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SEBI BANS WILFUL DEFAULTERS FROM TAPPING CAPITAL MARKET
In an attempt to tighten the regulatory framework, the Securities and Exchange Board of India (SEBI) has barred ‘wilful defaulters’ from accessing the capital market or acquiring another listed entity.
The capital and commodity market regulator has decided that if a listed entity or its promoter has been declared a wilful defaulter, it will not be allowed to make a public issue of equity shares, debt or any other convertible securities.
The decision was taken by the SEBI board in New Delhi on Saturday, based on Reserve Bank of India (RBI) regulations which lay down safeguards to be exercised by banks to contain the financial activities of a wilful defaulter.
The RBI defines a wilful defaulter as an entity that defaults on its payment obligations even if it has the capacity to pay back debts. The SEBI’s move has come at a time when banks have moved the Supreme Court against industrialist Vijay Mallya, who has been declared a wilful defaulter.
JUDICIARY SHOULD TURN TECH-SAVVY, SAYS PM
Modi suggested that the court, the Bar and the Bench should become techno-savvy “to improve the quality of judgments and arguments.”
Sharing the stage with Bihar Chief Minister Nitish Kumar for the first time after the NDA’s defeat in the Assembly polls last year, Prime Minister Narendra Modi said on Saturday that India “cannot make progress without the development of eastern States like Bihar and Uttar Pradesh.”
He said the use of technology and the release of an annual bulletin to highlight the oldest cases in courts would help to improve the functioning of the judiciary and “create sensitivity to the pendency of cases in the country.”
Speaking at the closing ceremony of the centenary celebrations of the Patna High Court, Mr. Modi suggested that the court, the Bar and the Bench should become techno-savvy “to improve the quality of judgments and arguments.” “Now we’ve something which we had not earlier — the power of technology. We’ve to see how much techno-savvy we can make the Bar, the Bench and the courts by using digital technology in their functioning and help work towards improving the quality of judgments.”
KERALA, TN SECURE TOP RANKS IN GOVERNANCE
Poll-bound States Kerala and Tamil Nadu secured first and second ranking in public affairs index (PAI) in governance in States, while Bihar, Jharkhand and Odisha are lagging on this front, a latest survey of think-tank Public Affairs Centre (PAC), Bengaluru, has revealed. Karnataka secured third position while Gujarat stood fifth.
Karnataka secured top position among all States in the category of providing adequate and effective social protection for its citizens. West Bengal, another poll-bound State, and Kerala secured second and third positions respectively.
The survey, which was based on 10 themes, 25 focus subjects and 68 indicators, said Mizoram, Himachal Pradesh and Delhi secured top three ranks among the small States (less than two crore population).
Karnataka, which ranked ninth in the ease of doing business of the World Bank report released last year, was placed at an impressive overall rank three in the PAC survey. The State stood second in both transparency and public accountability and environment. However, it lagged behind in delivery of justice, with a rank of 13.
AIR PASSENGERS TO GET HIGHER COMPENSATION FOR ACCIDENTS
Air passengers will get higher compensation in case of death, injury, lost baggage or inordinate delay in flights as the Carriage by Air (Amendment) Bill was passed by the Parliament on Friday.
Once the Bill gets the nod of the President, the domestic airlines will be required to pay compensation amount equivalent to international airlines standard.
The compensation in case of death in an air accident or bodily injury will go up to around Rs1.05 crore, up from Rs.93 lakh at present. This amount would be computed on the basis of SDR (Special Drawing Rights). The currency value of the SDR is based on market exchange rates of a basket of major currencies – US dollar, euro, Japanese yen and pound sterling. One SDR is equivalent to Rs.93.
The liability for flight delays will increase to Rs.4.36 lakh from Rs.3.86 lakh at present. In case of destruction, loss or inordinate delays in case of cargo carriage, the liability amount has been raised from Rs,1,581 to Rs.1,767.
‘ECO NOD FOR 943 PROJECTS IN 21 MONTHS’
Centre planning to cut down time for clearance to 100 days, says Prakash Javadekar.
Union Environment Minister Prakash Javadekar on Saturday claimed that in the 21 months of the NDA government at the Centre, his Ministry has given environmental clearances to 943 projects, unlocking investments of up to about Rs 6.72 lakh crore.
Mr. Javadekar said the NDA government focussed on three key principles — make new sustainable development policies, making the process of clearance simpler and more transparent, and decentralising power to the States.
He said during the UPA regime, the time-consuming process of environment clearances for big investment projects led to delays, stunting growth, increased unemployment, a large number of incomplete projects, and a sharp increase in non performing assets of banks.
Mr. Javadekar told journalists that the Modi government was committed to sustainable development. He said climate change was a reality with one degree of temperature rise caused by 150 years of uncontrolled carbon emissions by the developed world.
