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<ul class="summary-list"><li><keyword id="19903774" type="General" weightage="100" keywordseo="Paramount" source="keywords">Paramount</keyword>'s three <keyword id="20122085" type="General" weightage="20" keywordseo="CEOs" source="keywords">CEOs</keyword> told staff it was "<keyword id="22369465" type="General" weightage="20" keywordseo="business-as-usual" source="keywords">business as usual</keyword>" until its <keyword id="20035800" type="General" weightage="20" keywordseo="merger" source="keywords">merger</keyword> closed, <a target="_blank" href="https://deadline.com/2024/07/paramount-global-skydance-deal-brian-robbins-george-cheeks-chris-mccarthy-note-to-staff-1236003010/">Deadline said</a>.</li><li>They reminded employees that <keyword id="19916567" type="General" weightage="20" keywordseo="layoffs" source="keywords">layoffs</keyword> loomed, following a plan unveiled in June.</li></ul>Paramount's CEO trio told employees it was "business as usual" until the formal close of its megamerger with Skydance, while reminding them that layoffs loomed. Paramount's board approved the merger on Sunday, marking the end of tumultuous talks that were nearly torpedoed in June when Shari Redstone, who owns a controlling stake in Paramount through National Amusements, walked away from the negotiations. Skydance CEO David Ellison, the son of Oracle's cofounder Larry Ellison, is set to serve as chair and CEO of the newly combined company, and former NBCUniversal CEO Jeff Shell plans to serve as its president. Still, the deal is far from sealed — and <a target="_blank" href="https://www.businessinsider.com/ftc-needs-approve-paramount-and-skydance-merger-antitrust-competition-khan-2024-7">may yet face Federal Trade Commission scrutiny</a> over antitrust concerns. In a note to staff <a target="_blank" href="https://deadline.com/2024/07/paramount-global-skydance-deal-brian-robbins-george-cheeks-chris-mccarthy-note-to-staff-1236003010/">obtained by Deadline</a>, Paramount <a target="_blank" href="https://www.businessinsider.com/paramount-ceo-bob-bakish-out-2024-4">co-CEOs</a> George Cheeks, Brian Robbins, and Chris McCarthy said the transaction would likely close in the first half of 2025 because of "<keyword id="19941849" type="General" weightage="20" keywordseo="regulatory-approvals" source="keywords">regulatory approvals</keyword>" and other factors. Until then, the execs are moving forward with a plan that includes "streamlining teams, eliminating duplicative functions and reducing the size of our workforce," they wrote. They added that Paramount would explore "divesting some of our assets." A representative for Paramount declined to comment on who would be affected by the layoffs. The trio discussed job cuts earlier this year. At an investor meeting in June, they shared plans to run Paramount as a stand-alone company. This included $500 million in cuts, <a target="_blank" href="https://www.latimes.com/entertainment-arts/business/story/2024-06-04/despite-sale-paramount-announces-business-plan-and-job-cuts">the Los Angeles Times reported</a>, including layoffs, asset sales, and a joint venture for Paramount+. At a town hall last month, the CEOs said they'd made progress in identifying duplicative roles, <a target="_blank" href="https://variety.com/2024/biz/news/paramount-ceos-town-hall-layoffs-bankers-asset-sales-1236047993/">Variety reported</a>, including in the legal and corporate-marketing departments, but did not provide a timeline. In February, Paramount <a target="_blank" href="https://www.businessinsider.com/layoffs-sweeping-us-these-are-companies-making-cuts-2024#paramount-global-is-laying-off-800-employees-days-after-record-breaking-super-bowl-21">cut 800 jobs</a> — about 3% of its workforce. In terms of asset sales, Variety reported that BET, VidCon, and the Paramount Pictures lot could be in play. Correction: July 9, 2024 — An earlier version of this story misstated Shari Redstone's role at Paramount. She's the controlling shareholder of the company and its chair, not its owner.

Paramount co-CEOs tell workers it's 'business as usual' — and remind them that there'll be layoffs

