iWorld
Bharti Airtel board’s special committee recommends Rs 32,000 cr rights issue
BENGALURU: The Sunil Mittal-headed Indian telecom major Bharti Airtel Ltd (Airtel) has informed the bourses that its board of directors (the board) in its meeting held on. Thursday, February 28, 2019, has considered the recommendations of 'Special Committee of Directors for Fund Raising' and thereby approved the fund raising of up to Rs 32,000 crore through rights issuance of upto Rs 25,000 crore; and Perpetual Bond with equity credit up to Rs 7000 crore.
The Perpetual bond of will be up to USD 1 billion (approximately Rs 7000 crore) denominated in foreign currency subject to price, market conditions and other terms and conditions as acceptable, and with conditions allowing for full accounting equity credit and subject to all applicable laws including under ECB Regulations.
Further, the Board approved the following terms of the Rights Issue:
a) Rights Issue Price: Rs 220 per fully paid equity share (including a premium of Rs 215 per fully paid equity share over face value of Rs 5 per share); and
b) Rights entitlement ratio: 19 shares for every 67 shares held by eligible shareholders as on the record date.
Airtel has not been very effective in countering what it termed in one of its media releases Mukesh Dhirubhai Ambani’s Reliance Jio Infocomm’s ‘predatory pricing’. The company has lost subscribers, wireless as well as wireless broad subscribers in the month of December 2018 as per Telecom Regulatory Authority of India (TRAI) latest monthly Telecom Reports. The company has not fared as well as in the past as per its quarterly report for the third quarter (Quarter ended December 31, 2018, Q3 2019).
iWorld
OpenAI hits back at Elon Musk’s lawsuit ahead of trial
Company calls claims “baseless” and accuses Musk of trying to disrupt a rival.
MUMBAI: When the stakes are measured in billions and egos are involved, even Silicon Valley titans can turn a courtroom into a battlefield. OpenAI has issued a sharp public response to Elon Musk’s ongoing lawsuit, accusing the billionaire of filing the case to harass a competitor rather than address genuine concerns. In a strongly worded statement shared on its official X account, OpenAI described Musk’s allegations as “baseless” and suggested the lawsuit is an attempt to disrupt the company as the case heads toward trial later this month in Oakland, California.
The response comes after Musk’s legal team recently amended the complaint, proposing that any damages potentially exceeding $150 billion should go to OpenAI’s nonprofit entity rather than to Musk personally. OpenAI questioned the timing and motive behind this change, calling it a late-stage attempt to “pretend to change his tune” on the nonprofit structure.
The company further labelled the lawsuit a “harassment campaign”, arguing that Musk’s actions are driven by personal rivalry, ego, and a desire for greater control and financial upside.
At the heart of the dispute is Musk’s claim that OpenAI has abandoned its original nonprofit mission of developing artificial intelligence for the benefit of humanity. A co-founder who left in 2018, Musk is seeking governance changes, including the removal of CEO Sam Altman from the nonprofit board, and the return of certain financial gains linked to Altman and President Greg Brockman.
OpenAI has firmly rejected these allegations, maintaining that its current hybrid structure, a public-benefit corporation overseen by a nonprofit parent remains true to its long-term goals. The company has also previously accused Musk of anti-competitive behaviour aimed at weakening its leadership.
As the case prepares for a jury trial, this public exchange highlights the deepening rift between two of the most influential figures in the AI revolution and raises broader questions about governance, mission, and power in the fast-moving world of artificial intelligence.
In the high-stakes game of AI, it seems the real drama isn’t just inside the models, it’s playing out in courtrooms too.
