Latest News
To prevent Elon Musks plan to buy Twitter the board of directors has adopted a strategy
Twitter Inc. has adopted a safeguard that would protect it from hostile acquisition bids to resist attempts by billionaire investor-inventor Elon Musk to take control of the firm.
Two days after Elon Musk made a bid to buy 100% of Twitter Inc.’s stock to take the firm private and turn it into a stronghold of free expression, Twitter Inc.’s board has devised a new strategy to ensure that no one gains control of the company through open market stock accumulation.
The business has implemented a ‘poison pill’ approach, under which the rights will become exercisable if anyone purchases 15% or more of Twitter’s stock in an unapproved transaction. To shield itself against billionaire entrepreneur Elon Musk’s $43 billion cash acquisition offer, the microblogging tech company devised a limited-duration shareholder rights plan.
The approach aims to ensure that anyone who gains control of Twitter through open market accumulation pays a reasonable control premium to all shareholders.
The firm stated that “the Rights Plan does not exclude the Board from negotiating with parties or accepting an acquisition deal if the Board feels it is in the best interests of Twitter and its shareholders.”
A poison pill defensive technique allows current shareholders to purchase additional shares at a reduced price, diluting the hostile party’s ownership interest. When confronted with hostile takeover circumstances, poison tablets are commonly used.
Twitter chose this method to purchase time to analyze and negotiate any agreement, according to Twitter officials. According to an insider, they could yet accept Elon Musk’s offer.
The Saudi Prince rejects Elon Musk’s bid to buy Twitter.
Elon Musk, the CEO of Tesla Inc., made an offer to buy Twitter for $54.20 per share in cash on Thursday, valuing the firm at $43 billion. Musk had stated in his SEC filing that he had made his “best and last” offer after accumulating a stake in Twitter of more than 9% earlier this year.
As a result, Twitter’s board of directors convened on Thursday to assess Musk’s proposal to see if it was in the company’s and all of its shareholders’ best interests.
But, al-Waleed bin Talal, a Saudi Arabian billionaire businessman, refused to sell his 5.2 percent interest in Twitter just hours after Tesla CEO Elon Musk offered to buy all of the company’s shares. For turning down Elon Musk’s offer, Talal noted Twitter’s future growth possibilities and low stock valuation.
Amid the uproar, Vanguard funds, a Malvern, Pennsylvania-based investment manager, displaced Elon Musk as Twitter’s largest stakeholder on Friday. Vanguard funds upped their stake in Twitter to 10.3 percent, making it the company’s largest stakeholder.
Latest News
Rising Air Pollution in Navi Mumbai Raises Concerns Over Civic Action
AQI Crosses 100 Amid Calls for Better Monitoring, Dust Control and Stricter Checks on Industrial Emissions.
The Concern
Navi Mumbai is witnessing a rise in air pollution, with the Air Quality Index (AQI) remaining above 100, raising concerns among residents and environmental activists.
According to a report, the Central Pollution Control Board (CPCB) recorded the city’s AQI at 103, while some private monitoring platforms reported readings above 130. The difference has prompted activists to demand greater transparency in air-quality monitoring. Environmentalists have identified construction activities, industrial emissions, vehicular traffic, road dust and rapid redevelopment as possible contributors to the worsening air quality. Residents have also expressed concerns about the impact of pollution on their health.
C.A. Vishnu Joshi, convenor of Parsik Greens, called for public access to air-quality data and monitoring records. Kapithra Kannapiran, founder of Owe Earth, stressed the need for additional monitoring stations, stricter checks on industrial emissions and stronger enforcement of pollution-control rules. Environmental activists have also highlighted the importance of protecting green spaces and promoting urban forests and green rooftops to help improve air quality.
Meanwhile, a Navi Mumbai Municipal Corporation (NMMC) official said the civic body was coordinating with the Maharashtra Pollution Control Board (MPCB). Measures include street cleaning, dust control and inspections of industrial units. However, questions remain over the differing AQI readings and the effectiveness of existing pollution-control measures. Residents and environmental groups are calling for more transparent monitoring and stronger action to address the city’s growing air-pollution problem.
Latest News
Navi Mumbai APMC Trader Arrested in Rs 44 Crore Customs Duty Evasion Case
Investigators Suspect Undervaluation of Imported Walnuts, Multiple Firms Under Scanner.
The Arrest
A trader associated with the Navi Mumbai Agricultural Produce Market Committee (APMC), Deepak Kakadiya, has been arrested in connection with an alleged customs duty evasion case involving imported walnuts. According to the report, investigators suspect that importers undervalued walnuts brought from Chile to reduce their customs duty payments. The alleged fraud is estimated to have caused a loss of around Rs 44 crore in customs revenue.
The investigation has brought Deepak Trading Company and four other firms under scrutiny. Officials suspect that some businesses may have been registered in the names of employees to hide the identities of the people who were actually controlling their operations. Investigators are also examining a separate alleged customs duty fraud involving approximately Rs 41 crore. In that case, importers reportedly claimed duty benefits by falsely declaring walnuts as originating from Afghanistan.
The case has attracted attention following earlier arrests and legal proceedings involving members of the Kakadiya family. Authorities are investigating the financial transactions and the alleged roles of the individuals and companies connected to the case. The investigation is ongoing, and further details are expected as authorities examine the suspected irregularities. The allegations have not yet been established in court, and the accused are presumed innocent unless proven guilty.
Latest News
Uran to Face Water Cuts Twice a Week from October 27 as Ransai Dam Levels Decline
Reduced rainfall and falling dam levels prompt authorities to suspend water supply on Tuesdays and Fridays.
The Water Cut
Uran in Navi Mumbai will face water cuts twice a week from October 27 due to declining water levels in Ransai Dam and insufficient rainfall. The decision is expected to affect Uran town, nearby villages and industrial areas that depend on the dam for their water supply.
Under the revised schedule, water supply will be suspended every Tuesday and Friday. The move comes amid growing concerns over the availability of water as dam levels continue to fall. Ransai Dam is a major source of water for Uran and its surrounding areas. The shortage has already affected several villages, including areas around Chanje and Kegaon. Residents in some locations have reportedly been receiving water for only around 30 minutes once every 15 days, making it difficult to manage their daily requirements.
The state government had also announced a 10 per cent water cut from October 16 amid concerns over water availability. Authorities have appealed to residents to use water carefully and avoid wastage. The shortage has also raised concerns among local residents and representatives about water management and delays in infrastructure projects.
With water levels continuing to decline, the administration faces the challenge of managing available supplies and ensuring that households, villages and industrial establishments receive adequate water. Residents have been urged to conserve water and prepare for the scheduled interruptions in supply.
-
Fact Check6 years agoNidhi Razdan, fake Harvard professorship, and here is the explanation through her blog.
-
India5 years agoAs the arrangement with Prashant Kishor falls through Rahul Gandhi has gone overseas again and is uncontactable
-
Technology5 years agoBSNL reveals all new 4G plans starting at ₹16
-
Latest News5 years agoGovernment has spent ₹9,725 crores on Covid-19 vaccination drive so far
-
Latest News5 years agoTata wins Air India with ₹18,000 crore bid
-
Latest News5 years agoJharkhand government cuts Petrol price by massive ₹25 a litre but with a catch
-
Latest News5 years agoRaj Kundra Gave ₹25 Lakh Bribe to Mumbai Crime Branch to Avoid Arrest
-
Navi Mumbai5 years agoNavi Mumbai civic body raids and tests morning walkers, many found COVID positive