In a move reflecting shifting dynamics in the tech industry, both <keyword id="19895622" type="General" weightage="20" keywordseo="Microsoft" source="keywords" meta.keywordsubtype="org" meta.entityname="Microsoft" meta.hostid="261" meta.entityid="Microsoft">Microsoft</keyword> and <keyword id="19894961" type="General" weightage="20" keywordseo="Apple" source="keywords" meta.keywordsubtype="org" meta.entityname="Apple" meta.hostid="261" meta.entityid="Apple">Apple</keyword> have decided to relinquish their observer seats on the board of <keyword id="19918823" type="General" weightage="20" keywordseo="OpenAI" source="keywords" meta.keywordsubtype="org" meta.entityname="OpenAI" meta.hostid="261" meta.entityid="OpenAI">OpenAI</keyword>, reported UK-based 'The Financial Times'. The move comes amidst reports of increased regulatory scrutiny over the involvement of tech giants in <keyword id="20328842" type="General" weightage="20" keywordseo="AI-startups" source="keywords">AI startups</keyword>. Microsoft, which had invested significantly in OpenAI, including a substantial USD 13 billion investment in its generative AI <keyword id="19901571" type="General" weightage="20" keywordseo="technology" source="keywords">technology</keyword>, ChatGPT, has announced its immediate withdrawal from its observer role on OpenAI's board. <div type="Article" hostid="261" msid="111637913" title="Samsung Galaxy Z Fold 6, Galaxy Z Flip 6, Galaxy Ring and more launched" mstype="2" mssubtype="0"></div> The decision was communicated via a letter to OpenAI, citing the company's satisfaction with the progress made by the newly formed board. Similarly, Apple, which was expected to take up a similar observer role as part of an agreement to integrate ChatGPT into its devices, has opted not to do so. Although Apple declined to comment on the matter, sources familiar with the situation indicate that the tech giant will not be taking an observer position on OpenAI's board. In response to these developments, OpenAI has announced a revised strategy for engaging with its strategic partners and investors. According to the FT report, the organization plans to hold regular meetings with partners like Microsoft and Apple, along with investors such as Thrive Capital and Khosla Ventures. This shift, as explained by an OpenAI spokesperson, aims to foster a more inclusive and collaborative approach to governance and strategic decision-making. The board of OpenAI recently saw the addition of Phil Schiller, Apple's former marketing chief, as an observer, which was reported just days before these withdrawals. However, Schiller will no longer be observing OpenAI's operations, highlighting the fluidity and perhaps underlying tensions within the organization's boardroom dynamics. Analysts speculate that the decision by Microsoft and Apple to step back from their observer roles could be linked to strategic considerations or internal dynamics within OpenAI. While some suggest possible concerns over antitrust scrutiny or strategic disagreements, the exact motivations behind these decisions remain unclear. SEE ALSO:<a href="https://www.businessinsider.in/business/auto/news/xiaomi-su7-with-up-to-800-km-range-showcased-in-india-but-you-cant-buy-it/slidelist/111609513.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/xiaomi-su7-with-up-to-800-km-range-showcased-in-india-but-you-cant-buy-it/slidelist/111609513.cms" target="_blank">Xiaomi SU7 with up to 800 km range showcased in India but you can’t buy it</a><a href="https://www.businessinsider.in/tech/mobile/news/redmi-13-5g-with-120hz-display-launched-in-india-starting-at-13999/articleshow/111604488.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/redmi-13-5g-with-120hz-display-launched-in-india-starting-at-13999/articleshow/111604488.cms" target="_blank">Redmi 13 5G with 120Hz display launched in India starting at ₹13,999</a><a href="https://www.businessinsider.in/tech/mobile/news/samsung-galaxy-unpacked-how-to-watch-expected-launches-and-everything-you-need-to-know/articleshow/111626712.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/samsung-galaxy-unpacked-how-to-watch-expected-launches-and-everything-you-need-to-know/articleshow/111626712.cms" target="_blank">Samsung Galaxy Unpacked – How to watch, expected launches and everything you need to know</a>

Microsoft and Apple exit observer roles on OpenAI board

Market regulator <keyword id="19901201" type="General" weightage="100" keywordseo="Sebi" source="keywords">SEBI</keyword> has issued notice to fintech firm <keyword id="20253123" type="General" weightage="20" keywordseo="One97-Communications" source="keywords" meta.keywordsubtype="org" meta.entityname="One97 Communications" meta.hostid="261" meta.entityid="One97 Communications">One97 Communications</keyword>, which owns the <keyword id="19898109" type="General" weightage="20" keywordseo="Paytm" source="keywords">Paytm</keyword> brand, for the employee <keyword id="20410988" type="General" weightage="20" keywordseo="stock-options" source="keywords">stock options</keyword> (<keyword id="20043663" type="General" weightage="20" keywordseo="ESOPs" source="keywords">ESOPs</keyword>) allocated to MD and CEO <keyword id="20004114" type="General" weightage="20" keywordseo="vijay-shekhar-sharma" source="keywords">Vijay Shekhar Sharma</keyword>, according to the company filing on Monday. In response to a query from stock exchanges, Paytm said the notice is not a new development, and it is in regulatory contact with the market regulator to make required representations. According to Paytm's financial year 2024 annual result filing, it had issued 2.1 crore employee stock options (ESOP) to Sharma in the financial year 2022. SEBI had issued a show cause notice to Paytm on ESOP issued to Sharma. "This is not a new development, as the Company had already made relevant disclosures on this matter in its financial results for the quarter and year ended March 31, 2024, as well as the quarter ended June 30, 2024. The Company is in regular communication with the <keyword id="19970553" type="General" weightage="20" keywordseo="securities-exchange-board-of-india" source="keywords">Securities Exchange Board of India</keyword> (SEBI) and making necessary representations regarding this matter," Paytm said in response to a stock exchange query. The disclosure made on May 22 and July 19 said that Paytm has submitted its preliminary response and is in the process of seeking further information from the regulator in this regard. "Based on an independent legal opinion obtained by the management, it believes that the Company is compliant with the relevant regulations. Accordingly, there is no impact on the financial results for the year ended March 31, 2024," the filing said. Shares of One97 Communications Ltd, which owns the Paytm brand, on Monday dropped over 4% amid reports that SEBI has issued show-cause notices to Vijay Shekhar Sharma and board members who served during its IPO in November 2021 for alleged misrepresentation of facts. The stock tanked 4.41 % to settle at Rs 530.05 apiece on the BSE. During the day, it plunged 8.88 % to Rs 505.25. On the NSE, shares of the firm dropped 4.47 % to Rs 530. Intra-day, the stock tumbled 8.88 % to Rs 505.55. The company's market valuation declined by Rs 1,534.23 crore to Rs 33,731.56 crore. Earlier in the day, BSE sought clarification from One 97 Communications Ltd with reference to news that Vijay Shekhar Sharma, Paytm directors face SEBI show-cause notices over initial public offering (IPO) breaches, particularly on ESOPs allotted to MD and CEO Vijay Shekhar Sharma. In response to a query from stock exchanges, Paytm said the notice is not a new development, and it is in regulatory contact with the markets regulator to make required representations.

