As the future of Twitter is at stake, the social media giant said the notion Elon Musk was "hoodwinked" into inking a $44 billion buyout deal defies reason and the facts.
In a filing, Twitter rejected counter claims made by Musk as he fights to walk away from the deal he inked in April to buy the San Francisco-based company.
The company accused Musk of contriving a story to escape a merger agreement that he no longer found attractive.
The Tesla boss wooed Twitter's board with a $54.20 per-share offer, but then in July announced he was ending their agreement because the firm had misled him regarding its tally of fake and spam accounts. 

Elon Musk making up excuses to breach twitter deal? 

Twitter calls Musk’s reasoning “a story, imagined in an effort to escape a merger agreement that Musk no longer found attractive.”

Musk also accused Twitter of breaching their agreement by &ldquo;stonewalling&rdquo; his information requests

It is a battle of a bungled buyout, bots and with billions at stake. As the future of Twitter's sale remains in limbo, the social media giant dismissed the notion the world's richest man Elon Musk was "hoodwinked" into inking a $44 billion buyout deal.&nbsp;
In a filing, Twitter rejected counter claims made by Musk as he fights to walk away from the deal he inked in April. In a court filing, Twitter calls Musk&rsquo;s reasoning &ldquo;a story, imagined in an effort to escape a merger agreement that Musk no longer found attractive.&rdquo;
The Tesla boss wooed Twitter's board with a $54.20 per-share offer, but then in July announced he was ending their agreement because the firm had misled him regarding its tally of fake and spam accounts.&nbsp; The fate of that acquisition, which Musk agreed to without taking the time to examine the details of Twitter&rsquo;s business, now rests with a Delaware court where Twitter sued to force Musk to complete the deal. The case is scheduled to go to trial on October 17. &nbsp;

After partnership with luxury maisons like Valentino, Manish Malhotra and Abu Jani Sandeep Khosla, Mukesh Ambani-backed Reliance Industries is in another effort to make luxury fashion accessible by bringing Spanish luxury house Balenciaga to India by 2023. 
Reliance Brands Ltd (RBL), a unit of the conglomerate, said in a statement it would be Balenciaga's sole partner in India and this partnership will be RBL’s second with the parent group Kering, that houses Balenciaga. 
Founded by Spanish-born Cristóbal Balenciaga in 1917 and established in Paris in 1937, the original house of Balenciaga defined modern couture with its many innovations to form and technique. 

Reliance to bring Spanish luxury brand, Balenciaga to India by this year

Reliance to bring Spanish luxury brand Balenciaga to India

Get ready to shop at Balenciaga in India

Reliance has been on a dealmaking spree, signing franchise agreements with brands like Valentino, Gap and British coffee and sandwich chain Pret-A-Manager&nbsp;

The House of Ambani is adding one more luxury brand to it's offering. Mukesh Ambani-backed Reliance brands is bringing Spanish luxury house Balenciaga to India.&nbsp; Reliance Brands Ltd (RBL), a unit of the conglomerate, said in a statement it would be Balenciaga's sole partner in India and this partnership will be RBL&rsquo;s second with the parent group Kering, that houses Balenciaga.&nbsp;
Founded by Spanish-born Crist&oacute;bal Balenciaga in 1917 and established in Paris in 1937, the original house of Balenciaga defined modern couture with its many innovations to form and technique.&nbsp;
Reliance Brands Ltd(RBL) has a portfolio of brand partnerships with leading global brands, including Armani Exchange, Burberry, Canali, Coach, Diesel, Dune, Emporio Armani, Gas, Giorgio Armani, Hamleys, Hugo Boss, Jimmy Choo, Michael Kors, Versace, Villeroy &amp; Boch and West Elm.

Even though LIC shares could not give the returns as expected, but maybe this news might make investors feel better. 
Recently-listed Life Insurance Corporation (LIC) has broken into the latest Fortune Global 500 list, while Reliance Industries has jumped 51 places.
The nation's biggest life insurer with revenue of USD 97.26 billion and a profit of USD 553.8 million, was ranked 98th on the just released Fortune 500 list.LIC topped the list of companies from India, followed by eight other domestic firms. 
Reliance Industries jumped 51 places to 104 on the 2022 list.
Walmart landed at No. 1 for the ninth straight year, trailed by Amazon, which reached its highest ranking ever. 

