up to Rs 400 crore will be secondary share sales where existing investors can sell their stake. The promoters plan to sell about Rs 190 crore of their stake, while Sequoia and Bajaj Finance will sell Rs 95 crore and Rs 69 crore respectively, filings said. Mobikwik was last valued at $700 million when it raised $20 million last month from Abu Dhabi Investment Authority.

Nykaa, Policybazaar to file draft papers for IPOs soon: Report

With Zomato advancing its public listing, other startups are now streamlining their draft share sale prospectus. Reports suggest, online cosmetics retailer Nykaa and insurance aggregator Policybazaar will file their DRHP with SEBI within this month. “Nykaa is likely to file its DRHP around July 17 and Policybazaar will file its prospectus around July 20,” the report added.
The Mint reported last month that Nykaa plans to go public later this fiscal at a valuation of $4.5 billion. Policybazaar is set to list on the bourses via a Rs 4,000-crore IPO, the Mint reported in February.

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

COVID Fight Podcast: Zydus Cadila’s vaccine for children may get EUA soon; vaccinations drop in India

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

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Even as efforts to ramp up vaccination against COVID-19 in India continue, week-on-week data on the CoWin platform points towards a declining trend when it comes to average doses being administered daily.

Zydus Cadila’s vaccine for children aged above 12 years will be examined this week by Subject Expert Committee of the Central Drugs Standard Control Organisation (CDSCO). The SEC could soon authorise the vaccine for emergency use, subject to satisfactory results.

In the episode of COVID Fight Podcast, CNBC-TV18’s Kanishka Sarkar brings you the latest updates on the vaccination drive in country, Pfizer’s plan for a booster shot and more on nations extending lockdowns to curb the spread of Delta variant.

Tune in to the COVID Fight Podcast for more…

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

Maruti Suzuki shifts Dzire production from Manesar to Gujarat: Report

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

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India’s largest carmaker, Maruti Suzuki, has shifted the production of one of its highest-selling models, Dzire, from Haryana’s Manesar to Gujarat’s Hansalpur. The auto giant has shifted the compact sedan’s production to the Suzuki Motor Gujarat (SMG) plant because it wants to use the Manesar space for its new models, according to a news report.

A 100 percent subsidiary of Japan’s Suzuki Motor Corporation, SMG — set up in 2014 — will now act as a contract manufacturer for Maruti Suzuki India limited (MSIL).

When did Production Start?

Initially, SMG started the production of Dzire in its newly-opened third plant in Hansalpur village of Ahmedabad district in April to share the load of the Manesar plant.

Last year, SMG had announced that the construction of the third plant was complete and it was slated to start operating from April 2021. The company stuck to the deadline. Three months on, the entire production has been shifted to the SMG plant.

On average, MSIL produces around 1,000 units of the Dzire a day. Like SMG’s first two plants, the third unit also has an installed capacity of 2,50,000 units per annum. The first two plants currently manufacture Maruti Baleno, its Toyota sibling Glanza, and Swift.

Maruti Suzuki hiked the prices of Swift and other CNG variants by up to Rs 15,000. The company said the new prices will come into effect from July 12. The prices have been hiked due to an increase in input costs. The prices of other Maruti models are also likely to go up soon.

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

Flipkart to buyback employee stock options worth Rs 600 crore

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

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Walmart-owned Flipkart will undertake a buyback employee stock options worth about Rs 600 crore, according to sources. Earlier in the day, Flipkart announced raising $3.6 billion (about Rs 26,805.6 crore) in funding from a clutch of investors that valued the e-commerce major at $37.6 billion (about Rs 2.79 lakh crore).

In an e-mail to employees, Flipkart Group chief executive officer Kalyan Krishnamurthy lauded the critical role played by the staff in reaching this milestone.

“… it has always been our endeavour to provide our employees with an opportunity to liquidate their vested options regularly. This year, we are pleased to announce a buyback of 5 percent of the past three years’ vested options. With this landmark event for us, I am happy to share that we are offering our employees an additional buyback of 5 percent of all vested options as we stay committed to wealth creation for you,” he said.

