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Cryptocurrency lending company Celsius Network, that recently laid off 150 employees, has now filed for bankruptcy in the US amid extreme market conditions. The platform said that it initiated voluntary Chapter 11 bankruptcy proceedings to provide it with the opportunity to stabilise its business and consummate a comprehensive restructuring transaction that maximises value for all stakeholders. Celsius said late on Wednesday that it has $167 million in cash on hand, which will provide ample liquidity to support certain operations during the restructuring process. The platform, which last month paused all withdrawals, was last valued at $3.25 billion. "Without a pause, the acceleration of withdrawals would have allowed certain customers -- those who were first to act -- to be paid in full while leaving others behind to wait for Celsius to harvest value from illiquid or longer-term asset deployment activities before they receive a recovery," said the company. Alex Mashinsky, Co-Founder and CEO, Celsius, said that this is the right decision for its community and company. "I am confident that when we look back at the history of Celsius, we will see this as a defining moment, where acting with resolve and confidence served the community and strengthened the future of the company," he said. Meanwhile, the founders of another bankrupt cryptocurrency hedge fund <keyword id="14202326" type="General" weightage="80" keywordseo="three-arrows-capital" source="Orion">Three Arrows Capital</keyword> (3AC) have vanished and the officials charged with liquidating the company were looking for their whereabouts. The mega fund, founded by Credit Suisse traders <keyword id="14355016" type="General" weightage="80" keywordseo="zhu-su" source="Orion">Zhu Su</keyword> and <keyword id="835976" type="General" weightage="80" keywordseo="kyle-davies" source="Orion">Kyle Davies</keyword>, once managed an estimated $10 billion in assets. The Singapore-based 3AC filed for bankruptcy in the US earlier this month to protect its assets from creditors. The bankruptcy came as popular <keyword id="2721952" type="General" weightage="20" keywordseo="crypto" source="Orion">crypto</keyword> tokens such as Bitcoin and Ethereum nosedived by nearly 70 per cent from their record highs amid the economic meltdown. 3AC defaulted on a more than $650 million loan provided by crypto broker <keyword id="14344592" type="General" weightage="80" keywordseo="voyager-digital" source="Orion">Voyager Digital</keyword>, which has also filed for bankruptcy. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/health/news/australias-health-minister-warned-that-millions-could-get-covid-19/articleshow/92866659.cms">Australia's Health Minister warned that "millions" could get COVID-19</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/mindtree-lampt-infotech-infosys-indusind-bank-and-other-hot-stocks-on-july-14/slidelist/92865161.cms">Mindtree, L&amp;T Infotech, Infosys, IndusInd Bank and other hot stocks on July 14</a>

After firing 150 employees, crypto lending platform Celsius Network files for bankruptcy

A lawsuit has been filed against <keyword id="6354512" type="CITY" weightage="100" keywordseo="Infosys">Infosys</keyword> in the US by former immigration head. He has accused Infosys of discrimination against non-South Asian employees. <keyword id="887978" type="PERSON" weightage="20" keywordseo="Erin-Green">Erin Green</keyword> has also demanded a trial by jury and filed his petition before a US district Court in the Eastern District of Texas on June 19. In his case, Green has accused two senior company officials, Head of Global Immigration Vasudeva Nayak and Executive Vice President and Global Head of Talent and Technology, Binod Hampapur. The 53-page lawsuit pointed out that from October 2011 to June 28, 2016, the plaintiff was employed by the defendant in Plano, Texas and his experience with Infosys demonstrates the "discriminatory nature of Infosys's employment practices". Green's counsel Kilgore and Kilgore, PLLC has said, "Plaintiff was terminated because of defendant's obsessional preference for employees of South Asian race and national origin, usually Indian, and as retaliation for reporting Nayak and Hampapur's discriminatory treatment of himself and others on the basis of race and national origin." "His termination was in violation of defendant's policy which requires progressive warnings or placement on a performance improvement plan prior to termination," he claimed. "Plaintiff received no such warnings, and had no discussions with employee relations regarding any of the conduct related to the stated reason for his termination prior to his termination...Plaintiff had no disciplinary entries on his official work record during his four-and-a-half-year tenure," he said. Infosys co-founder <keyword id="6491998" type="PERSON" weightage="20" keywordseo="Mohandas-Pai">Mohandas Pai</keyword> told PTI, "The filing of lawsuit by Green against Infosys alleging employee discrimination will not have any bearings on the company's intent to hire 10,000 Americans in next two years." "It will not affect the recruitment because it is very difficult to hire 10,000 people in two years. It's a tall target, and one quarter is nearly over. These are statements that one can make to please politicians," he said.

