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Gold Price Today: Yellow Metal Drops Below ₹50,000; Jerome Powell’s Statement Causes Decline

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Gold Price Today: Yellow Metal Drops Below ₹50,000; Jerome Powell's Statement Causes Decline

Gold Price Today: As a result of US central bank Fed Reserve leader Jerome Powell’s statement about controlling inflation, stock markets seem to be returning to cheer. However, the yellow metal is still losing gloss. Even when the wedding celebrations are at their peak, the per 10 grams of gold price on Monday fell below ₹ 50,000.

At Multi Commodity Exchange (MCX), the gold rate on Wednesday opened at 50,120. But, due to increased selling and low demand, soon the rate began indicating a decline of 0.57 percent and the futures price fell below 50,000.

Also Read: Small Finance Banks In India: A Different League

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Silver too

Following the path of gold, the prices of another precious metal silver also saw a decline in the morning trade on Wednesday. When the Multicommodity exchange opened, per 1kg Silver price started trading at ₹60,752, but as a result of the effect of a decline in demand and upline in sell, the future prices of the metal fell down 0.85% to 60,338.

Falling Global Market

Both the precious metals are declining in the global market as well. In Tuesday’s morning trading in the United States, the per-ounce price of gold was spotted at $1,809.58 with a decline of 0.28%. While silver also saw a decline of 0.46% to $21.53 per ounce.

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What Causing This Decline?

United States Federal Reserve Chairman Jerome Powell made a statement on Tuesday that he would support raising interest rates as long as prices start falling toward healthy levels. Since his statement, the confidence of investors in the stock market seems to be reversing. And as a result of this, the investors who had invested in gold considering it as a safe haven, have again started turning to the stock market, which is causing a fall in the prices of gold.

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Govt expedites Byju's financial inspection, firm says complied with MCA directions

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Govt expedites Byju's financial inspection, firm says complied with MCA directions

The government has expedited the inspection of Byju’s financial books, with the edtech company responding with necessary documents. Byju’s stated that it has cooperated fully with the Ministry of Corporate Affairs (MCA) and hopes for a swift resolution of the matter. The inspection is ongoing, as per sources, and the company has implemented corporate governance measures.

According to Byju’s spokesperson, “The company has received multiple communications requesting information and documents from time to time, and it has cooperated completely and responded with all necessary responses along with documents to the MCA.” The company has also informed government officials about the advisory council’s formation and compliance with MCA directions. Byju’s has closed its financials for FY 2022 and filed necessary documents with the ROC, aiming for a timely resolution of the matter.

Key shareholders voted last week to remove Byju Raveendran as CEO, but he denied being fired, stating that the management and Board remain unchanged. In an email to employees, Raveendran emphasized that the rights issue had a significant response, and it is “business as usual” at the company. Byju’s expressed confidence in the ongoing process and aims to address any concerns promptly.

The company’s proactive response amidst the government inspection reflects its commitment to transparency and compliance. By cooperating fully with the MCA and implementing corporate governance measures, Byju’s is working towards resolving the matter swiftly. As the inspection continues, the company’s focus remains on maintaining stability and operational efficiency despite recent developments.

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Trulife Distribution Lawsuit Explained (SO FAR)

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Trulife Distribution Lawsuit Details

The Trulife Distribution lawsuit has everything that could label it as a captivating legal drama.

The lawsuit pits Trulife Distribution, a wellness company, against Nutritional Products International (NPI).

Nutritional Products International (NPI) was founded by Mitch Gould; his son, Brian Gould, who had previously served as the president of NPI, is the CEO of Trulife Distribution.

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It is this family connection that makes the legal drama much more gripping.

The lawsuit was instituted by NPI in a U.S. District Court in Florida in May 2022.

The lawsuit alleges that Trulife Distribution had adopted fraudulent means to progress its business interests.

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Some of the charges leveled against Trulife Distribution include misleading trade practices, fake advertising, and the issuance of misleading statements that were aimed at deceiving the existing clientele of NPI.

The lawsuit specifically accuses Trulife of wrongly claiming credit for case studies and testimonials that rightfully belonged to NPI.

NPI alleges that Brian Gould had access to their case studies during his tenure as an executive.

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It was then passed off as Trulife Distribution success stories to win business and sign clients.

It also alleges that Trulife used a fraudulent email address that would divert NPI’s business.

NPI claims that it had to endure huge losses as a result of the fraudulent activities of Trulife Distribution, and the deceptive practices led to a lot of confusion in the marketplace within the nutrition, health, and wellness industry.

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This is not the first time that the two companies have been mired in a legal tussle.

The lawsuit also claims that the true extent of the fraud became evident in 2019, that the former employee had cloned NPI operations in entirety to further Trulife Distribution business interests.

The disputes were at that time resolved through mediation in 2021.

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The charges are serious and, if proven, would constitute a violation of some state and federal laws, which include Florida’s Deceptive and Unfair Trade Practices Act, the federal Lanham (Trademark) Act, and the federal Anti-cybersquatting Consumer Protection Act.

The fallout of the Trulife Distribution Lawsuit

The outcome of the lawsuit will have serious fallout on the operations, reputation, and financial standing of Trulife Distribution, and it could be asked to pay hefty compensation as damages and also face injunctions which could affect its future actions.

The outcome of the lawsuit could also have serious consequences for the health and wellness distribution industry and also affect investment and consumer confidence in the industry.

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Also Read: Dr Amy Sprole Lawsuit, Plastic Surgeon Accused Of Negligence

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Zerodha CEO Nithin Kamath suffers mild stroke, on path to recovery

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Zerodha CEO Nithin Kamath suffers mild stroke, on path to recovery

Zerodha Co-founder and CEO Nithin Kamath recently disclosed that he had suffered a mild stroke around six weeks ago, despite being a fit individual. In a post on X, Kamath mentioned possible reasons such as poor sleep, exhaustion, dehydration, and overworking out, following the passing away of his father.

Kamath shared that he is on the road to recovery, noting improvements in his condition from not being able to read or write initially to now being able to do so with a slight droop in his face. He emphasized the importance of knowing when to slow down, despite being health-conscious.

The Zerodha CEO’s health update comes as the company reported impressive financial numbers for the financial year 2022-23 (FY23), with a revenue of Rs 6,875 crore and a profit of Rs 2,907 crore. This marked a significant growth of 38.5 per cent in revenue and 39 per cent in profit compared to the previous financial year.

In FY22, Zerodha had reported revenue of Rs 4,964 crore and a profit of Rs 2,094 crore. Despite the positive financial performance, Kamath’s health scare serves as a reminder of the importance of self-care and monitoring one’s well-being, even for those who lead active lifestyles.

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