VIJENDER CONTINUES WINNING SPREE IN PROFESSIONAL BOXING, BEATS ALEXANDER HORVATH
tar Indian boxer Vijender Singh continued his winning spree in the professional arena with an easy win over Alexander Horvath of Hungary at the Liverpool Echo Arena here on Saturday evening.
As with his previous professional bouts, the Indian dominated the fight. The Hungarian forced to retire around one minute into the third round after a powerful punch from Vijender hit his left shoulder.
This was Vijender’s fourth win in a row in professional boxing in the middleweight (75kg) category – all of them by knockout or technical knockout.
In his debut bout, Vijender defeated English boxer Sony Whiting by technical knockout in the third round. In his second bout, Dean Gillen, also of England, did not even last for one full round as the Haryana boxer knocked him out in the last minute of the opening period.
Bulgaria’s Samet Hyuseinov went down in the second round of the third fight as Vijender registered another technical knockout.
RUSSIAN FIRM TO SET UP SERVICE CENTRE FOR IAF AIRCRAFT FLEET
echnodinamika, a holding company of Rostec State Corporation of Russia, will set up a service centre in India to boost support to the Indian Air Force’s (IAF) aircraft fleet of Russian origin.
The company has recently won a contract to supply Auxillary Power Units (APU) to the IL-76 transport aircraft of the IAF.
“In the very near future we are going to open a service centre in India. It will be arranged in compliance with the principles of the ‘Make in India’ program, under which aircraft repair and maintenance will be localised in India. In this case, the IAF will be assured of guaranteed deadlines and a high quality of performed works,” Maxim Kuzyuk, CEO of Technodinamika said.
It will improve availability of spares for aircraft and increase the operational availability of aircraft.
According to the terms of the tender for APU’s, Technodinamika will supply nine APUs for the IL-76 aircraft and its modifications owned by the Indian Air Force, the company said.
However the company has not disclosed the value of the contract. Currently, the IAF uses 28 aircraft of this type.
IAF REACTIVATES TWO LANDING GROUNDS IN ARUNACHAL PRADESH
ALGs are expected to enhance the capabilities of the Eastern Air Command.
Boosting the nation’s rapid airlift capability for forward operations and troop deployment, the Indian Air Force re-activated two upgraded Advanced Landing Grounds (ALG) at Ziro and Along in Arunachal Pradesh on Saturday.
“The ALGs will further enhance our existing operational capabilities in Eastern Air Command,” Air Marshal C. Hari Kumar, Air Officer Commanding-in-Chief, Eastern Air Command said during the inauguration of ALG at Ziro.
He later inaugurated the ALG at Along. Further underscoring the significance he said that “the capacity build-up will enable operations by some of our new inductions including the C-130J Super Hercules transport aircraft”.
This will give the ability to rapidly airlift troops in case of hostilities or a standoff. India has belatedly embarked on a major drive to operationalise the ALGs which have not been in use for decades.
In the mid-eighties Vayudoot Airlines had operated from Ziro airfield and the IAF too had operated a flying detachment from for air maintenance. Subsequently the airfield fell out of use.
INDIA COLLABORATES WITH JAPAN ON ANDAMANS PROJECT
India and Japan are in talks to collaborate on upgrading civilian infrastructure in the Andaman and Nicobar Islands, an Indian archipelago seen as a critical asset to counter China’s efforts to expand its maritime reach into the Indian Ocean.
The first project being discussed is a modest one — a 15-megawatt diesel power plant on South Andaman Island, as described in a proposal submitted late last month to the Japanese Ministry of Foreign Affairs.
But the collaboration signals a significant policy shift for India, which has not previously accepted offers of foreign investment on the archipelago. The Andaman and Nicobar Islands are northwest of the Strait of Malacca, offering control of a so-called choke point that is one of China’s greatest marine vulnerabilities.
It is also testimony to the unfolding relationship between India and Japan, which is also funding a $744 million road building project in the northeastern Indian border regions of Mizoram, Assam and Meghalaya. Like the Andaman and Nicobar chain, the northeastern region is a strategic area that has remained relatively undeveloped because of its separation from the mainland.
Japan’s marshalling of official development assistance in the region has drawn less attention than the effort that China calls “One Belt, One Road,” a network of roads, railways and ports intended to link China to the rest of Asia and to Europe.
But it fits logically into the web of strategic projects taking shape as Indian Prime Minister Narendra Modi enters into closer relationships with Japan, Australia and the United States, as well as regional powers like Vietnam, to counter China’s growing influence.
A senior Indian official, who spoke on the condition of anonymity to discuss internal deliberations, said China’s project would be answered by “a more decentralised, local but organic response.”
The official described proposed infrastructure projects in the Andamans as “not of a big scale, and not of a big value,” but added that New Delhi was intent on developing its “frontier” regions.