Infosys sued in US over discrimination. Here are the details

Indian IT major Infosys has agreed to pay USD 800,000 (nearly Rs 5.6 crore) to settle allegations of misclassification of foreign workers and tax fraud, officials said on Tuesday.
 Infosys will pay California USD 800,000 to resolve allegations that, between 2006 and 2017, approximately 500 Infosys employees were working in the state on Infosys-sponsored B-1 visas rather than H-1B visas, California Attorney General Xavier Becerra said.
 This misclassification resulted in Infosys avoiding California payroll taxes such as the unemployment insurance, disability insurance, and employment training taxes. 
 H-1B visas also require employers to pay workers at the local prevailing wage, an official statement said.
 "Today's settlement shows that attempting to evade California law doesn't pay. Infosys brought in workers on the wrong visas in order to underpay them and avoid paying taxes. With this settlement, California has been made whole," Becca said.
 In the settlement, Infosys, however, denied the allegations and asserted of no wrongdoings. 
 Further, the company on Wednesday informed Indian stock exchanges that it has reached a settlement with California Attorney General.
 In the regulatory filing, it said the case is being dismissed with prejudice and was reached to avoid the time, expense, and distraction of protracted litigation on allegations dating back more than 13 years.
 "The agreement - which notes that Infosys strongly disputes the allegations and in which Infosys admits no wrongdoing - will result in the case being dismissed..." Infosys said. 
 The comapny asserted that it maintains robust policies and procedures to ensure adherence with all applicable regulations and laws.
 In 2017, Infosys had agreed to pay the State of New York USD 1 million to settle allegations of submitting wrong documents to federal authorities.
 The Californian settlement that was carried out in November was released to media on Tuesday.
 California initiated legal actions against Infosys after a complaint was filed by whistleblower Jack "Jay" Palmer, a former Infosys employee. 
 Palmer had sued the Indian company in 2017. See also: <a href="https://www.businessinsider.in/business/corporates/news/infosys-untouchable-not-even-god-will-find-evidence-of-fraud/articleshow/71949075.cms">Infosys untouchable, ‘not even God’ will find evidence of fraud</a> <a href="https://www.businessinsider.in/thelife/personalities/news/salil-parekh-infosys-ceo-profile/articleshow/71699382.cms">The Infosys clean-up under Salil Parekh seems to have come a full circle within 2 years</a> <a href="https://www.businessinsider.in/business/corporates/news/infosys-is-in-more-trouble-as-a-class-action-lawsuits-gather-steam-in-the-us/articleshow/71705319.cms">Infosys is in more trouble as a class action lawsuits gather steam in the US</a>

Infosys is paying ₹5.6 crore to settle allegations of tax fraud and misclassification of foreign workers

