BUSINESS
Torrent Group to appeal against NCLAT order in Reliance Capital matter in SC
The Torrent group may request the Supreme Court to stay the National Company Law Appellate Tribunal's (NCLAT) order in favour of Reliance Capital lenders and allow another round of auction for the financial services company. The lenders had approached NCLAT against an earlier order of the National Company Law Tribunal (NCLT) restraining the CoC from extending the auction round to find higher value for the company.
UK working on a plan for tech firms after Silicon Valley Bank collapse
The Treasury said it wanted to "minimise damage to some of our most promising companies in the UK" after the US bank's failure last Friday, BBC reported. US regulators shut down the bank on Friday in what is the largest failure of a US bank since 2008. The bank's UK subsidiary will be put into insolvency from Sunday evening, BBC reported.
Markets under pressure, to trade with negative bias
The Indian Rupee lost 8 paisa or 0.10 per cent to close at Rs 82.04 to the US Dollar. Dow Jones after having gained for four consecutive sessions, lost for four consecutive sessions. The first day of the week saw gains and then it lost on the remaining four days. Dow Jones was down 1,481.33 points or 4.44 per cent to close at 31,909.64 points.
SVB executive was Lehman Brothers CFO prior to 2008 collapse
Prior to joining SVB as Chief Administrative Officer, Gentile worked as Chief Financial Officer at Lehman Brothers' Global Investment Bank. Gentile left Lehman in 2007, just one year before it went bankrupt in 2008, Fox Business reported. "You can't make this up," one Twitter user wrote as the internet erupted at the revelation.
SVB collapse: Minister Chandrasekhar to meet Indian startups to see how govt can help them
The bank's collapse is going to impact several startups in India which have exposure to its investments and have parked their funds in the bank. "The @SVB_Financial closure is certainly disrupting startups across the world. Startups are an important part of #NewIndia Economy," Chandrasekhar said in a tweet.
Over 1 lakh jobs at risk, 10K startups face payroll failure: Y Combinator CEO
Over 1,200 CEOs and founders representing over 56,000 employees have already signed the petition, written by Garry Tan, CEO and President of Y Combinator, to save startups and hundreds of thousands of jobs. "We ask for relief and attention to an immediate critical impact on small businesses, startups, and their employees who are depositors at the bank," read the petition.
Musk calls Meta 'copy cat' for planning to launch Twitter-rival
It all started when the music news website Daily Loud posted: "Mark Zuckerberg's Meta exploring plans to launch a rival to Twitter." On this, a user asked: "Why tho? is he like people are mad at Elon musk, I'll make an alternative because everyone loves me and Facebook so much." Commenting on this conversation, Musk said: "Copy cat."
India-born Rajesh Agrawal to lead London trade mission to India
On a four-day mission from March 13-16, India-born Agrawal will visit New Delhi and Bengaluru and will be joined by 10 London tech companies including Electric Miles, Guider, OneID and Softools, according to a statement. Noting the longstanding cultural and economic links between the two countries, Agrawal said: Indian cities rightly look to London as the perfect launchpad to grow their business internationally.
Silicon Valley Bank CEO sold $3.5m in shares just two weeks before collapse
CEO Greg Becker offloaded over $3.5 million worth of stocks - which amounted to nearly 12,500 shares - in a pre-planned, automated sell-off on February 27, according to a US Securities and Exchange Commission filing, the New York Post reported. That same day, the bank's third-in-command CFO Daniel Beck sold $575,180 in stocks, Newsweek reported.
Top VC firms deeply concerned at SVB collapse, Ashneer offers a solution
Hemant Taneja, investor and managing partner at General Catalyst, said in a tweet that several VC leaders like Accel, Khosla Ventures, Altimeter Capital, Lightspeed Venture Partners, Mayfield Fund, Ribbit Capital, Redpoint Ventures and others met to discuss the aftermath of SVB's downfall. "Silicon Valley Bank has been a trusted and long-time partner to the venture capital industry and our founders.
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