SEBI issues notice to Paytm on ESOPs given to CEO Sharma; firm says disclosure already made

Markets regulator <keyword id="19901201" type="General" weightage="20" keywordseo="Sebi" source="keywords">SEBI</keyword> has proposed expanding the <keyword id="22367248" type="General" weightage="20" keywordseo="sustainable-finance-framework" source="keywords">sustainable finance framework</keyword> in the <keyword id="20922662" type="General" weightage="20" keywordseo="securities-market" source="keywords">securities market</keyword> by introducing a new category of financial instruments. This category will include <keyword id="20518791" type="General" weightage="20" keywordseo="Social-Bonds" source="keywords">social bonds</keyword>, <keyword id="22623575" type="General" weightage="20" keywordseo="Sustainable-Bonds" source="keywords">sustainable bonds</keyword>, and <keyword id="22623576" type="General" weightage="20" keywordseo="Sustainability-linked-Bonds" source="keywords">sustainability-linked bonds</keyword>, in addition to the current <keyword id="22819966" type="General" weightage="20" keywordseo="green-debt-securities" source="keywords">green debt securities</keyword>. It aims to provide issuers with flexibility in raising funds for projects that align with environmental, social, and governance (ESG) objectives. In a consultation paper released on Friday, SEBI proposed that issuers, in addition to existing green debt securities, should be allowed to raise funds through issuance of social bonds, sustainable bonds, and sustainability-linked bonds. These bonds will collectively be known as ESG Debt Securities. This will enable issuers to raise money for more sustainable projects, assisting in closing the funding gap for the Sustainable Development Goals. SEBI said it received representations from market participants including the Confederation of Indian Industry to expand the scope of the regulatory framework pertaining to sustainable finance to include social bonds, in addition to existing green debt securities as a mode of raising sustainable finance, in line with global practices. As per the consultation paper, SEBI said, it "proposed to introduce the concept of sustainable securitised debt instruments for the purpose of providing originators of the underlying credit facilities which are within such international or domestic frameworks for sustainable finance, and thereby provide investors as well an opportunity to participate in the sustainable securitised debt instruments". The consultation paper also addressed the initial and continuous disclosures for sustainable securitised debt instruments that would be based on international frameworks. Initial disclosures could be made in the offer document for the securities, while continuous disclosures might be included in annual reports or other mandated formats. The markets watchdog also suggested that issuers of ESG debt securities and sustainable securitised debt instruments appoint an independent external reviewer or certifier, to facilitate transparency and credibility. The review could take various forms including, second-party opinions, verification, certification, or scoring/ rating. The <keyword id="19901204" type="General" weightage="100" keywordseo="Securities-and-Exchange-Board-of-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Securities and Exchange Board of India" meta.hostid="261" meta.entityid="Securities and Exchange Board of India">Securities and Exchange Board of India</keyword> (SEBI) has invited comments and suggestions from the public on the consultation paper by September 6.