While the e-mail did not provide additional details, sources said the employee stock options buyback would entail spending of about Rs 600 crore, and employees will be able to liquidate up to 10 percent of their vested shares depending on the individual’s holding pattern. They added that about 6,000 people are expected to benefit from the buyback.

The company confirmed the development but did not disclose any details. Employees are granted options based on their tenure, performance and contributions to the company.

In his e-mail, Krishnamurthy said the fund infusion received by Flipkart is “one of the most significant investments in the digital commerce ecosystem in India, reflecting the opportunity for digital commerce in India and the confidence of investors in our ability to address this potential”.

“As we continue to focus on meeting the needs of our customers, we will make several investments across people, technology, supply chain and infrastructure, and continue to strengthen and build on key categories and business opportunities,” he added.

Krishnamurthy emphasised that the company must sustain its commitment to its existing customers and introduce the value proposition of digital commerce to the next 200 million Indians, ensuring that it innovates to create value and experiences for them.

“Through our partnerships with ecosystem players, not only do we need to accelerate growth for them, but we must also direct our efforts to enable inclusive growth for lakhs small and medium businesses who have an opportunity to benefit from the potential of digital commerce in India,” he added.

Flipkart Group has raised $3.6 billion in funding led by Singapore’s sovereign wealth fund GIC, Canada Pension Plan Investment Board (CPP Investments), SoftBank Vision Fund 2 and Walmart, valuing the e-commerce giant at $37.6 billion.

The current funding round has also seen participation from sovereign funds DisruptAD, Qatar Investment Authority, Khazanah Nasional Berhad as well as marquee investors Tencent, Willoughby Capital, Antara Capital, Franklin Templeton and Tiger Global.

With this deal, SoftBank is re-entering Flipkart’s cap table. SoftBank had sold its approximately 20 percent share when Walmart bought a 77 percent stake in Flipkart for $16 billion in 2018. Founded in 2007, the Flipkart Group includes Flipkart, fashion specialty site Myntra and Ekart (logistics and supply chain arm). The Group is also a majority shareholder in the digital payments platform PhonePe.

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

Mobikwik IPO: Payments firm files DRHP to raise Rs 1,900 crore

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

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Digital wallet and payment gateway start-up One MobiKwik System has filed its draft red herring prospectus (DRHP) and is looking to raise Rs 1,900 crore via a public offering. According to draft documents, Rs 1,500 crore will be primary share sales, while Rs 400 crore will be secondary, where investors can sell their stake.

CNBC-TV18 had earlier reported that the company was looking to launch its IPO before September 2021.

Mobikwik was valued at $700 million after is raised $20 million in June from the Abu Dhabi Investment Authority (ADIA). In FY21, Mobikwik’s total income declined by 18 percent to Rs 302 crore, while losses rose 12 percent to Rs 111 crore.

The company is likely to consider pre-IPO private placement of Rs 400 crore, which includes OFS of Rs 9.9 crore by American Express, Rs 68.9 crore by Bajaj Finance, Rs 111 crore by founder Bipin Preet Singh,
Rs 78 crore by founder Upasana Taku, Rs 11 crore by Cisco Systems, Rs 94 crore by Sequoia Capital and Rs 24 crore by Treeline Asia.

Promoters Singh and Taku plan to sell about Rs 190 crore of their stake.

The $20 million funding from the Abu Dhabi Investment Authority valued the company at $700 million (nearly Rs 5,193 crore), according to a Registrar of Companies (RoC) filing by Mobikwik. Since March 2021, it has raised over Rs 235 crore.

The company received bad press in March, after an alleged data theft, following which Reserve Bank of India (RBI) had ordered a forensic audit on the Gurugram-based company. Personal data of about 10 million customers was reportedly stolen by hackers in the breach.

Mobikwik recently added investors such as ex-Blackstone India head Mathew Cyriac, Padma awardee Sat Pal Khattar, and ex-Infosys chief investment officer V G Dheeshjith as new shareholders.