LIC breaks to top-ranked Indian firm on Fortune Global 500 List

LIC breaks into Fortune 500 joining 8 other Indian firms. Reliance makes a huge leap

Indian Oil Corporation (IOC) rose 28 places to 142nd rank while Oil and Natural Gas Corporation (ONGC) climbed 16 places to 190

Even though LIC shares could not give the returns as expected, but maybe this news might make investors feel better.&nbsp;
Recently-listed Life <a href="https://www.editorji.com/business-news/lic-shares-hit-new-record-low-1654504813674">Insurance Corporation (LIC) </a>has broken into the latest Fortune Global 500 list, while Reliance Industries has jumped 51 places.
The nation's biggest life insurer with revenue of USD 97.26 billion and a profit of USD 553.8 million, was ranked 98th on the just released Fortune 500 list. LIC topped the list of companies from India, followed by eight other domestic firms.&nbsp;
Reliance Industries jumped 51 places to 104 on the 2022 list.
<a href="https://www.editorji.com/business-news/big-job-losses-walmart-lays-off-hundreds-slashes-profit-guidance-1659588670683">Walmart </a>landed at No. 1 for the ninth straight year, trailed by Amazon, which reached its highest ranking ever.&nbsp;

As 82-year-old Nancy Pelosi landed in Taiwan, it was not just the political onlookers that awaited what next from Beijing, the tension in the tech ecosystem escalated. Editorji explains why this 14,000-square-mile island is the epicenter of the global tech revolution. 
- Simply speaking it is the digital powerhouse of the U.S. with enormous manufacturing centers of China- Taiwan is the Silicon Valley of Asia, with a large focus on manufacturing and AI-  U.S. consumes more than $63 billion worth of Taiwanese tech exports - Taiwan Semiconductor Manufacturing Co. is one of the biggest chip foundries on the planet-  Taiwan accounts for more than 90% of the world’s most advanced chip manufacturing with South Korea at 8%, according to a report from the Semiconductor Industry Association and the Boston Consulting Group-  Most companies that design chips today — Qualcomm, Nvidia and Apple among them — don't actually do the manufacturing, instead relying on companies like TSMC.- If Taiwan's chip production were permanently disrupted, the Semiconductor Industry Association estimates it would take three years and $350 billion in investment to build enough capacity to replace it.- The island manufactures about 25–30% of integrated circuits (ICs) globally - Taiwan’s Foxconn, is the world’s largest contract electronics makes iphone and in contract with Google as well-  Big suppliers of liquid-crystal display panels- The island manufactures about 25–30% of integrated circuits (ICs) globally - No one knows for sure how much of China's exports in information and communications hardware are made in Taiwanese-owned factories, but the estimates run from 40% to 80%

Explained: Why Taiwan tensions is worrying the entire tech ecosystem?

Tensions around Taiwan on the rise, Editorji explains why this 14,000-square-mile island is critical to the global tech ecosystem from iPhones to AI. 

Taiwan, Tension & Tech

As 82-year-old Nancy Pelosi landed in Taiwan, it was not just the political onlookers that await the next move from Beijing, tech titans globally are watching with bated breath.&nbsp;

As 82-year-old <a href="https://www.editorji.com/world-news/us-house-speaker-nancy-pelosi-leaves-taiwan-after-a-high-tension-visit-1659536532607">Nancy Pelosi</a> landed in Taiwan, it was not just the political onlookers that await the next move from Beijing, tech titans globally are watching with bated breath.
US House Speaker Nancy Pelosi leaves Taiwan after a high-tension visit
Editorji explains why this 14,000-square-mile island is the epicenter of the global tech revolution.&nbsp;
<ul>
<li>Simply speaking it is the digital powerhouse of the U.S. with enormous manufacturing centers of China</li>
<li>Taiwan is the Silicon Valley of Asia, with a large focus on manufacturing and AI</li>
<li>U.S. consumes more than $63 billion worth of Taiwanese tech exports</li>
<li>Taiwan Semiconductor Manufacturing Co. is one of the biggest chip foundries on the planet</li>
<li>Taiwan accounts for more than 90% of the world&rsquo;s most advanced chip manufacturing with South Korea at 8%, according to a report from the Semiconductor Industry Association and the Boston Consulting Group</li>
<li>Most companies that design chips today &mdash; Qualcomm, Nvidia and Apple among them &mdash; don't actually do the manufacturing, instead relying on companies like Taiwan's TSMC&nbsp;</li>
<li>&nbsp;If Taiwan's chip production were permanently disrupted, the Semiconductor Industry Association estimates it would take three years and $350 billion in investment to build enough capacity to replace it.</li>
<li>The island manufactures about 25&ndash;30% of integrated circuits (ICs) globally</li>
<li>Taiwan&rsquo;s Foxconn, is the world&rsquo;s largest contract electronics makes iphone and in contract with Google as well</li>
<li>Globally big suppliers of liquid-crystal display panels</li>
<li>&nbsp;No one knows for sure how much of China's exports in information and communications hardware are made in Taiwanese-owned factories, but the estimates run from 40% to 80%.&nbsp;</li>
</ul>

Top 10 richest women in India: Kotak Private Banking and Hurun India launched the third edition of the Leading Wealthy Women List, based on the net worth of women as of December 31, 2021. Here's the list: 

List of Richest Women in India 2022 | Top 10 richest women in India |  India's Richest Women List

Do you know these top 10 wealthiest women of India?

