Business
Supreme Court Considers Extending SEBI Probe in Adani Case: Stock Manipulation Allegations
New Delhi: The Supreme Court is considering granting three additional months to SEBI to conclude its investigation into allegations of stock price manipulation by the Adani group and regulatory disclosure lapses. On May 15, a batch of PILs and a plea by the market regulator will be listed for hearing.
The court registry has received the report of the Justice (retd) A M Sapre committee, appointed by the apex court, and the bench of Chief Justices DY Chandrachud and Justices P S Narasimha and J B Pardiwala expressed its intention to review the findings before proceeding with the matter on Monday.
In the meanwhile, we will review the report. The bench said that the subject will be discussed on May 15.
The bench issued a warning to petitioner Jaya Thakur’s attorney during the hearing, reminding them that the court has not made any declarations on any regulatory failure by SEBI.
The bench emphasized the need for cautious allegations since they might affect the mood of the stock market. Based on the petitioner’s assertions, the panel was established to look into the charges.
Business
ShareChat Secures Nearly $49 Million from Key Investors: Report
ShareChat Secures Nearly $49 Million from Key Investors: Report
SharingChat, a social media site, has secured $48.8 million from its current backers, Temasek and Lightspeed, through convertible debentures.
Citing ShareChat’s regulatory filings, startup news website Inc42 stated on Wednesday that the fundraising round will assist ShareChat in “navigating the path to profitability in the next 12 to 15 months.”
The report also stated that the company is supposedly in talks with investors for a larger equity investment round.
To date, ShareChat has raised more than $1 billion in investment.
It was reported in December of last year that ShareChat planned to raise as much as $65 million from current investors.
The investment round was expected to include participation from current investors like Temasek, Tiger Global, Google, Lightspeed Ventures, and others.
As part of a strategic reorganization, ShareChat let go of 200 workers in December, representing around 15% of its total employment.
Also Read: Sergey Brin Personally Urges Google Employee to Decline OpenAI Job Offer
The decision, according to Mohalla Tech, the parent company of ShareChat and the short video entertainment app Moj, indicates the firm’s commitment to attaining profitability within the next four to six quarters and simplifying its cost base.
ShareChat’s sales increased by 62% to Rs 540.21 crore in FY23, but its net loss increased to Rs 4,064.3 crore from Rs 2,941.5 crore in FY22.
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