Before the pandemic, MobiKwik saw net revenues more than doubled in FY20 at Rs 379 crore. The digital payments company said in July 2020 that its net revenue had surged 134 percent to Rs 379 crore in FY20. MobiKwik, which competes against Paytm and PhonePe, had clocked a net revenue of Rs 162 crore in FY19.

Mobikwik claims 1 million daily transactions across its network, which include digital wallets and services like mobile phone top-ups and utility bill payments. Over three million merchants are on its network and serve over 107 million users.

(With inputs from agencies)

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

Medical entrance exam NEET to be conducted on September 12: Education Minister

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

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Medical entrance exam NEET, which was earlier scheduled for August 1, will now be conducted on September 12, Union Education Minister Dharmendra Pradhan announced Monday. “The NEET-UG 2021, will be held on 12th September across the country following COVID-19 protocols. The application process will begin from 5 pm tomorrow through the NTA website,” Pradhan said in a series of tweets.

The NEET (UG) 2021 will be held on 12th September 2021 across the country following COVID-19 protocols. The application process will begin from 5 pm tomorrow through the NTA website(s).

— Dharmendra Pradhan (@dpradhanbjp) July 12, 2021

“To ensure adherence to COVID-19 protocols, face mask will be provided to all candidates at the centre. Staggered time slots during entry and exit, contactless registration, proper sanitisation, seating with social distancing etc. will also be ensured,” he said.

The Education Minister further said that in order to ensure social distancing norms, the number of cities where examination will be conducted has been increased from 155 to 198. The number of examination centres will also be increased from 3,862 used in the previous exams.

Last year, the National Eligibility-cum-Entrance Test (NEET) was conducted on September 13 amid strict precautions in view of the COVID-19 pandemic. A total of 13.66 lakh candidates had appeared in the exam of whom 7,71,500 qualified. From the last year, the admissions to MBBS course in 13 All India Institute of Medical Sciences and the Jawaharlal Institute of Postgraduate Medical Education and Research, Puducherry, are also being made through NEET following the amendment in National Medical Commission Act, 2019.

The test will be offered in 11 languages – English, Hindi, Assamese, Bengali, Gujarati, Kannada, Marathi, Odia, Tamil, Telugu and Urdu.

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

Vaccinate or suffer: Lesson for India from Australia’s Delta outbreak data

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

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The data on Australia’s COVID-19 Delta variant outbreak has a silver lining for India, which is bracing for a possible third wave of the pandemic. The data shows that two doses of vaccine can provide significant protection against hospitalisation or even death.

The health authorities in Australia’s major financial hub Sydney — currently under lockdown due to the Delta variant outbreak — have stated that people who were infected and had received two doses of COVID-19 vaccine did not require hospitalisation.

Of the 47 patients in the hospital, 37 had not been vaccinated and four had been vaccinated with either the AstraZeneca or Pfizer vaccine, data released on July 10 showed, according to a report in The Wall Street Journal.

Kerry Chant, the Chief Well-Being Officer for New South Wales said, “Two doses of either the AstraZeneca or the Pfizer vaccine are extremely efficient at stopping hospitalisation and death,” the WSJ reported.

Data from Australia and UK as well as Israel proves that two doses of vaccination are good enough to protect oneself against the virus. Israel has vaccinated over 60 percent of its population. The UK and US have vaccinated nearly half of their population but Australia has only vaccinated 8 percent till date. Though low on the vaccination count, Australia took other measures like closing its borders and making it mandatory for its inbound citizens from other countries to quarantine themselves in resorts and hotels.

Vaccination Only Way Out for India

As India slowly recovers from the second wave, the Australian data underscores the need for vaccination. Several states are preparing for a possible third wave, which is expected to hit children more, by boosting their health infrastructure.

Though it is obvious that an accelerated vaccination drive is the need of the hour, several states are still struggling with short supply of vaccines. India, with a population of over 130 crore, has administered over 37 crore doses of vaccines as of 7 am on July 12. The vaccination drive in India started from January 16.