Here's the list: 


List of Richest Women in India 2022

The cumulative wealth of the top 100 women in the list surged by 53% to ₹4,16,970 crore.

Top richest women of India : Kotak Private Banking and Hurun India launched the third edition of the Leading Wealthy Women List, based on the net worth of women as of December 31, 2021. Here's the list:&nbsp;
Roshni Nadar Malhotra, the recently appointed Chairperson of the INR 70,680 crore global technology company, HCL Technologies, ranks first on the Kotak Wealth Hurun - Leading Wealthy Women List 2020. The report estimates her wealth to be INR 54,850 crore.&nbsp;
Falguni Nayar, the founder and CEO of beauty e-commerce platform Nykaa overtook Kiran Mazumdar Shaw, Chairperson of Biocon, to become the richest self-made woman with a wealth of Rs. 57,520 crores.
Kiran Mazumdar-Shaw, Founder &amp; MD of Biocon, ranks second on the Kotak Wealth Hurun - Leading Wealthy Women List 2020. The report estimates her wealth to be INR 36,600 crore.
Leena Gandhi Tewari ranks third on the Kotak Wealth Hurun - Leading Wealthy Women List 2020. The report estimates her wealth to be INR 21,340 crore. Leena chairs privately-held USV, which is a pioneer in diabetic and cardiovascular medicines in India with growing traction in APIs and biosimilars among other medical solutions.&nbsp;
Nilima Motaparti For the past five years, as a director of Divi&rsquo;s Laboratories, Nilima oversaw all elements of Divi&rsquo;s Laboratories&rsquo; material sourcing and procurement, corporate finance, and investor relations. Her wealth surged by over 50 percent during the year.
Radha Vembu sister of Zoho founder Sridhar, ranks fifth on the Kotak Wealth Hurun - Leading Wealthy Women List 2020. Radha Vembu founded the tech company, Zoho Mail with her brother Sridhar Vembu and has been co-leading it since 2007. Based out of Chennai, this product manager of Zoho Mail, saw her wealth rise by 127 percent in one year.
<a href="https://www.editorji.com/business-news/pm-modi-to-launch-india-s-first-international-bullion-exchange-but-what-is-it-1659005075875" target="_blank" rel="nofollow noopener">PM Modi to launch India's first international bullion exchange but what is it?</a>
Jayshree Ullal Jayshree Ullal ranks sixth on the Kotak Wealth Hurun - Leading Wealthy Women List 2020. The report estimates her wealth to be INR 10,220 crore. London-born, Jayshree is the CEO of the fastest-growing cloud-networking company, Arista Networks, which is currently valued at USD 16 billion under her leadership.
Neha Narkhede, the co-founder, CTO and CPO,&nbsp;is the eighth richest new member in the list. In June 2021, Confluent&rsquo; valuation rose 25% on the NASDAQ, to hit $11.4 billion (₹84,930 crore), according to the report.&nbsp;
Vandana Lal, director at Dr Lal PathLabs is a new entrant to the top ten list. She is also the head of Dr Lal PathLabs&rsquo; research and development department with a wealth of Rs 6,810 crore.&nbsp;

Burberry has set an example for cultural representation in fashion as they recently chose to pick a four-year-old Sikh boy for their autumn winter '22 collection. 

Burberry casts 4-year-old patka-wearing model for autumn-winter '22 collection

A four-year-old Sikh boy has become the first patka-wearing model. Recently, Burberry shared the pictures of their autumn winter '22 collection and the little boy was featured in it. 

Burberry sets example for cultural representation in fashion!

British luxury brand Burberry chose to cast a 4-year-old Sikh boy for their autumn winter '22 collection and with this, they set an example for cultural representation.&nbsp;

Fashion is versatile, it can be revamped and customised but what is lacking is cultural representation. However, Burberry has now set an example as it showed diversity in its latest campaign.&nbsp;
The British luxury fashion house released pictures of its children's autumn-winter '22 collection. In the latest collection, they chose to cast a four-year-old boy Sahib Singh, and they made him the first patka-wearing model.
The images of the same were shared on the official Instagram account of Sahib Singh. In the caption, it was mentioned that "being part of the Burberry Bear autumn winter '22 campaign is incredible and to be the first patka wearing model for the biggest British brand is just an amazing achievement for our little 4-year-old and the Sikh community."
<h3>What is patka?&nbsp;</h3>
Patka holds traditional value as it is worn by Sikh boys before they start wearing the pagri, which is also known as a turban.&nbsp;
Burberry has been drawing praise on social media. Several users praised the brand for representing the Sikh community and promoting inclusivity and diversity.

