This week was marked by a series of high-profile events in the business world. From regulatory scrutiny of the Adani Group to the arrest of a broker in a major illegal trading case, and from the Sony–Zee merger to the Starlink-Reliance showdown, the week was filled with significant developments. But by far, the highlight of the week was Prime Minister Narendra Modi‘s visit to the United States.
Adani Group Back Under The Scanner
U.S. authorities are reportedly investigating the representations made by Adani Group to its American investors, following allegations of share price manipulation by short-seller Hindenburg Research. The US Attorney's Office in Brooklyn and the Securities and Exchange Commission (SEC) have sent inquiries to institutional investors, seeking information on what Adani Group disclosed to them. Read the full article here.
Illegal ‘Dabba Trading’ Case
Mumbai Police confirmed the arrest of Jatin Sureshbhai Mehta, a share broker from Kandivali, Mumbai, who was allegedly involved in illegal ‘dabba trading.' This unlawful practice involves trading shares outside the authorised stock exchange platform, resulting in transactions worth ₹4,672 crore, bypassing several mandatory taxes and fees. Read the full article here.
Never-Ending Troubles Of The Sony-Zee Merger
Punit Goenka, CEO of ZEE Entertainment, insists that the planned merger between ZEE Entertainment and the Indian unit of Sony Pictures will proceed, regardless of his own role as CEO of the combined company. The Indian market regulator has placed a one-year ban on Subhash Chandra, ZEE Entertainment's Chairman, and Goenka himself due to their alleged roles in misusing company funds. Read the full article here.
Starlink vs. Reliance
Elon Musk, founder of SpaceX, is eager to expand his Starlink satellite broadband to India. However, Mukesh Ambani, Asia's richest man and the head of Reliance Jio, poses a formidable challenge. The conflict brewing with Ambani's Reliance regarding the government's distribution of satellite broadband spectrum is a major hurdle for Starlink’s expansion. Read the full article here.
PM Modi’s Clever Word Play
During a joint session of the US Congress, Prime Minister Narendra Modi drew a parallel between the swift progression in Artificial Intelligence (AI) and the growing ties between India and the United States. He ingeniously created a dual-purpose acronym – "AI," signifying both"Artificial Intelligence" and "America and India." The clever wordplay earned him a standing ovation. Read the full article here.
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