SEBI proposes expansion of sustainable financial framework in securities market

US short-seller <keyword id="20016892" type="General" weightage="20" keywordseo="Hindenburg-Research" source="keywords" meta.keywordsubtype="org" meta.entityname="Hindenburg Research" meta.hostid="153" meta.entityid="Hindenburg Research">Hindenburg Research</keyword> alleged that it suspects <keyword id="19901201" type="General" weightage="20" keywordseo="Sebi" source="keywords" meta.keywordsubtype="org" meta.entityname="Sebi" meta.hostid="153" meta.entityid="Sebi">SEBI</keyword>'s unwillingness to act against <keyword id="19955648" type="General" weightage="20" keywordseo="Adani-Group" source="keywords" meta.keywordsubtype="org" meta.entityname="Adani Group" meta.hostid="153" meta.entityid="Adani Group">Adani group</keyword> may be because its head Madhabi Puri Buch had stakes in <keyword id="20311680" type="General" weightage="20" keywordseo="offshore-funds" source="keywords">offshore funds</keyword> linked to the conglomerate - an allegation slammed by the SEBI head as "baseless" while Adani group said it never had any commercial relations with Buch. Hindenburg alleged that Buch and her husband had undisclosed investments in obscure offshore funds in Bermuda and Mauritius, the same entities allegedly used by <keyword id="20283220" type="General" weightage="20" keywordseo="Vinod-Adani" source="keywords">Vinod Adani</keyword> - the elder brother of group chairman Gautam Adani - to round-trip funds and inflate stock prices. SEBI, in October 2020, began a probe into the shareholding structure of Adani group companies after red flags were raised over the high concentration of foreign holdings in the conglomerate's listed companies. An investigation was launched to determine if the foreign investors were genuine public shareholders or acting as fronts for the promoters. SEBI, last year had told a Supreme Court-appointed panel that it was investigating 13 opaque offshore entities that held between 14-20% across five publicly traded stocks of the conglomerate. It hasn't stated if the two probes have since been completed, something which Hindenburg used to attack the market regulator. Madhabi Puri Buch and her husband Dhaval Buch in a joint statement strongly denied the "baseless allegations and insinuations made in the report". The same, they said, "are devoid of any truth". "Our life and finances are an open book," they said. "It is unfortunate that Hindenburg Research against whom SEBI has taken an enforcement action and issued a show cause notice, has chosen to attempt character assassination in response to the same." Buchs further said they have no hesitation in disclosing any financial documents, including those that relate to the period when we were strictly private citizens, to any and every authority that may seek them. While the statement did not talk about the questions Hindenburg raised over SEBI probe, the duo promised to come out with a detailed response. Separately, Adani group in a regulatory filing called the allegations by Hindenburg as "malicious, mischievous and manipulative selections of publicly available information to arrive at predetermined conclusions for personal profiteering with wanton disregard for facts and the law." "The Adani Group has absolutely no commercial relationship with the individuals or matters mentioned in this calculated deliberate effort to malign our standing," it said. "We remain steadfastly committed to transparency and compliance with all legal and regulatory requirements". Rejecting the allegations, it said they were nothing but a "recycling of discredited claims that have been thoroughly investigated, proven to be baseless, and already dismissed by the Supreme Court in March 2023." "It is reiterated that our overseas holding structure is fully transparent, with all relevant details disclosed regularly in numerous public documents," Adani group said, adding Anil Ahuja was a nominee director of 3i investment fund in Adani Power (2007-2008) and, later, a director of Adani Enterprises until 2017. "For a discredited short-seller under the scanner for several violations of Indian securities laws, Hindenburg's allegations are no more than red herrings thrown by a desperate entity with total contempt for Indian laws," it added. Hindenburg on Saturday stated that the SEBI chairperson and her husband invested in offshore entities that were allegedly part of a fund structure managed by India Infoline, and in which Vinod Adani also had investments. These investments reportedly date back to 2015, well before her appointment as a full-time member of SEBI in 2017 and the subsequent elevation as chairperson in March 2022. It said the Bermuda-based Global Opportunities Fund, which allegedly was used by entities connected to Adani Group to trade in shares of group companies, had sub-funds. Buch and her husband were investors in one of these sub-funds in 2015. Citing "whistleblower documents", Hindenburg said, "<keyword id="22743118" type="General" weightage="20" keywordseo="Madhabi-Buch" source="keywords">Madhabi Buch</keyword>, the current chairperson of SEBI, and her husband had stakes in both obscure offshore funds used in the Adani <keyword id="22743230" type="General" weightage="20" keywordseo="money-siphoning" source="keywords">money siphoning</keyword> scandal." SEBI, it claimed, has "shown a surprising lack of interest in Adani's alleged undisclosed web of Mauritius and offshore shell entities." Buch and her husband may have first opened their account with IPE Plus Fund 1 on June 5, 2015, in Singapore. IPE fund is a small offshore Mauritius fund set up by Vinod Adani director through India Infoline (IIFL), a wealth management firm with ties to the Wirecard embezzlement scandal. "Vinod Adani, brother of Gautam Adani, used this structure to invest in Indian markets with funds allegedly siphoned from over-invoicing of power equipment to Adani Group," claimed Hindenburg. Latching on to the Hindenburg allegations, Congress said the revelations only reinforced its demand for setting up a "joint parliamentary committee to investigate the full scope of the Adani mega scam" while the Trinamool Congress said the SEBI chairperson must resign. "This raises fresh questions about Gautam Adani's two 2022 meetings in quick succession with Ms Buch shortly after she became SEBI chairperson. Recall that SEBI was supposedly investigating Adani transactions at the time," Congress leader Jairam Ramesh said. In January last year, Hindenburg Research, which in the past has shorted - or bet against - companies like electric truck maker Nikola Corp and Twitter, accused Adani Group of pulling "the largest con in corporate history" by using a web of companies in tax havens to inflate its revenue and manipulate stock prices, even as debt piled up. Though the conglomerate vehemently denied all allegations, the damning report sent the group's shares into a free fall, wiping out over USD 150 billion in market value of the 10 listed entities at their lowest point. Most of the 10 listed companies have since recouped the losses. After the Hindenburg report, the Supreme Court asked market regulator SEBI to complete its investigation and set up a separate expert panel to look into regulatory lapses. The panel did not give any adverse report on Adani and the apex court too stated that no other probe other than one being done by SEBI was required. On June 26 this year, SEBI in a show cause notice charged Hindenburg of "deliberately sensationalizing and distorting certain facts" as well as working with a New York hedge fund to make its bet. Hindenburg had responded to that saying it made just USD 4.1 million from its declared positions on Adani stocks and criticized the regulator for not focusing its investigation into the January 2023 report "providing evidence" of the conglomerate creating "a vast network of offshore shell entities" and moving billions of dollars "surreptitiously" into and out of Adani public and private entities. The group led by billionaire Gautam Adani, who was the world's third-richest man before Hindenburg, in an epic comeback strategy raised USD 15 billion in equity and debt, sold some assets, repaid loans that were raised pledging shares, reined in expenses, repaid some debt and refocused energies on core business. Adani is now ranked 12th richest in the world, one notch and USD 6 billion shy of rival billionaire Mukesh Ambani. The group has also made some acquisitions, buying cement company Sanghi Industries and the news agency IANS. Adani has insisted the Hindenburg report has not changed operations at his companies, which include ports, airports, renewable parks generating electricity from sunlight and wind energy, gas distribution, cement processors, data centers, and even apple farms. 360 One Wam Ltd, formerly known as IIFL Wealth Management Ltd, separately said IPE-Plus Fund 1, a fully compliant and regulated fund, was launched in October 2013 and operated until October 2019. "Throughout the fund's tenure, IPE-Plus Fund 1 made zero investments in any shares of the Adani Group either directly or indirectly through any fund," it said. "At its peak, the fund's Assets Under Management (AUM) reached approximately USD 48 million, with over 90% of the fund consistently invested in bonds." The fund, it said, was managed as a discretionary fund by the Investment Manager. "No investor had any involvement in the fund's operations or investment decisions. Mrs. Madhabi Buch &amp; Mr. Dhaval Buch's holdings in the fund were less than 1.5% of the total inflow into the fund." Hindenburg on Saturday alleged that just weeks before Buch's appointment to SEBI, her husband requested the transfer of their investments into his sole control, potentially to avoid any scrutiny related to her new regulatory role. The couple's investments were reportedly funneled through a complex, multi-layered offshore structure, raising questions about their legitimacy and purpose. On March 22, 2017, just weeks ahead of Buch's appointment as SEBI Wholetime Member, her husband, Dhaval Buch, wrote to Mauritius fund administrator Trident Trust. That communication was regarding his and his wife's investment in the Global Dynamic Opportunities Fund (GDOF), the US firm alleged. "In the letter, Dhaval Buch requested to"be the sole person authorized to operate the accounts", seemingly moving the assets out of his wife's name ahead of the politically sensitive appointment," Hindenburg alleged. Dhaval Buch is currently a senior advisor at Blackstone and at Alvarez &amp; Marsal. He also serves as a non-executive director on the Board of Gildan. "In a later account statement dated February 26, 2018, addressed to Madhabi Buch's private email, the full details of the structure are revealed: "GDOF Cell 90 (IPEplus Fund 1)". Again, this is the same Mauritius-registered "cell" of the fund, found several layers deep in a convoluted structure, reportedly used by Vinod Adani," Hindenburg alleged. From April 2017 to March 2022, while Buch was a Wholetime member and Chairperson at SEBI, she had a 100 % interest in an offshore Singaporean consulting firm, called Agora Partners, it alleged adding On March 16, 2022, two weeks after she was appointed SEBI Chairperson, she quietly transferred the shares to her husband. To date, SEBI has taken no action against these funds, it claimed. "If SEBI wanted to find the offshore fund holders, perhaps the SEBI Chairperson could have started by looking in the mirror," Hindenburg said. In response to requests from the Supreme Court to investigate the Adani matter, SEBI is said to have hit a wall unveiling the holders of the offshore funds. The Supreme Court said that while SEBI seemingly agreed with its concerns over who funded Adani's offshore shareholders, "it is evident that SEBI has drawn a blank in this investigation", the firm alleged.