The Centre, in an affidavit filed in the Supreme Court in June, had mentioned that a total of 51.6 crore COVID-19 vaccine doses would be made available by July 31. Out of the 51.6 crore doses, 35.6 crore have already been provided to states and private hospitals.

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

Given approval to set up small finance bank to take over PMC Bank: RBI to HC

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

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The Reserve Bank of India (RBI) Monday told the Delhi High Court that it has given in-principle approval for setting up a small finance bank, which will take over the scam-hit PMC Bank soon. A bench of Justices D N Patel and Justice Jyoti Singh granted time to the RBI to file an affidavit on the development in the matter and listed the case for further hearing on August 20.

Senior advocate Jayant Bhushan, representing the RBI, submitted that it has given in-principle approval to Centrum Finance Services Ltd to set up a small finance bank which will take over Punjab and Maharashtra Cooperative (PMC) Bank very soon as the process in near completion. He said this will ease the trouble faced by the bank’s customers who are unable to withdraw their money.

The court was hearing an application by consumer rights activist Bejon Kumar Misra seeking directions to the RBI to consider other needs of PMC Bank depositors such as education, weddings and dire financial position, not just serious medical emergencies as being done at present. The application was filed in Misra’s main PIL seeking directions to the RBI to ease the moratorium on withdrawals from the PMC Bank during the coronavirus pandemic.

Advocate Shashank Deo Sudhi, representing Misra, submitted that more than five dates have been given to the authorities and the hard earned money of the depositors has not been released. At least senior citizens be allowed to withdraw their money up to Rs 5 lakh as they are suffering from hardship and the depositors are unable to withdraw their own money.

The high court had earlier said that according to the Supreme Court’s decision on withdrawal of money by depositors of PMC bank for exigencies, exceptions can be carved out for urgent medical and educational requirements. The court had asked the depositors, whose needs have been highlighted before the court in a PIL, to once again approach the RBI-appointed administrator of PMC bank giving details of their financial needs along for medical or educational reasons within three weeks.

RBI had earlier argued that while it sympathises with the plight of the depositors, everyone would have some or the other financial emergency; and if Rs 5 lakh was released to all, as provided in case of medical emergencies, the bank would be in difficulty and depositors would not get their entire deposits back. RBI had said it was trying to keep the bank functioning in the interests of the depositors and had floated an expression of interest for investing in it and has received some bids.

The PMC Bank has been put under restrictions, including limiting withdrawals, by the RBI, following the unearthing of a Rs 4,355-crore scam.

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

‘Third COVID wave inevitable, imminent’: IMA says tourism and pilgrimage can wait

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

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The Indian Medical Association (IMA) on Monday said that a third wave of the COVID-19 pandemic is “inevitable” and “imminent”.

“With the global evidence available and the history of any pandemic, the third wave is inevitable and imminent,” the medical association said in a press release.

The top doctors’ body also warned the state governments against allowing potential “super-spreader” events.

“Tourist bonanza, pilgrimage travel, religious fervour all are needed, but can wait for a few more months. Opening up these rituals and enabling people without vaccination to go scot-free in these mass gatherings are potential super spreaders for the COVID third wave,” it said.

The IMA expressed concern over governments and people being complacent and engaging in mass gatherings without following COVID-19 protocols in many parts of the country.

Based on the experience of the last one-and-a-half years of the war with the virus and the emerging evidence, it is obvious that by making the universal vaccination drive reach the maximum number of people and strictly following COVID-appropriate behaviour, people can face the third wave with confidence and mitigate its impact, the doctors’ body said.

“The consequences of treating a patient with COVID in a hospital and its impacts on the economy will be much better than the economic loss we suffer by avoiding such mass gatherings. It is the duty and responsibility of everyone at this moment to strictly enforce COVID-appropriate behaviour for minimum three more months and ensure that everyone near our houses is getting vaccinated,” the IMA said.

(With inputs from PTI)

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