RBI Governor salary 2022 : RTI response reveals that the RBI Governor Shaktikanta Das’ remuneration stood at Rs 2.5 lakh per month last year. RBI chief's salary is in-line with what the SBI Chairman earns which amounts to close to Rs 34 lakhs/years.

RBI Governor salary: RBI Governor's salary, the comparison with a bank CEO is shocking! 

Revealed: The RBI Governor's salary, the comparison with a bank CEO is shocking!

Payslip vs Payslip: Regulator vs Regulated

Right to Information (RTI) query response reveals how much RBI Governor earns&nbsp;

The top boss of Mint Street makes 40 times less than the bankers he regulates! An <a href="https://www.editorji.com/india-news/pm-cares-fund-can-t-be-under-rti-it-is-not-a-govt-trust-pmo-1632389522095" target="_blank" rel="nofollow noopener">Right to Information Act (RTI) </a>response reveals that the Reserve Bank of India (RBI) Governor Shaktikanta Das&rsquo; remuneration stood at Rs 2.5 lakh per month last year.&nbsp; Moneycontrol reports that the <a href="https://www.editorji.com/business-news/rbi-june-monetary-policy-factors-at-play-for-shaktikanta-das-1654078209537" target="_blank" rel="nofollow noopener">RBI </a>chief's salary is in-line with what the State Bank of India (SBI) Chairman earns which amounts to close to Rs 34 lakhs per year.&nbsp;
<a href="https://www.editorji.com/business-news/fed-rate-hike-to-massive-market-rally-all-that-happened-overnight-1658966796657" target="_blank" rel="nofollow noopener">Fed raises rates but Fed Chief Powell's comments power up the markets</a> The comparison with SBI Chairman may seem equitable but when the figure is pitched against the private bankers Das supervises and regulates the gap is shocking. The salaries of the top five private bank leaders ranged between 2.3 crore to Rs 7.1 crore per annum, including perks. Thus refelecting that they earn over 10 times what their counterpart at SBI or their regulatory supervisor earns.

ITR Filing Mistakes : The due date for Income Tax Return (ITR) filing for salaried taxpayers is around the corner and EJ Biz puts together the Dos and also the Do Nots for your tax filings

ITR Filing: Mistakes that you should avoid while filing income tax returns

Time for ITR Filing: Make sure you have this list of Dos and Donts 

ITR Filing Mistakes : The ITR filing for the assessment year 2022-23 (AY23) is now available on the income tax e-filing

ITR Filing Mistakes: The due date for Income Tax Return (ITR) filing for salaried taxpayers is around the corner and EJ Biz puts together the Dos and also the Do Nots for your tax filings:
<h3>1. Income Tax Return filing last date</h3>
The due date for filing of return for a class of taxpayers who are not mandated to audit under the income tax law is July 31, while it is October 31, for those cases that are mandated to audit under the Income Tax Law or any other law.
Also read/watch| <a title="Which country holds the most powerful passport?" href="https://www.editorji.com/business-news/which-country-holds-the-most-powerful-passport-1658308542645">Which country holds the most powerful passport?</a>
<h3>2. ITR filing late fees:</h3>
People can file <a href="https://www.editorji.com/business-news/personal-finance/itr-filing-5-mistakes-that-you-should-avoid-while-filing-income-tax-returns-1638166783878" target="_blank">ITR </a>after the deadline passes but they have to pay a late fee. As per the latest details, if the yearly income of an individual is above Rs 5 lakh per annum, a late fee of Rs 5,000 will be imposed. If the income is below Rs 5 lakh per annum, then a late fee of Rs 1,000 will be imposed on the person who will file the ITR after the deadline.
<h3>3. Keep your form in mind&nbsp;</h3>
Individuals should be careful while filling out the<a href="https://www.editorji.com/business-news/personal-finance/itr-filing-5-mistakes-that-you-should-avoid-while-filing-income-tax-returns-1638166783878" target="_blank"> income tax return (ITR)</a> forms. They should make sure that they are filling out the correct ITR form that is applicable to their situation.
<h3>4. Providing incorrect information</h3>
While filing the ITR is necessary, providing correct personal information in the forms is even more critical. The details that need special attention are PAN details, e-mail ID, date of birth and IFSC code.

World's most powerful passports in 2022: The Henley Passport Index 2022: Mirror, Mirror on the wall which is the most powerful passport of them all? The Henely passport Index 2022 is throwing up some surprised with Europe’s domination easing and Asia

Which country holds the most powerful passport? | World's most powerful passports in 2022

The Western domination being the passport posse' is ending, find out which is the most powerful passport in the world...the rankings will surprise you. 

Which country holds the most powerful passport?