(Photo Source: glassdoor.co.in) <ul><li>A jury in California has cleared Tata Consultancy Services (<keyword id="6357150" type="ORGANIZATION" weightage="20" keywordseo="tcs">TCS</keyword>) of accusations that it used discriminatory practices against American workers. </li><li>The verdict is of much importance to TCS as it depends heavily on engineers in India. </li><li>TCS was sued by four of its former employees, accusing the company for firing them because they weren’t South Asians.</li></ul>A US jury has ruled in favor of India’s IT outsourcing giant, Tata Consultancy Consultancy Services Ltd (TCS), in a lawsuit alleging the company had followed discriminatory hiring practices against American workers. The verdict came as a sigh of relief to TCS as it relies heavily on the skills of <keyword id="729521" type="PERSON" weightage="20" keywordseo="Indian-Engineers">Indian engineers</keyword>. In September, TCS was sued by four former employees who alleged the company discriminated against them because they weren’t South Asians, first sidelining and then firing them. The claim was rejected by a federal jury in Oakland, California after a week-long trial on Wednesday, Mint <a href="https://www.livemint.com/Companies/H9NEZCVLxeODbPHFMqr5SN/TCS-cleared-by-jury-of-claims-of-antiAmerican-bias.html">reported.</a> The four employees had alleged that nearly 80% of TCS’s workforce was from South-Asia -- which is much more than the general share of South Asians in the U.S. IT workforce. This was the first major Indian IT outsourcing firm in the US to go under a trial. In its defence, TCS reportedly argued that it found it difficult to retain local workers because of their unwillingness to migrate to other cities in the US, where TCS requires engineers, said the report. There are also cases pending against other Indian IT companies as part of a class action lawsuit including <keyword id="6354512" type="COMPANY" weightage="20" keywordseo="Infosys">Infosys</keyword>, <keyword id="10862" type="CITY" weightage="20" keywordseo="Wipro">Wipro</keyword>, HCL Technologies and Cognizant.

Tata Consultancy Services found not guilty of using discriminatory hiring practices against Americans, rules US jury

A day after Trump takes oath as the 45th president of the US; tech firms are preparing themselves to face the wrath. Though the US has been the biggest market for Information Technology Services, outsourcing jobs to Asians has been rampant for over decades for lack of local talent. In his campaign speeches, among many proposals, Trump had vouched to stop Asians and Indians taking technical jobs in America, which probably won him young votes who are struggling to find jobs in the country. 
 
As an omen to tech firms, earlier this week software giant Oracle has been sued by the US Labour Department for discriminatory hiring practices against White, Hispanic and African-Americans in favour of Asians, particularly ‘Asian Indians.’ 
 
Technology companies like Infosys and Tata Consultancy Services may soon be subjected to such allegations, if Trump sticks to campaign mandate. 
 
"I would expect to see a rise in the number of lawsuits which are then further amplified by a populist press,” Peter Bendor-Samuel, CEO of IT consultancy firm, Everest Group told The Economic Times. He also added that rising protectionism in both the US and the UK fosters an environment which encourages law suits. Samuel also sees "increased scrutiny, from US regulators creating more friction. 
 
 
 
"We continue to hire and invest locally. However, given the skill shortages in the US and the availability of technically skilled workforce in various global markets, we also rely upon visa programs to supplement these skills,” Infosys COO Pravin Rao told the ET. 
 
"In addition, the president is a seasoned entrepreneur and as such we expect the administration to be business friendly and innovation friendly,” said Rao. 
While the Indian outsourcing industry has now pumped to $150 billion, not many senators or politicians were much vocal about it. 
 
"American tech workers are now grasping that Equal Employment Opportunity laws protect them and that prestigious law firms are willing to take these cases on contingency,” Donna Conroy, executive director of the Chicago-based tech advocacy group Bright Future Jobs told the ET. She added that US Equal Employment Opportunity Commission can also independently initiate investigations against an employer - without an aggrieved party. 
 
Patrick Thibodeau, national correspondent, Computerworld, told ET that the Barack Obama administration never pursued a national origin discrimination case against any IT offshore industry firm (or the company that hired the contractor). 
 
Moreover, the Trump administration can bring about H-1B reform in three ways. "It can issue executive orders that change some of the rules around the work visa, it can push for legislative reforms in Congress, and it can bring court cases accusing firms of discrimination when they replace a US worker with a visa holder. The Trump administration is likely to use all three approaches”, he said.

