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Elon Musk to Step Down, Supreme Court Pronounces Verdict on Aadhaar et al

Professor of Financial Economics and Part-time Value Investor, Transfin.
Sep 30, 2018 1:23 PM 3 min read

Good evening reader,


The ongoing brouhaha around Musk’s tweet about ‘taking his company private at $420’ in August earlier this year, might be coming to a close following a deal with the US Securities Exchange. Musk’s eccentricity may have cost him the position of the Chairman at Tesla and $20m, but he remains the CEO of the multinational corporation.


Moving on…


Monday saw an attempt to understand the recent 'Reforms' in Mutual Fund regulations and how these will affect the investors.


Another piece on value investing, the LongShorts on REITs discussed the new ways to invest in real estate in India.


Nikhil’s piece, How is RBI Deciding the Fate of Indian Bank CEOs was an interesting take on how the Central Bank is cracking the whip on private sector bank CEOs, albeit selectively.


The fourth episode of the Podcast was an engaging discussion on the top business news of the week.


This week also saw the return of the much-awaited article on Nutrition and Exercise. Beginning with a new series, Dr. Arun K Chopra is back with A Guide on Exercise.


Here's a look at this week's top 6 Business News:


Supreme Court pronounces Aadhaar 'constitutionally valid'.

In a three-set judgment announced today, SC held government’s star scheme – Aadhaar constitutional. It has been held mandatory for filing income tax returns and allotment of PAN. However, some of the Act’s provisions for linking Aadhaar with bank accounts, mobile numbers and admissions were struck down. This move prevents private entities like telecom companies and payment apps like Paytm from asking for Aadhaar data.


Government to hike basic custom duty on 19 'non-essential' items to restrict imports.

Govt to hike basic custom duty on 19 'non-essential' items including washing machines, refrigerators and aviation turbine fuel to limit the amount of imports into the country. This move is expected to help reduce India’s current account deficit and ease pressure on the Rupee. India plans to opt out of crude oil imports from Iran, reducing its exports even further after the US sanctions hit the Middle Eastern country.


SBI, LIC & Orix may participate in IL&FS INR4500cr rights issue.

In a major breather to the debt-laden infra lender and engineering group IL&FS, major shareholders, LIC and Japan’s Orix Corporate, and SBI announced that they would subscribe to the proposed INR45bn rights issue of the company. IL&FS Financial Services (IFIN) has recently defaulted on loans of approximately INR4.4bn.


Elon Musk to step down as Tesla chairman after deal with US Securities; to remain CEO.

Elon Musk to step down as Tesla chairman and pay a fine of $20 million following deal with US Securities and Exchange Commission. SEC had earlier this week accused Elon Musk of securities fraud and sought his removal from the company after he tweeted about ‘taking his company private at $420’, in August. Although, Musk believes that he has been wrongly accused and that he had a verbal agreement with Saudi Arabia’s sovereign-wealth fund for Tesla buyout.


Instagram Co-founders resign from Facebook.

Kevin Systrom and Mike Krieger, co-founders of the photo sharing app Instagram, owned by Facebook, stepped down as chief executive officer and chief technical officer respectively, releasing a statement on the company’s website. Their exit came after reports of increasing clashes with Facebook’s Mark Zuckerberg.


Comcast gets ready to buy Fox’s stake in Sky.

21st Century Fox will sell its 39% stake in Sky to Comcast Corp. for c. $15 billion. Walt Disney has given its consent for the deal to be taken forward. The proceeds from Fox’s sale of stake will go to Disney. Canada’s Barrick is set to merge with it UK-listed competitor, Randgold to become the industry’s leading gold mining company in a c. $18bn deal. American luxury brand, Michael Kors is closing the deal to buy the Italian fashion brand, Versace for $2.35bn.


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