Henley Passport Index 2022: The Index also finds the top nations are the least recovered when it comes to life after Covid-19

The Henley Passport Index 2022: Mirror, Mirror on the wall which is the most powerful passport of them all? The Henely passport Index 2022 is throwing up some surprised with Europe&rsquo;s domination easing and Asia coming to the forefront.
Here are the winners -:
Also read/watch| <a title="Google and Oracle data centres are having a 'meltdown' in the heatwave" href="https://www.editorji.com/business-news/google-and-oracle-data-centres-are-have-a-meltdown-in-the-heatwave-1658292694311">Google and Oracle data centres are having a 'meltdown' in the heatwave</a>
&bull;&nbsp; Japan has the <a href="https://www.editorji.com/business-news/which-country-holds-the-most-powerful-passport-1658308542645" target="_blank">world's most powerful passport</a> as per the Henely passport Index 2022. With this, Japanese in the world can visit 191 destinations without visa.
&bull;&nbsp; Singapore slipped to joint second place alongside South Korea, with passport holders from both countries able to access 192 destinations around the world visa-free.
&bull;&nbsp; The UK is sixth with access to 187 countries, while an American <a href="https://www.editorji.com/business-news/you-could-have-an-e-passport-by-the-end-of-this-year-thanks-to-tcs-1655780629413" target="_blank">passport </a>gets us access to 186 countries placing them at number 7.
&bull;&nbsp; Indian passport holders get hassle-free entry into 58 countries but that puts us in 84th place, sharing the spot with Mauritania and Tajikistan.
&bull;&nbsp; Across our borders, despite Covid constraints, China is placed 69th with access to 80 countries while the Pakistan passport has been ranked as the 4th worst passport to hold, placed at 104th position.&nbsp;
&bull;&nbsp; Afghanistan&rsquo;s passport is the least useful, getting the holder into only 27 countries.&nbsp;

In the latest twist from the Twitter tales, a big win coming for the platform as they got court approval to fast-track the case against Elon Musk to make him complete the $44 billion buyout.A set back for the Technoking at Tesla as his lawyers argued that the expedited timeline was far too aggressive as they will now face an expedited 5-day trial set to begin in October. Twitter whose shares have fallen 22% since Musk backed out of the deal is trying to legally enforce the $44 billion buyout o the world's richest man. After three months of a very public display of crossfire with Twitter, Musk seemed to have buyers remorse as he cancelled his plans just as fast as he seemed to have decided on them. Musk pinned the blame on Twitter as his lawyers stated the site underreported the number of spam and fraud accounts on its messaging service and failed to send Musk information that could presumably help the executive better calculate those statistics.

Twitter Trials: Elon Musk to face legal onslaught from October 

Big win for Twitter Judge grants fast-tracked October trial to try and enforce buyout on Musk

Twitter Trials: Musk to face legal onslaught from October 

A Delaware Court ruled in favour of Twitter for an expedited 5-day trial set to begin in October.&nbsp;

In the latest twist from the Twitter tales, a big win coming for the platform as they got court approval to fast-track the case against <a href="https://www.editorji.com/business-news/elon-musk-and-twitter-saga-tesla-boss-tweets-after-twitter-sues-him-1657692618350" target="_blank">Elon Musk</a> to make him complete the $44 billion buyout. A set back for the Technoking at <a href="https://www.editorji.com/business-news/tesla-fires-singapore-country-manager-elon-musk-says-very-tough-quarter-1655176254935" target="_blank">Tesla </a>as his lawyers argued that the expedited timeline was far too aggressive as they will now face an expedited 5-day trial set to begin in October.&nbsp;
Also read/watch| <a title="Extraordinary Attorney Woo: This new Korean Drama is lifting the stock exchange&nbsp;" href="https://www.editorji.com/business-news/extraordinary-attorney-woo-this-new-korean-drama-is-lifting-the-stock-exchange-1658285565996">Extraordinary Attorney Woo: This new Korean Drama is lifting the stock exchange&nbsp;</a> Twitter whose shares have fallen 22% since Musk backed out of the deal is trying to legally enforce the $44 billion buyout o the world's richest man. After three months of a very public display of crossfire with Twitter, Musk seemed to have buyers remorse as he cancelled his plans just as fast as he seemed to have decided on them. Musk pinned the blame on Twitter as his lawyers stated the site underreported the number of spam and fraud accounts on its messaging service and failed to send Musk information that could presumably help the executive better calculate those statistics.

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Months after a spate of fires in two-wheelers put a bumpy ride in India's EV overdrive, the government has reportedly sent show cause notices to firms asking them to detail the reasons for the recent fire incidents with their two-wheeler electric vehicles. 
According to reports, the government has asked electric scooter OEMs, including Ola Electric, Okinawa Autotech, and Pure EV, to explain why they should not be penalised for the fire incidents. 
The companies have been given 30-days time till July-end to respond to the notice. 
EV fire incidents in recent times have triggered a safety debate in India. The most recent incident involves a Tata Nexon EV which caught fire in Mumbai. Meanwhile, Ola, Okinawa and Pure have voluntarily recalled nearly 7,000 e-two wheelers of the models that had caught fire.