India’s brain drain
to the US to take a backseat? Oracle has already been sued for not hiring much
US citizens

The entire world will be watching the <keyword id="6356435" type="ORGANIZATION" weightage="20" keywordseo="US-Federal-reserve">US Federal Reserve</keyword> this week and how much money <keyword id="1727754" type="PERSON" weightage="20" keywordseo="Jerome-Powell">Jerome Powell</keyword> is willing to prop up the American economy, which is expected to contract 4.6% this year, according to Goldman Sachs. The best outcome, according to ING, will be a signal that the Fed will allow US inflation to shoot over the preset 2% target. But, there may already be inflation just not where you are looking Aside from gold, there are a handful of stocks raking up most of the money in many markets across the world. The combined market value of the three iconic companies, Apple, Microsoft, and Amazon, was already bigger than the entire German economy⁠— the fourth largest in the world⁠— at the start of the year. Now, they are even bigger. <table style="width: 373pt;"> </colgroup> <tbody><tr> <td class="xl63" style="height:15.0pt;width:149pt">Stock</td> <td class="xl63" style="border-left-width: initial; border-left-style: none; width: 143pt;">Market capitalisation</td> <td class="xl63" style="border-left-width: initial; border-left-style: none; width: 81pt;">2020 gains</td> </tr> <tr> <td class="xl63" style="height: 15pt; border-top-width: initial; border-top-style: none;"> Apple</td> <td class="xl63" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">$1.6 trillion</td> <td class="xl64" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">23.30%</td> </tr> <tr> <td class="xl63" style="height: 15pt; border-top-width: initial; border-top-style: none;">Microsoft</td> <td class="xl63" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">$1.52 trillion</td> <td class="xl64" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">25.30%</td> </tr> <tr> <td class="xl63" style="height: 15pt; border-top-width: initial; border-top-style: none;">Amazon</td> <td class="xl63" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">$1.5 trillion</td> <td class="xl64" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">58.50%</td> </tr></tbody></table> “I think we actually have high inflation, but due to these side effects it is showing up in stock prices instead of consumer prices,” financial market expert John Mauldin wrote in a report on July 24. The concentration of gains has gotten worse since the pandemic began Mauldin pointed out that the likes of Microsoft, Apple, Amazon, Google, Netflix, and Adobe are part of ten stocks that have gained 35% or more this year, whereas the remaining 490 stocks in the S&amp;P 500 are down 10% or more. He calls this ‘inflation’, a term that usually denotes rising in prices of consumer items. “If the concept of reversion to the mean holds, either their sales are getting ready to explode, or their stock prices are going to fall. Or some combination,” he said. Something similar is happening in India. The gains in Reliance Industries⁠— which is now the world’s second-largest energy company after Exxon⁠— in the last six months is over 46%. The benchmark Sensex is still in the red for the said period. There are only 14 stocks in the benchmark Nifty50 index that are in the green for the year, the remaining 36 are in the red. Only half of those have seen gains of over 20% since the beginning of 2020, two of those are drug makers Dr Reddy’s Laboratories and Cipla. The broader indices have a lot more red than green. <table style="width: 373pt;"> </colgroup> <tbody><tr> <td class="xl67" style="height:15.0pt;width:149pt">Stock</td> <td class="xl67" style="border-left-width: initial; border-left-style: none; width: 143pt;">Market capitalisation</td> <td class="xl67" style="border-left-width: initial; border-left-style: none; width: 81pt;">2020 gains</td> </tr> <tr> <td class="xl65" style="height: 15pt; border-top-width: initial; border-top-style: none;">Reliance Industries</td> <td class="xl68" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;"> ₹14.4 trillion</td> <td class="xl66" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">44.08%</td> </tr> <tr> <td class="xl65" style="height: 15pt; border-top-width: initial; border-top-style: none;">Dr Reddy's Labs</td> <td class="xl68" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;"> ₹669.2 billion</td> <td class="xl66" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">39.08%</td> </tr> <tr> <td class="xl65" style="height: 15pt; border-top-width: initial; border-top-style: none;">Cipla</td> <td class="xl68" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">₹527.9 billion</td> <td class="xl66" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">36.88%</td> </tr> <tr> <td class="xl65" style="height: 15pt; border-top-width: initial; border-top-style: none;">Infosys</td> <td class="xl68" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">₹3.97 trillion</td> <td class="xl66" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">27.48%</td> </tr> <tr> <td class="xl65" style="height: 15pt; border-top-width: initial; border-top-style: none;">Britannia</td> <td class="xl68" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">₹911.9 billion</td> <td class="xl66" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">25.41%</td> </tr> <tr> <td class="xl65" style="height: 15pt; border-top-width: initial; border-top-style: none;">Bharti Airtel</td> <td class="xl68" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">₹3.02 trillion</td> <td class="xl66" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">21.35%</td> </tr> <tr> <td class="xl65" style="height: 15pt; border-top-width: initial; border-top-style: none;">HCL Tech</td> <td class="xl68" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">₹1.8 trillion</td> <td class="xl66" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">20.52%</td> </tr> <tr> <td class="xl65" style="height: 15pt; border-top-width: initial; border-top-style: none;">Nestle India</td> <td class="xl68" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">₹1.6 trillion</td> <td class="xl66" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">17.42%</td> </tr> <tr> <td class="xl65" style="height: 15pt; border-top-width: initial; border-top-style: none;">Hindustan Unilever</td> <td class="xl68" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">₹5.17 trillion</td> <td class="xl66" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">14.54%</td> </tr> <tr> <td class="xl65" style="height: 15pt; border-top-width: initial; border-top-style: none;">Mahindra &amp; Mahindra</td> <td class="xl68" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">₹705.29 billion</td> <td class="xl66" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">11.84%</td> </tr></tbody></table> What pushed so much money into so few stocks? In a world gripped by crisis, risk aversion is the norm. Therefore, investors like to take shelter in big companies, market leaders in their own space, and well-diversified conglomerates where at least one wing makes money when many others don’t. One of the reasons why RIL — which has businesses from oil refining to telecom to retail to now, e-commerce⁠— was able to raise over $20 billion from global investors like Facebook, Google, and Intel to name a few at the peak of the pandemic. There will be more funds raised for the retail vertical now, Asia's richest man Mukesh Ambani recently promised. It’s not just the feeling of safety in familiarity and size According to Mauldin, the current bull market is a kind of perfect cash flow storm. <ul><li>Legions of new investors using stimulus money to buy whatever makes them feel good </li><li>Bored gamblers looking for action, </li><li>Large institutions brimming with Fed liquidity </li><li>Traders of all sizes, small investors to monster hedge funds, chasing momentum—a perfect witches’ brew </li></ul>"...all in the context of ultra-low interest rates that make cash and fixed-income holdings unattractive. You could not have designed a better perfect storm in which to create a market mania, and that’s exactly what we have,” he added. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/markets/news/icici-bank-share-price-falls-alongside-sbi-hdfc-bank-kotak-mahindra-bank-and-other-banking-stocks/articleshow/77191098.cms">The fall in ICICI Bank shares reflects the market’s dislike banking stocks this week</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/google-has-been-sued-in-australia-for-alleged-misuse-of-personal-data/articleshow/77190288.cms">Google has been sued in Australia for alleged misuse of personal data</a><a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/google-has-been-sued-in-australia-for-alleged-misuse-of-personal-data/articleshow/77190288.cms"></a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/thelife/personalities/an-indian-court-has-summoned-jack-ma-for-wrongfully-firing-an-indian-employee/articleshow/77183378.cms">An Indian court has summoned Jack Ma for wrongfully firing an Indian employee</a>

A market expert sees ‘a perfect storm’ brewing in Amazon, Apple and Microsoft shares⁠

