iWorld
Twitter names Vinay Prakash as resident grievance officer for India
Mumbai: Twitter has named Vinay Prakash as its resident grievance officer for India in line with the new IT rules which came into effect on 26 May.
The US-based microblogging site has been at loggerheads with the central government over its alleged non-compliance with the new IT rules in India, which mandates, among other requirements, the appointment of three key personnel — chief compliance officer, nodal officer, and grievance officer by social media platforms with over 50 lakh users. All three personnel have to be residents in India.
The site also published a ‘transparency report’ regarding the handling of complaints from users in India between 26 May and 25 June – which was another requirement under the new IT law.
“Twitter can be contacted in India at the following address: Fourth Floor, The Estate, 121 Dickenson Road, Bangalore 560 042,” it said on its website. Prakash’s name appears along with Jeremy Kessel, who is the global legal policy director and is based in the US. Users can contact him using an email ID listed on the page.
Prakash’s appointment follows after the Delhi high court on 8 July refused to allow any interim protection to Twitter and noted that it is open to the government to pursue any action regarding the social media company in compliance with the IT rules.
Twitter had previously appointed Dharmendra Chatur as its interim resident grievance officer for India as required by the IT rules. However, Chatur stepped down within weeks of taking over the key role.
The government had earlier made clear, that as per new rules, any failure to comply with the guidelines could lead to exemption from liability under section 79 of the IT Act, 2000. This essentially means that the platform could be held responsible for content posted by the users. The rules recommend a three-tier mechanism for the regulation of all online media.
iWorld
Bill Ackman’s Pershing Square makes $64 billion bid to acquire Universal Music Group
Ackman pitches NYSE relisting plan as UMG board weighs unsolicited offer
The hedge fund has proposed a business combination that values UMG at €30.40 per share, representing a hefty 78 per cent premium to its current trading price. The offer includes €9.4 billion in cash alongside stock in a newly formed entity, with shareholders set to receive €5.05 per share in cash and 0.77 shares in the new company for each UMG share they hold.
Under the proposal, UMG would merge with Pershing Square SPARC Holdings Ltd and re-emerge as a Nevada-based entity listed on the New York Stock Exchange. The move is designed to boost investor visibility and potentially secure inclusion in major indices such as the S&P 500.
Pershing Square Capital Management ceo Bill Ackman argued that while UMG’s operational performance remains strong, its market valuation has lagged due to external factors. “UMG’s stock price has languished due to a combination of issues that are unrelated to the performance of its music business,” Ackman said, pointing to concerns ranging from shareholder overhang to delayed US listing plans.
Ackman also flagged what he sees as untapped potential in UMG’s balance sheet and a lack of clear capital allocation strategy. He added that the market has not fully recognised the value of UMG’s €2.7 billion stake in Spotify, alongside gaps in investor communication.
The proposed transaction would also result in the cancellation of around 17 per cent of UMG’s outstanding shares, while maintaining its investment-grade balance sheet. Pershing Square has said it will fully backstop the equity financing, with debt commitments secured at signing. The deal is targeted for completion by the end of the year.
UMG, however, has struck a measured tone. The company confirmed that its board has received the non-binding proposal and will review it with advisers. It reiterated confidence in its current strategy and leadership under Lucian Grainge, signalling no immediate shift in stance.
The proposal comes at a time when global music companies are navigating evolving investor expectations, streaming economics and capital allocation pressures. For Pershing Square, the bet is clear: sharpen the financial story, relist in the US, and let the music play louder in the markets.
Whether UMG’s board is ready to change the tune remains to be seen, but the spotlight on its valuation just got a lot brighter.