EV companies under fire, govt sends show cause notice 

They have been given 30 days till July-end to respond to the notices&nbsp;

Months after a spate of fires in two-wheelers put a bumpy ride in India's EV overdrive, the government has reportedly sent show cause notices to firms asking them to detail the reasons for the recent fire incidents with their two-wheeler electric vehicles.&nbsp;
According to reports, the government has asked electric scooter OEMs, including Ola Electric, Okinawa Autotech, and Pure EV, to explain why they should not be penalised for the fire incidents.&nbsp;
Also read/watch| <a title="Crypto crises in India continues; new TDS rule brings down trading volume" href="https://www.editorji.com/business-news/crypto-crises-in-india-continues-new-tds-rule-brings-down-trading-volume-1656995121783">Crypto crises in India continues; new TDS rule brings down trading volume</a>
The companies have been given 30-days time till July-end to respond to the notice.&nbsp;
EV fire incidents in recent times have triggered a safety debate in India. The most recent incident involves a Tata Nexon EV which caught fire in Mumbai. Meanwhile, Ola, Okinawa and Pure have voluntarily recalled nearly 7,000 e-two-wheelers of the models that had caught fire.

The crypto ecosystem is under tough scrutiny as the Enforcement Directorate (ED) is probing at least ten cryptocurrency exchanges for possible money laundering as per reports. The ED is probing laundering over Rs 1000 cr via various crypto platforms. Reports indicate that ED has found that many KYC details collected by the crypto exchanges were found to be dubious in many cases. Sources told Times Group that they were traced to some persons living in remote areas having no connection with the transactions.The probe now extends from WazirX onto other platforms as the ED has already frozen a few accounts of WazirX that also is seeing volumes tanking sharply with users fleeing. The ED, earlier this week, said that Zanmai Labs Pvt Ltd, which owns WazirX Crypto Exchange, has created a web of agreements with Crowdfire Inc. USA, Binance (Cayman Islands), and Zettai Pte Ltd Singapore to allegedly obscure the ownership of the crypto exchange.

Crypto Crackdown: Exchanges under scrutiny for massive money laundering

10 crypto exchanges under ED lens for laundering over Rs 1,000 crore

Enforcement Directorate (ED) is probing at least ten cryptocurrency exchanges

The crypto ecosystem is under tough scrutiny as the Enforcement Directorate (ED) is probing at least ten cryptocurrency exchanges for possible money laundering as per reports. The ED is probing laundering over Rs 1000 cr via various crypto platforms.&nbsp; Reports indicate that ED has found that many KYC details collected by the crypto exchanges were found to be dubious in many cases. Sources told Times Group that they were traced to some persons living in remote areas having no connection with the transactions. Read/Watch Also: <a href="https://www.editorji.com/business-news/cryptocurrency/binance-expose-is-the-world-s-largest-crypto-exchange-a-safe-house-for-laundering-1654589320408">Binance a hub for laundering?</a> The probe now extends from WazirX onto other platforms as the ED has already frozen a few accounts of WazirX that also is seeing volumes tanking sharply with users fleeing.&nbsp; The ED, earlier this week, said that Zanmai Labs Pvt Ltd, which owns WazirX Crypto Exchange, has created a web of agreements with Crowdfire Inc. USA, Binance (Cayman Islands), and Zettai Pte Ltd Singapore to allegedly obscure the ownership of the crypto exchange.

Ministry of Civil Aviation on Wednesday lifted caps on domestic airfare stating that the order will be effective from August 31.
The order has been notified after a review of the COVID-19 situation which imposed the limits on airfare in 2020. The ministry reiterated that airlines will continue to adhere to COVID guidelines.
Civil Aviation Minister Jyotiraditya Scindia stated that the decision to remove air fare caps was taken after careful analysis of daily demand and prices of air turbine fuel.
The minister added that stabilisation has set in and the sector is poised for growth in domestic traffic in the near future.

Domestic airfare caps to be lifted from August 31

The order has been notified after a review of the COVID-19 situation which imposed the limits on airfare in 2020

The order has been notified after a review of the COVID-19 situation which imposed the limits on airfare in 2020