Hindenburg target SEBI chief, she calls charges baseless, Adani says no commercial relationship with SEBI head

The allegations of the US Short seller Hindenburg against <keyword id="19901201" type="General" weightage="100" keywordseo="Sebi" source="keywords">SEBI</keyword> Chairperson <keyword id="22743118" type="General" weightage="20" keywordseo="Madhabi-Buch" source="keywords">Madhabi Buch</keyword> and her husband have drawn sharp political reactions from the opposition parties. Reacting to the Hindenburg report, Samajwadi Party spokesperson Ghanshyam Tiwari on Sunday lashed out at the Modi government and said that the tenure of PM Modi will be known for 'Adani-waad'. "The whole world witnessed a different session with different ideologies but the term of PM Modi will be known as 'Adani-waad'. In this Adani-waad, they captured the whole economic system of India in such a way that Gautam Ad(<keyword id="19955648" type="General" weightage="20" keywordseo="Adani-Group" source="keywords" meta.keywordsubtype="org" meta.entityname="Adani Group" meta.hostid="83" meta.entityid="Adani Group">Adani Group</keyword>) could benefit, it looks like this is the only motive of PM Modi," he said. Referring to the Hindenburg Report alleging SEBI chief Madhabi Buch and her husband's stakes in "both the obscure offshore entities used in the Adani money siphoning scandal", Tiwari stated, "Hindenburg's report regarding the SEBI chief has triggered the integrity of the market regulator. Hindenburg alleged that SEBI is not investigating properly. Questions are being raised on the Adani Group continuously by the opposition. Anybody with a basic investigation can simply question how the Adani Group with different allegations of corruption, whether it is a coal scam or power, through the medium of offshoring, invested in the share markets. SEBI whose duty was to investigate and find out the criminals was deviating from the core issues." Aam Aadmi Party MP Sanjay Singh alleged that the Modi government is steeped in corruption and is trying to save "their friend Adani". Taking it to a social media post on X, Sanjay Singh wrote, "The Hindenburg revelations were hinted at 3 days before Modi ended the Parliament session. Modi Government is steeped in corruption from head to toe. To save his friend Adani, Modi Ji got the investigation done by the same SEBI Chairman who had committed the scam in connivance with Adani. SC should reconsider its decision." <keyword id="19895371" type="General" weightage="20" keywordseo="Congress" source="keywords" meta.keywordsubtype="org" meta.entityname="Congress" meta.hostid="83" meta.entityid="Congress">Congress</keyword> MP Manish Tewari said that a JPC must be constituted to go into the entire Hindenburg saga. "There are certain revelations by the <keyword id="20016892" type="General" weightage="20" keywordseo="Hindenburg-Research" source="keywords" meta.keywordsubtype="org" meta.entityname="Hindenburg Research" meta.hostid="83" meta.entityid="Hindenburg Research">Hindenburg Research</keyword> which have been put out in the public space. They require closer scrutiny...There seems to be some semblance of an alleged conflict of interest and so therefore under those circumstances there has been a demand in the public space for a while that the entire Hindenburg saga needs to be investigated properly by a <keyword id="21964200" type="General" weightage="20" keywordseo="Joint-Parliamentary-Committee" source="keywords" meta.keywordsubtype="org" meta.entityname="Joint Parliamentary Committee" meta.hostid="83" meta.entityid="Joint Parliamentary Committee">joint parliamentary committee</keyword>. It would be in the fitness of things if a joint parliamentary committee is constituted to go into all these issues at length," he said. Earlier in the day, shortly after US-based short seller Hindenburg Research on August 10 alleged that SEBI Chairperson Madhabi Buch and her husband had stakes in "both the obscure offshore entities used in the Adani money siphoning scandal," the SEBI Chairperson and her husband issued a joint statement rejecting the allegations. Madhabi Puri Buch and her husband accused Hindenburg Research, against whom SEBI has taken enforcement action, of character assassination. In the joint statement released to the media they said, "Our life and finances are an open book. All disclosures as required have already been furnished to SEBI over the years. We have no hesitation in disclosing any and all financial documents, including those that relate to the period when we were strictly private citizens, to any and every authority that may seek them. It is unfortunate that Hindenburg Research against whom SEBI has taken an Enforcement action and issued a show cause notice has chosen to attempt character assassination in response to the same." Earlier on Saturday, US short seller Hindenburg had alleged, "We had previously noted Adani's total confidence in continuing to operate without the risk of serious regulatory intervention, suggesting that this may be explained through Adani's relationship with SEBI Chairperson, Madhabi Buch." "What we hadn't realized: the current SEBI Chairperson and her husband, Dhaval Buch, had hidden stakes in the exact same obscure offshore Bermuda and Mauritius funds, found in the same complex nested structure, used by Vinod Adani," the report by the US hedge firm said. Hindenburg Research said it has made the new allegations based on documents provided by a whistleblower and investigations carried out by other entities. In January 2023, Hindenburg published a report accusing the Adani Group of financial irregularities, leading to a significant drop in the company's stock price. The group at the time had rubbished these claims. The Hindenburg report alleged stock manipulation and fraud by the conglomerate. The case is related to the allegations (part of a report by Hindenburg Research) that Adani had inflated its share prices. After these allegations were published, there was a sharp fall in the shares of various Adani group companies' stocks. In January 2024, the Supreme Court refused to transfer the probe into the allegations of stock price manipulation by the Adani group to an SIT and had directed market regulator SEBI to complete its probe into two pending cases within three months. Earlier this year, the SC also dismissed a plea seeking to review the verdict that had sought investigation by the market watchdog SEBI in the Adani-Hindenburg case.