<ul><li>Angel investor <keyword id="14025441" type="General" weightage="20" keywordseo="gergely-orosz" source="Orion">Gergely Orosz</keyword> alleged that <keyword id="1546480" type="General" weightage="20" keywordseo="manish-maheshwari" source="Orion">Manish Maheshwari</keyword> had earlier said he would leave the company but has now gone back on his word.</li><li>He also accused the former Twitter India head of bullying co-founder <keyword id="12741314" type="General" weightage="20" keywordseo="tanay-pratap" source="Orion">Tanay Pratap</keyword> by threatening to sue him using the company's funds.</li><li>The company had already raised $5 million from 70 top global leaders, including Future Group’s Kishore Biyani, Infosys’ former executive TV Mohandas Pai.</li></ul>The ongoing troubles of Invact Metaverse took a dramatic turn after one of the angel investors accused the co-founder Manish Maheshwari, former Twitter India head, of lying and bullying. The angel investor Gergely Orosz, a software engineer and an author, wrote an email to investors of the company alleging that Maheshwari had earlier said he would leave the company but has now gone back on his word. He also accused Maheshwari of wanting ‘more equity than vested’. “Manish has been bullying Tanay [Pratap, co-founder and CTO of Invact] into silence, threatening to use the company funds of $1.7M - including our angel investment money - to sue him, should Tanay speak ill of him in public. This broke the straw with me, as that includes my money: which I never invested to be used as an instrument of a co-founder bullying the other one,” Orosz said in the email accessed by Business Insider. Earlier this week, Maheshwari announced that he is considering winding down his latest venture <keyword id="13123458" type="General" weightage="20" keywordseo="invact-metaversity" source="Orion">Invact Metaversity</keyword> — a higher education platform set up in the metaverse — barely six months of its launch. He also acknowledged the differences he had with the other co-founder Tanay Pratap, former Microsoft executive, over the vision of the company. “We are now standing at crossroads exploring possibilities such as (a) cutting the burn rate and pivoting to another idea, (b) letting one of the founders take full charge, or (c) returning the unspent capital to investors,” Maheshwari noted. The company had already raised $5 million from 70 top global leaders and founders, including Future Group’s Kishore Biyani, Infosys’ former executive Mohandas Pai. Orosz was one of the earliest investors in the company. <cmsannotation type="cmsannotation" annotationid="Here is the copy of the email" comment="subhead" text="Here is the copy of the email">Here is the copy of the email</cmsannotation> Fellow angel investors in Invact Metaversity, I am writing to you to share a sad situation and ongoing struggle with Manish Maheshwari, co-founder and CEO of Invact. As context, I am an angel investor in the company and someone who has known its co-founder, Tanay, for some time. I invested in the company because of Tanay's track record on building products, for teaching hundreds of students, and his high level of integrity. Some more details about me. After receiving Tanay's email titled "IMPORTANT: Disclosure of Invact Inc's current status. For Angel Investors of Invact Inc."on Sunday, 22nd May, I became worried about the company, and my investment. I got involved talking with both co-founders.” Tanay immediately responded and outlined the situation. Manish gave no details, no updates. He updated his LinkedIn and Twitter, sharing a story of the product failing - which I confirmed as not true - before emailing us, angels the same text. I talked with employees and Tanay, and learned a few unsettling things: <ul><li>Manish lied to his team. He polled the team at Invact what the best next steps for the company should be on 29th April. The team suggested he leave, Tanay take over. Manish agreed he will do this. However, later walked back on his agreement. He told the team his principles don't allow him to step down.</li></ul><ul><li>Manish has been bullying Tanay into silence, threatening to use the company funds of $1.7M - including our angel investment money - to sue him, should Tanay speak ill of him in public. This broke the straw with me, as that includes my money: which I never invested to be used as an instrument of a cofounder bullying the other one.</li></ul><ul><li>Manish keeps walking back on promises he made to named investors, then breaking them. Named investors were meeting the terms he put up to accept the exit settlement so the company can continue operating. He then walks back on these terms. He has been doing this for weeks. He blames this on his la</li></ul>The situation of the company is this from what I observed: <ul><li> All employees have full trust in Tanay to take on the company and build their product that is impressive, given only four months of development. Internally, Manish praised the product, and the progress to the team, as I confirmed talking with employees. The team was shocked that Manish talked down their product in public, as he was preparing his exit.