The cap on domestic airfare will be removed from August 31, almost 27 months after it was imposed due to Covid-19.&nbsp;
"The decision to remove air fare caps has been taken after careful analysis of daily demand and prices of air turbine fuel (ATF). Stabilisation has set in and we are certain that the sector is poised for growth in domestic traffic in the near future," Aviation Minister Jyotiraditya Scindia said on Twitter.
ATF prices have been coming down during the last few weeks after jumping to record levels, primarily due to the Russia-Ukraine war that began on February 24.
On August 1, the price of ATF in Delhi was Rs 1.21 lakh per kilo-litre, which was around 14 per cent lower than last month.
The ministry had imposed lower and upper limits on domestic airfares based on flight durations when services were resumed on May 25, 2020 after a two-month lockdown due to the COVID-19 pandemic.
Also Watch| <a href="https://www.editorji.com/business-news/scindia-holds-meeting-safety-issues-and-concerns-taken-up-with-dgca-1658121423881" target="_blank" rel="nofollow noopener">Scindia holds meeting, safety issues and concerns taken up with DGCA</a>
For example, airlines currently cannot charge a passenger less than Rs 2,900 (excluding GST) and more than Rs 8,800 (excluding GST) for domestic flights of less than 40 minutes.
The lower caps were there to protect the financially weaker airlines and the upper caps to protect passengers from high fares.
On Wednesday, the Civil Aviation Ministry stated in an order: "After review of the current status of scheduled domestic operations viz-a-viz passenger demand for air travel...it has been decided to remove the fare bands notified from time to time regarding the airfares with effect from August 31, 2022." The airlines and airport operators must, however, ensure that the guidelines to contain the spread of COVID-19 are strictly adhered to and COVID-appropriate behaviour is strictly enforced by them during travel, it added.
Vistara CEO Vinod Kannan had on June 19 said that he would be happy if the lower and upper limits on airfares were increased but the best solution would be for the airlines to have absolute freedom on airfares.&nbsp;

There is a new power struggle in Parliament and this time it is literal as Modi govt faces severe opposition to the Electricity (Amendment) Bill, 2022.  Editorji explains what is this bill all about and why is it being touted as a 'dangerous' bill. 
What does the bill propose to do?

Enable consumers to choose from multiple power suppliers in an area, just like in telecom 
Introduce concept of graded revision of tarriff 
Fixing of maximum and minimum tarriff offered by the power companies 
Allow network sharing for optimum utilisation
Regulation and obligation to source power from renewable sources. 

Who is opposing?The bill is being opposed by farmer groups, the All India Power Engineers Federation and opposition-ruled states for several reasons. Arvind Kejriwal took to Twitter to call it a 'dangerous bill'. Many power engineers protested the Bill across the country, in states like Tamil Nadu, Telangana, Rajasthan. Labour unions and the Sanyukt Kisan Morcha, an umbrella organisation that was at the centre of the Farmers’ Protests is also protesting the proposed amendments. What are the main points of opposition 

The govt did not hold consultations with all concered before tabling 
Would hurt government discom balance sheets further 
Protestors claim that only government discoms or distribution companies will have universal power supply obligations
Private operators will choose to be available only in 'profitable' areas 
 Profit-making areas will be snatched from government discoms
Given central govt authority to allow private distributors to use state built networks
Fear that amendments leave the door open for power subsidy for farmers to be taken away eventually
Electricity is a concurrent subject, state and centre have equal saw on the matter but amendments sway the favour towards union govt as per opposition. 

What next?Power minister RK Singh said the legislation, which aims to streamline payments and encourage competition, would be sent to the parliamentary standing committee.

Explained: The new Electricity Bill and the opposition it faces

Explained: The new electricity bill and the opposition it faces

The new power struggle in Lok Sabha over the Electricity Bill 

Centre on Monday, 8 August, tabled the Electricity Amendment Bill 2022 in the Lok Sabha during the Parliament's Monsoon Session.

There is a new power struggle in Parliament and this time it is literal as Modi govt faces severe opposition to the Electricity (Amendment) Bill, 2022.&nbsp; Editorji explains what is this bill all about and why is it being touted as a 'dangerous' bill.&nbsp;
What does the bill propose to do?
<ul>
<li>Enable consumers to choose from multiple power suppliers in an area, just like in telecom&nbsp;</li>
<li>Introduce concept of graded revision of tariff&nbsp;</li>
<li>Fixing of maximum and minimum tariff offered by the power companies&nbsp;</li>
<li>Allow network sharing for optimum utilisation</li>
<li>Regulation and obligation to source power from renewable sources.&nbsp;</li>
</ul>
Who is opposing? The bill is being opposed by farmer groups, the All India Power Engineers Federation and opposition-ruled states for several reasons. Arvind Kejriwal took to Twitter to call it a 'dangerous bill'. Many power engineers protested the Bill across the country, in states like Tamil Nadu, Telangana, Rajasthan. Labour unions and the Sanyukt Kisan Morcha, an umbrella organisation that was at the centre of the Farmers&rsquo; Protests is also protesting the proposed amendments.&nbsp; What are the main points of opposition?&nbsp;
<ul>
<li>The govt did not hold consultations with all concerned before tabling&nbsp;</li>
<li>Would hurt government discom balance sheets further&nbsp;</li>
<li>Protestors claim that only government discoms or distribution companies will have universal power supply obligations</li>
<li>Private operators will choose to be available only in 'profitable' areas&nbsp;</li>
<li>&nbsp;Profit-making areas will be snatched from government discoms</li>
<li>Given central govt authority to allow private distributors to use state built networks</li>
<li>Fear that amendments leave the door open for power subsidy for farmers to be taken away eventually</li>
<li>Electricity is a concurrent subject, state and centre have equal saw on the matter but amendments sway the favour towards union govt as per opposition.&nbsp;</li>
</ul>
What next? Power minister RK Singh said the legislation, which aims to streamline payments and encourage competition, would be sent to the parliamentary standing committee.

