Elon Musk sued for fraud
New York, Sep 28 : The Securities and Exchange Commission (S.E.C.) has filed a lawsuit accusing Tesla Inc. founder Elon Musk of committing fraud by making false public statements with the potential to hurt investors, a move that could force him out of the companys leadership.
The lawsuit filed on Thursday in a federal court here seeks to bar Musk from serving as an executive or director of publicly traded companies like Tesla, reports The New York Times.
Such a punishment is one of the most serious remedies the S.E.C. can impose against a corporate executive. At issue is Musk's declaration on Twitter last month that he had "funding secured" to buy out the stock of the electric-car maker.
The prospect created a firestorm on social media and in the markets that sent Tesla's shares soaring. The case could lead to a re-evaluation of how companies use Twitter to communicate with the investing public.
The S.E.C. said Musk "knew or was reckless in not knowing" that his statements were false or misleading.
"In truth and in fact, Musk had not even discussed, much less confirmed, key deal terms, including price, with any potential funding source," it said in its lawsuit.
Musk responded later on Thursday, calling the move "unjustified".
"This unjustified action by the S.E.C. leaves me deeply saddened and disappointed. I have always taken action in the best interests of truth, transparency and investors. Integrity is the most important value in my life and the facts will show I never compromised this in any way," the billionaire businessman said in a statement.
The S.E.C. approached the Tesla chief with an offer to settle the case, an informed source told The New York Times, but he refused to negotiate, adamant that he had done nothing wrong.
Tesla has become the most valuable American carmaker, with its stock worth more than $50 billion. But the company's shares tumbled more than 12 per cent in after-hours trading after the S.E.C. filed its lawsuit.
The lawsuit is the latest in a series of escalating problems for Tesla and Musk. The company has been struggling to achieve the ambitious production targets that Musk had publicly outlined.
He has made a series of unusual public comments or appearances, including an internet interview in which Musk appeared to smoke marijuana.
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Parliament passes Waqf (Amendment) Bill, 2025
New Delhi (PTI): Parliament early Friday passed the contentious Waqf (Amendment) Bill, 2025, after it was approved by the Rajya Sabha.
The Lok Sabha had on Thursday approved the Bill after over a 12-hour debate.
In Rajya Sabha, the Bill got 128 votes in its favour and 95 against after all the amendments moved by the opposition were rejected.
In the lower house, the bill was supported by 288 MPs while 232 voted against it.
Participating in a debate in the Rajya Sabha, Minority Affairs Minister Kiren Rijiju said the Bill was brought with a number of amendments based on suggestions given by various stakeholders.
"The Waqf Board is a statutory body. All government bodies should be secular," the minister said, explaining the inclusion of non-Muslims on the board.
He, however, said the number of non-Muslims has been restricted to only four out of 22.
Rijiju also alleged that the Congress and other opposition parties, and not the BJP, were trying to scare Muslims with the Waqf Bill.
"You (opposition) are pushing Muslims out of the mainstream," he added.
He said for 60 years, the Congress and others ruled the country, but did not do much for Muslims and the community continues to live in poverty.
"Muslims are poor, who is responsible? You (Congress) are. Modi is now leading the government to uplift them," the minister said.
According to the Waqf (Amendment) Bill, Waqf tribunals will be strengthened, a structured selection process will be maintained, and a tenure will be fixed to ensure efficient dispute resolution.
As per the Bill, while Waqf institutions' mandatory contribution to Waqf boards is reduced from 7 per cent to 5 per cent, Waqf institutions earning over Rs 1 lakh will undergo audits by state-sponsored auditors.
A centralised portal will automate Waqf property management, improving efficiency and transparency.
The Bill proposes that practising Muslims (for at least five years) can dedicate their property to the Waqf, restoring pre-2013 rules.
It stipulates that women must receive their inheritance before the Waqf declaration, with special provisions for widows, divorced women and orphans.
The Bill proposes that an officer above the rank of collector investigate government properties claimed as Waqf.
It also proposes that non-Muslim members be included in the central and state Waqf boards for inclusivity.