</li><li>No current employees trust Manish to stay. They feel he has misled them too many times. I have talked with most of them to confirm this is the case.</li></ul><ul><li>Named investors support Manish leaving the company on fair terms, and Tanay and team continuing to execute.</li><li>Manish is keeping the company hostage. He controls the majority of votes and is refusing to sign agreements which he confirmed he would sign to leave. Named investors and employees all want him to leave, taking fair terms. In a strange way, everyone's hands are tied until he steps down.</li></ul>I decided to step in to see if I can resolve conflicts, using my public presence to get Manish to agree to a call. Manish took a call with me to address the situation, where he lied to me, and walked back on our agreement shortly after. On this call - that I have recorded, fearing what would happen on Manish denying his words. Manish said that the only thing keeping him from taking the buyout offer is if he gets to keep his vested shares. He said he does not want anything else: no cash, no nothing else. I agreed to both remove my public mentions of him, and to help make this happen on the condition that he signs. The named investors updated the contract. I removed all public mentions. I kept my side of the deal. Manish then refused to sign and walked back on all we agreed on. He now asks for more equity than he vested, a significant amount of cash - which he told me he would never do - and a board seat. I have since learned Manish uses this tactic of agreeing, then walking back on his co-founder, the employees and the investors. I am lost for words, and shocked at how the former Head of Twitter India does not honour his promises, and how he is only looking out for his own, personal interests. His actions are hurting investors - he wants to take our cash for himself - it's hurting employees, and hurting future customers. We are here: negotiations are frozen between named investors, after Manish walking back on an offer said would be good enough for him. The named investors are weighing the interest of the company, employees, investors and have offered a package that is more than fair, given the situation. We are all waiting on Manish to act like a professional does: keep his word, and sign a deal he agreed he would sign. I ask you to do at least one of this: <ul><li>Call Manish and ask him to act reasonably. Take the offered fair package that he has told me several times, in person, that he is happy with: his vested shares and nothing else. He has an agreement ready to sign. He has lost all support from his employees, misrepresented the value of the company, and is misleading named investors. Still, he asks for more shares than vested, cash - which the company needs - and a board seat to leave? All after confirming he will not ask for any of this? One that I have proof of that he said so.</li><li>Call Tanay and offer him support. Tanay is not talking with anyone in public, fearing Manish suing him using our investor money, and bullying him emotionally. No one should have to go through this, not from their fellow co-founder. Not if that co-founder has a reputation like Manish had until now.</li><li>Talk to names investors if you need more clarity. The named investors are fully behind Tanay, and are also in shock at how unprofessional Manish is acting. Contact details for named investors are:</li></ul>Hiran Embuldeniya , Nitin Sharma , Rajiv Srivatsa , Rahul Chandra I will close with this quote: “If you are neutral in situations of injustice, you have chosen the side of the oppressor.” I trust that I have updated you on the situation sufficiently - even if the CEO of the company and the one controlling - and holding it hostage as we speak - has failed to do so. Best, Gergely SEE ALSO <a class="tout-title-link" href="https://www.businessinsider.in/stock-market/news/pradeep-phosphates-ipo-lists-at-premium/articleshow/91826685.cms">Paradeep Phosphates lists at a 9% premium as Sensex and Nifty trade in the green</a> <a href="https://www.businessinsider.in/business/startups/news/the-edtech-bubble-is-bursting-as-schools-colleges-reopen-and-funds-dry-up/articleshow/91826696.cms" data-type="tilCustomLink">The edtech bubble is bursting as schools, colleges reopen and funds dry up</a> <a href="https://www.businessinsider.in/business/corporates/news/it-jobs-are-safer-than-startup-jobs-but-a-salary-bubble-burst-awaits-them/articleshow/91808349.cms">IT jobs are safer than startup jobs but a salary bubble burst awaits them</a>

