Just because she has a 19.9% stake in the company doesn’t mean...

Just because she has a 19.9% stake in the company doesn’t mean that she can decide where any of the offtakes go. She might be able to convince the BOD to give the uncommitted spod to Modi, but it would have to be on very favourable commercial terms, and that there wasn’t any better strategic use sending it elsewhere. The rest of it is tied up with Tesla, Ford and LGES, so there is no way Modi is getting his hands on it.

As she can’t get to 90% because of TG’s blocking stake, the best she could do is 51% and gain control of the board. Theoretically (this is me wildly speculating) she could tear up the three offtake agreements to get Modi his lithium - but it would have to be a very attractive deal for her to prove she was acting in the best interests of shareholders. Considering India’s behaviour buying Russian oil on the cheap, I can’t see they’d be a reliable offtake partner willing to pay over the odds for lithium. In any case, the reputational damage of abandoning Tesla, LGES and Ford would be devastating.

Anyway, just my late night rambling.