Integrity of SEBI questioned, JPC probe into Hindenburg a must: INDIA bloc targets govt on Hindenburg allegations

<ul class="summary-list"><li>Microsoft has given up its observer role on OpenAI's board, per a letter seen by Axios and others.</li><li>Apple is not expected to take up a similar observer role, the Financial Times reported.</li></ul>Microsoft and Apple might have made a play to assuage antitrust regulators' concerns over their involvement with OpenAI.Microsoft has relinquished its role as an observer on OpenAI's board, while Apple will not take up a similar spot, news outlets including <a target="_blank" href="https://www.ft.com/content/ecfa69df-5d1c-4177-9b14-a3a73072db12">the Financial Times</a> reported.While Microsoft had no voting rights, its decision may be a bid to ease the concerns of regulators, who have been <a target="_blank" href="https://www.businessinsider.com/microsoft-openai-antitrust-watchdog-partnership-merger-probe-2023-12">trying to assess its influence</a> over OpenAI.Microsoft won an observer role following the <a target="_blank" href="https://www.businessinsider.com/sam-altman-return-openai-ceo-2023-11">brief ousting of Sam Altman as OpenAI's CEO</a> in November.But on Tuesday, the company said it wasn't necessary to keep its seat after witnessing "significant progress" in the past eight months, according to a letter Microsoft sent to OpenAI, which was seen by outlets including Axios and the Financial Times.Microsoft added in the letter that it's confident about OpenAI's direction.Alex Haffner, a competition lawyer and partner at the law firm Fladgate, told Business Insider: "It is hard not to conclude that Microsoft's decision has been heavily influenced by the ongoing competition/antitrust scrutiny of its (and other major tech players) influence over emerging AI players such as OpenAI."He added: "It is clear that regulators are very much focused on the complex web of interrelationships that Big Tech has created with AI providers, hence the need for Microsoft and others to carefully consider how they structure these arrangements going forward."Microsoft has invested billions in the ChatGPT maker and <a target="_blank" href="https://www.businessinsider.com/apple-microsoft-openai-agreements-differences-iphone-chatgpt-sam-altman-2024-7">gets nearly half of OpenAI's profits</a> as part of the partnership. OpenAI relies on Microsoft's cloud services for the computing power needed to train and run its large language models.<h2 id="e76a0df0-feeb-49a6-83d5-85fe29ef1264">New approach</h2>The partnership is considered to have given Microsoft a leg up in the artificial-intelligence race, as OpenAI's models power its AI products, such as its Copilot chatbot.An OpenAI representative told BI that its new CFO, Sarah Friar, was changing its approach to engaging with partners such as Microsoft and Apple, as well as investors including Thrive Capital and Khosla Ventures."Moving forward, we will host regular stakeholder meetings to share progress on our mission and ensure stronger collaboration across safety and security," the representative said.Apple is set to follow Microsoft's lead, retreating from its plan to take on a similar board-observer role, the FT reported. Bloomberg previously reported that <a target="_blank" href="https://www.businessinsider.com/apple-openai-board-observer-seat-microsoft-report-bloomberg-2024-7">Apple had secured an observer seat</a>.<h2 id="d3930239-57c2-4373-be72-6c430bb2cca3">Antitrust scrutiny</h2>This came after Apple announced in June at its Worldwide Developers Conference that it <a target="_blank" href="https://www.businessinsider.com/apple-deal-openai-chatgpt-tim-cook-sam-altman-who-wins-2024-6">struck a partnership with OpenAI</a>, integrating ChatGPT into its devices, including the iPhone, as part of a broader AI push.The pullback underscores the mounting antitrust scrutiny of Big Tech's grip on AI. Regulators in both the US and the UK have raised concerns about market control through strategic partnerships.Microsoft and OpenAI are both facing <a target="_blank" href="https://www.businessinsider.com/microsoft-mask-power-over-openai-sam-altman-antitrust-2023-12">regulatory scrutiny</a> from the Federal Trade Commission and the UK's Competition and Markets Authority. European regulators have also been assessing the partnership.It remains to be seen whether Microsoft's and Apple's moves will soothe the unease about their involvement with OpenAI.Microsoft and Apple did not immediately respond to requests for comment made outside normal working hours.

