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IMD Issues Red Alert In Mumbai, Karnataka As Heavy Rains Continue

Mumbai Rains

The IMD issued red alerts in some of the districts of the state. In the Udupi district, large areas of land have been inundated by the flood water as the rainfall continued in Badakere village.

New Delhi: With the onset of the southwest monsoon, parts of the country are expected to receive heavy to very heavy rains over the next few days. Heavy rainfall continued on Friday in Maharashtra, Karnataka, Goa, Kerala, and Kerala.

The IMD issued a red alert for very heavy rainfall in Mumbai on Friday. The weather agency also warned of heavy rains in the Konkan region of the state till July 11. All districts of the Konkan region might receive torrential to very heavy rains during this period.

The IMD issued red alerts in some of the districts of the state. In the Udupi district, large areas of land have been inundated by the flood water as the rainfall continued in Badakere village.

In Kalaburagi, the Deputy Commissioner, Yeshwanth Gurukar declared a holiday for schools, colleges, and all educational institutions in the district on July 9 after a red alert was issued in the district.

Karnataka Chief Minister Basavaraj Bommai chaired a meeting of district in-charge Ministers and Deputy Commissioners of 13 rain-affected districts on Friday to review the situation in the state.

The Goa government also declared a holiday on July 9 for students studying from Classes 1 to 8 after a red alert was issued.

The India Meteorological Department (IMD) has predicted the rains to cover parts of Gujarat and Delhi.

 

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Elon Musk Terminates The Twitter Deal,Faces Legal Threat

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The Twitter Board is committed to closing the transaction on the price and terms agreed upon with Mr. Musk and plans to pursue legal action to enforce the merger agreement,โ€ Mr. Taylor tweeted.

Billionaire Elon Musk, the chief executive officer of Tesla, steps back from his $44 billion deal to buy Twitter, accusing the company of โ€œmisleadingโ€ statements about the number of fake accounts according to him, the social media company had breached multiple provisions of the merger agreement.

Twitterโ€™s chairman, Bret Taylor, said the board will pursue legal action to enforce the merger agreement.

 โ€œThe Twitter Board is committed to closing the transaction on the price and terms agreed upon with Mr. Musk and plans to pursue legal action to enforce the merger agreement,โ€ Mr. Taylor tweeted.โ€œWe are confident we will prevail in the Delaware Court of Chancery,โ€ Taylor wrote.

In the letter, disclosed in a Securities and Exchange Commission filing, Skadden Arps attorney Mike Ringler said that โ€œTwitter has not complied with its contractual obligations.โ€ Ringler claimed that Twitter did not provide Musk with the relevant business information he requested.โ€œSometimes Twitter has ignored Mr. Muskโ€™s requests, sometimes it has rejected them for reasons that appear to be unjustified, and sometimes it has claimed to comply while giving Mr. Musk incomplete or unusable information.โ€

Ringer added, โ€œDespite public speculation on this point, Mr. Musk did not waive his right to review Twitterโ€™s data and information simply because he chose not to seek this data and information before entering into the Merger Agreement. In fact, he negotiated access and information rights within the Merger Agreement precisely so that he could review data and information that is important to Twitterโ€™s business before financing and completing the transaction.โ€

While Musk is now officially seeking to walk away from the deal, this saga is likely far from over. Under the terms of the agreement, Musk agreed to pay $1 billion if he backs out. But as Twitterโ€™s board chair indicated they would do, the company can seek to hold Musk to his original deal by suing him for walking away if they dispute that his reasoning should let him out of the contract.

Twitter has reason to seek to hold Musk to his original terms. Shares of Twitter were down 6% at $34.58 in extended trading. That is 36% below the $54.20 per share (on the day of the announcement of the deal) , when  Musk agreed to buy Twitter in April. Hence, Musk is apparently paying attention to the stock price too.

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