Invact Metaversity saga takes a dramatic turn after angel investor blames former Twitter India head of bullying, lying — read the full email

San Francisco, Video meeting app <keyword id="10296" type="ENTERTAINMENT" weightage="20" keywordseo="Zoom">Zoom</keyword> is all set to roll out the first phase of its end-to-end encryption (E2EE) offering from next week, initially as a technical preview for a month during which the platform will solicit feedback from users. Bot free and paid Zoom users around the world can host up to 200 participants in an end-to-end encryption meeting on the platform, Zoom said on Wednesday during its <keyword id="10111930" type="UNKNOWN" weightage="20" keywordseo="zoomtopia-2020">Zoomtopia 2020</keyword> event. "End-to-end encryption is another stride toward making Zoom the most secure communications platform in the world," said Zoom CEO Eric Yuan. "This phase of our E2EE offering provides the same security as existing end-to-end-encrypted messaging platforms, but with the video quality and scale that has made Zoom the communications solution of choice for hundreds of millions of people and the world's largest enterprises." Zoom first announced its plans to build an end-to-end-encrypted meeting option into its platform in May. The US-based company had said that since releasing the draft design of the platform's end-to-end encryption on May 22, it has engaged with civil liberties organisations, child safety advocates, encryption experts, government representatives, its own users, and others to gather their feedback on this feature. Zoom was earlier sued by one of its shareholders who alleged in the complaint that the platform failed to disclose some vulnerabilities and that the services did not provide end-to-end encryption. "We're pleased to roll out Phase 1 of 4 of our E2EE offering, which provides robust protections to help prevent the interception of decryption keys that could be used to monitor meeting content," Max Krohn, Zoom's Head of Security Engineering, wrote in a blog post on Wednesday. "To be clear, Zoom's E2EE uses the same powerful GCM (Galois/Counter Mode) encryption you get now in a Zoom meeting. The only difference is where those encryption keys live," Krohn said. To use the new security feature, customers must enable E2EE meetings at the account level and opt-in to E2EE on a per-meeting basis. SEE ALSO: <a href="https://www.businessinsider.in/defense/news/chinese-president-xi-jinping-tells-marine-troops-to-be-on-high-alert-and-prepare-for-war/articleshow/78675715.cms">Chinese President Xi Jinping tells marine troops to be on ‘high alert’ and ‘prepare for war’ as tensions in the South China Sea continue to grow</a> <a href="https://www.businessinsider.in/stock-market/news/infosys-share-price-hits-fresh-52-week-high-after-highest-ever-deal-wins-of-over-3-billion/articleshow/78673575.cms">Infosys share price hits fresh 52-week high after highest-ever deal wins of over $3 billion</a> <a href="https://www.businessinsider.in/tech/news/whatsapp-google-amazon-and-facebook-under-the-scanner-for-data-protection-violations-as-supreme-court-calls-on-rbi-and-npci-to-investigate/articleshow/78678174.cms">Whatsapp, Google, Amazon and Facebook under the scanner for data protection violations as Supreme Court calls on RBI and NPCI to investigate</a>

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After firing 150 employees, crypto lending platform Celsius Network files for bankruptcy

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Infosys sued in US over discrimination. Here are the details

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Tata Consultancy Services found not guilty of using discriminatory hiring practices against Americans, rules US jury

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India’s brain drain to the US to take a backseat? Oracle has already been sued for not hiring much US citizens

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Invact Metaversity saga takes a dramatic turn after angel investor blames former Twitter India head of bullying, lying — read the full email

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Zoom's end-to-end encryption to enter first phase of rollout starting next week

IANS

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