Microsoft and Apple may be playing the long game by ditching OpenAI board roles

<ul class="summary-list"><li>Two former OpenAI board members have said governments must regulate artificial-intelligence companies.</li><li>Helen Toner and Tasha McCauley were the only women on the company's board and left in November.</li></ul>Two former <a target="_blank" href="https://www.businessinsider.com/history-of-openai-company-chatgpt-elon-musk-founded-2022-12">OpenAI</a> board members have said that artificial-intelligence companies can't be trusted to govern themselves and that third-party regulation is necessary to hold them accountable.<a target="_blank" href="https://www.businessinsider.com/openai-criticized-for-lack-of-diversity-on-board-2023-11">Helen Toner and Tasha McCauley</a> were board members at OpenAI before they stepped down in November amid a chaotic push to oust CEO <a target="_blank" href="https://www.businessinsider.com/sam-altman-chatgpt-openai-ceo-career-net-worth-ycombinator-prepper-2023-1">Sam Altman</a>. Altman was swiftly <a target="_blank" href="https://www.businessinsider.com/sam-altman-return-openai-ceo-2023-11">reinstated as CEO</a> days after his dismissal, and he <a target="_blank" href="https://www.businessinsider.com/sam-altman-return-openai-board-directors2024-3">returned to the board</a> five months later.In an op-ed for <a target="_blank" href="https://www.economist.com/by-invitation/2024/05/26/ai-firms-mustnt-govern-themselves-say-ex-members-of-openais-board">The Economist</a> published Sunday, Toner and McCauley wrote that they stood by their decision to remove Altman, citing statements from senior leaders that the cofounder created a "<a target="_blank" href="https://www.businessinsider.com/public-need-know-what-sam-altman-lied-openai-board-2023-11">toxic culture of lying</a>" and engaged in behavior that could be "characterized as psychological abuse."Since Altman returned to the board in March, OpenAI has been questioned about its <a target="_blank" href="https://www.businessinsider.com/sam-altman-openai-glory-days-ending-problems-chatgpt-2024-5">commitment to safety</a> and criticized for using an AI voice that sounded eerily like the actor <a target="_blank" href="https://www.businessinsider.com/scarlett-johansson-openai-voice-actor-chatgpt-sam-altman-2024-5">Scarlett Johansson</a> for <a target="_blank" href="https://www.businessinsider.com/gpt-4o-ai-model-work-easier-for-electricians-plumbers-openai-2024-5">Chat GPT-4o</a>.With Altman back at the helm, Toner and McCauley wrote that OpenAI couldn't be trusted to hold itself accountable."We also feel that developments since he returned to the company —including his reinstatement to the board and the <a target="_blank" href="https://www.businessinsider.com/openai-safety-researchers-quit-superalignment-sam-altman-chatgpt-2024-5">departure of senior safety-focused talent</a> — bode ill for the OpenAI experiment in self-governance," they wrote.Toner and McCauley argued that for OpenAI to succeed in its stated mission to benefit "all of humanity," governments needed to intervene and establish "effective regulatory frameworks now."The former board members wrote that they once believed <a target="_blank" href="https://www.businessinsider.com/openai-pledges-improved-governance-structure-following-sam-altmans-ouster-2024-3">OpenAI could govern itself</a>, but "based on our experience, we believe that self-governance cannot reliably withstand the pressure of profit incentives."OpenAI, Toner, and McCauley didn't immediately respond to a request for comment from Business Insider.<h2 id="23a17eec-4461-4b82-ab23-2271b427b6d7">Policymakers must 'act independently' of AI companies</h2>Toner and McCauley qualified their calls for government regulation by acknowledging that poorly designed laws could potentially hinder "competition and innovation" by burdening smaller companies."It is crucial that policymakers act independently of leading AI companies when developing new rules," they wrote. "They must be vigilant against loopholes, regulatory 'moats' that shield early movers from competition, and the potential for regulatory capture."In April, the Department of Homeland Security announced the establishment of the Artificial Intelligence Safety and Security Board, which it said would provide recommendations for "safe and secure development and deployment of AI" throughout the US's critical infrastructures.The board's 22 members include Altman and chief executives of large tech companies, including Nvidia CEO Jensen Huang and Alphabet CEO Sundar Pichai.Although the safety board also includes representatives from tech nonprofits, leaders of for-profit companies are overrepresented.AI ethicists who spoke to <a target="_blank" href="https://arstechnica.com/information-technology/2024/04/us-department-of-homeland-security-names-ai-safety-and-security-board-members/2/">Ars Technica</a> expressed concern that the outsize influence of profit-motivated companies could result in policies that favored industry over human safety."If we can all agree that we care about keeping people 'safe' with respect to how AI is used, then I think we can agree it's important to have people at the table who specialize in centering people over technology," Margaret Mitchell, an AI-ethics expert at <a target="_blank" href="https://www.businessinsider.com/hugging-face-open-source-ai-approach-2023-12">Hugging Face</a>, told Ars Technica.A DHS spokesperson didn't respond to a request for comment.