In the latest news from the IPO corner, Syrma SGS a technology-focussed engineering and design company is ready to test its fate with investors. Here is all you need to know 

IPO Opens: August 12 
IPO Closes: August 18
IPO Price: Rs 209 to Rs 220
Grey Market Premium: Rs 30/share (as per reports)

The initial public offering comprises fresh issuance of shares worth Rs 766 crore, and an offer for sale of 33.69 lakh equity shares by promoter Veena Kumari Tandon.Chennai-based engineering and design company Syrma SGS Tech is engaged in turnkey electronics manufacturing services (EMS), specialising in precision manufacturing for diverse end-use industries.As per the DRHP the company provided products to over 200 customers of which 16 customers have been associated with the company for more than 10 years. Some of the key names in the client roster include TVS Motor Company, Eureka Forbes, Atomberg Technologies, Hindustan Unilever, and Total Power Europe B.V.

IPO watch: Syrma SGS Technology IPO, dates to GMP everything you need to know

After over 2 months of an IPO drought, Syrma SGS Technology tests the markets' mettle. Here is all you need to know about the IPO 

First IPO to hit Dalal Street after two and a half months&nbsp;

In the latest news from the IPO corner, Syrma SGS a technology-focused engineering and design company is ready to test its fate with investors. Here is all you need to know&nbsp;
<ul>
<li>IPO Opens: August 12 </li>
<li>IPO Closes: August 18</li>
<li>IPO Price: Rs 209 to Rs 220</li>
<li>Grey Market Premium: Rs 30/share (as per reports)</li>
</ul>
The initial public offering comprises fresh issuance of shares worth Rs 766 crore, and an offer for sale of 33.69 lakh equity shares by promoter Veena Kumari Tandon. Chennai-based engineering and design company Syrma SGS Tech is engaged in turnkey electronics manufacturing services (EMS), specialising in precision manufacturing for diverse end-use industries. As per the DRHP the company provided products to over 200 customers of which 16 customers have been associated with the company for more than 10 years. Some of the key names in the client roster include TVS Motor Company, Eureka Forbes, Atomberg Technologies, Hindustan Unilever, and Total Power Europe B.V.

Elon Musk is sprung yet another surprise by selling nearly $7 billion worth of Tesla shares. The move comes just months after the billionaire had said that he planned no further Tesla stock sales.Musk sold around 7.9 million shares between Friday andTuesday, regulatory filings show. With the latest sale Musk has sold $32 billion worth of stock in Tesla in the last one year.  Musk said in April "no further TSLA sales planned," after he sold $8.5 billion worth of Tesla shares. Technoking of Tesla is currently locked in a legal battle with Twitter over a 'botched' $44 billion buyout. The rationale for the latest sale of shares is still undisclosed. Tesla shares have risen about 35% from recent lows reached in May, though are still down about 20% this year 

Why did Elon Musk sell $6.9 bn worth of Tesla shares?

Musk on Tesla stock selling spree?

With a $250.2 billion fortune, Musk is the world&rsquo;s richest person, according to the Bloomberg Billionaires Index

Elon Musk has sprung yet another surprise by selling nearly $7 billion worth of Tesla shares. The move comes just months after the billionaire had said that he planned no further Tesla stock sales. Musk sold around 7.9 million shares between Friday andTuesday, regulatory filings show. With the latest sale Musk has sold $32 billion worth of stock in Tesla in the last one year. &nbsp;Musk said in April "no further TSLA sales planned," after he sold $8.5 billion worth of Tesla shares.&nbsp;
<a href="https://www.editorji.com/business-news/twitter-trials-musk-to-face-legal-onslaught-from-october-1658283714506">Twitter Trials: Musk to face legal onslaught from October</a> Technoking of Tesla is currently locked in a legal battle with Twitter over a 'botched' $44 billion buyout. The rationale for the latest sale of shares is still undisclosed.&nbsp;
<a href="https://www.editorji.com/business-news/markets/zomato-delivers-esop-bonanza-shares-for-re-1-1658917566467">Zomato delivers ESOP bonanza, shares for Rs 1</a> Tesla shares have risen about 35% from recent lows reached in May, though are still down about 20% this year. &nbsp;

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