Former OpenAI board members say the company can't be trusted to govern itself

<ul class="summary-list"><li>Two former OpenAI board members warned about <a target="_blank" href="https://www.businessinsider.com/sam-altman-chatgpt-openai-ceo-career-net-worth-ycombinator-prepper-2023-1">CEO Sam Altman</a> and AI safety in an op-ed in The Economist.</li><li>Two current board members wrote a response pushing back on the concerns.</li></ul>This has been the week of dueling op-eds from former and current <a target="_blank" href="https://www.businessinsider.com/history-of-openai-company-chatgpt-elon-musk-founded-2022-12">OpenAI</a> board members.Current OpenAI board members Bret Taylor and Larry Summers issued a response to AI safety concerns on Thursday, stating that "the board is taking commensurate steps to ensure safety and security."The response comes a few days after The Economist <a target="_blank" href="https://www.economist.com/by-invitation/2024/05/26/ai-firms-mustnt-govern-themselves-say-ex-members-of-openais-board">published</a> an op-ed by former OpenAI board members Helen Toner and Tasha McCauley, who criticized CEO Sam Altman and OpenAI's safety practices while calling for a need to regulate AI. The title of the piece argued that "AI firms mustn't govern themselves."Taylor and Summers, the two current members, pushed back against the former directors' claims in a <a target="_blank" href="https://www.economist.com/by-invitation/2024/05/30/openai-board-members-respond-to-a-warning-by-former-members">response</a> that was also published in The Economist. They defended Altman and discussed OpenAI's stance on safety, including the company's formation of <a target="_blank" href="https://www.businessinsider.com/openai-sets-up-safety-committee-starts-training-next-frontier-model-2024-5">a new safety committee</a> and a set of voluntary commitments OpenAI made to the White House to reinforce safety and security.The pair said that they had previously chaired a special committee as part of the newly established board and set up an external review by law firm WilmerHale of the events leading to Altman's ousting. The process entailed reviewing 30,000 documents, along with dozens of interviews with OpenAI's previous board, executives, and other relevant witnesses, they added.Taylor and Summers reiterated that WilmerHale concluded that Altman's ousting "did not arise out of concerns regarding product safety or security" or "the pace of development."They also took issue with the op-ed's characterization that Altman had created "a toxic culture of lying" and <a target="_blank" href="https://www.businessinsider.com/openai-board-member-details-sam-altman-lied-allegation-ousted-2024-5">engaging in psychologically abusive behavior</a>. In the last six months, the two current board members said they had found Altman "highly forthcoming on all relevant issues and consistently collegial with his management team."In an interview published the same day as her op-ed, Toner explained why the former board previously decided to remove Altman, saying that he lied to them "multiple times" and withheld information. She also said that the old OpenAI board <a target="_blank" href="https://www.businessinsider.com/openai-board-learned-of-chatgpt-release-on-twitter-helen-toner-2024-5">found out about ChatGPT's release on Twitter</a>."Although perhaps difficult to remember now, Openai released Chatgpt in November 2022 as a research project to learn more about how useful its models are in conversational settings," Taylor and Summers wrote in response. "It was built on gpt-3.5, an existing ai model which had already been available for more than eight months at the time."Toner did not respond to a request for comment ahead of publication. OpenAI did not respond to a request for comment.OpenAI supports "effective regulation of artificial general intelligence" and Altman, who was reinstated only days after his ousting, has "implored" lawmakers to regulate AI, the two current board directors added.<a target="_blank" href="https://www.businessinsider.com/openai-chatgpt-sam-altman-world-not-far-potentially-scary-ai-2023-2">Altman has been advocating for some form of AI regulation</a> since 2015, more recently saying he favors the formation of an international regulating agency — but he's also said he's "super nervous about regulatory overreach."At the World Government Summit in February, Altman <a target="_blank" href="https://www.youtube.com/watch?v=15UZCAr3shU">suggested</a> a "regulatory sandbox" where people could experiment with the technology and write regulations around what "went really wrong" and what went "really right."OpenAI has seen multiple high-profile departures in recent weeks, including machine learning researcher <a target="_blank" href="https://www.businessinsider.com/jan-leike-ilya-sutskever-resignations-superalignment-openai-superintelligence-safe-humanity-2024-5">Jan Leike, chief scientist Ilya Sutskever,</a> and policy researcher Gretchen Krueger. Both Leike and Krueger vocalized safety concerns following their departures.Leike and Sutskever, who is also a cofounder of OpenAI, were the co-leads of the company's superalignment team. The team was tasked with researching the long-term risks of AI, including the chance it could go "rogue."OpenAI dissolved the superalignment safety team before later announcing the formation of a new safety committee.

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