9-10 june 2015
9 june
Telugu writer Dasaradhi Rangacharya died at 87
Legendary Telugu writer Dasaradhi Rangacharya died in Hyderabad on 8 June 2015, after a brief illness. He was 87.
Rangacharya, born on 24 August 1928 in a village in Khammam district, now in Telangana, took part in the armed struggle against the erstwhile Nizam ruler.
Inspired by Marxism and socialism, Rangacharya wrote several books that highlighted the life and agony of the people at the grass roots level especially in the then Telangana region. His novels Moduga Poolu (Fire flowers), Chillara Devullu (The Lesser Deities) and Janapadam are well known for their inspiring role in influencing Telugu people against oppression by the rulers.
He received Central Sahitya Academy award for Chillara Devullu written in 1969. He translated all four Vedas into Telugu besides Ramayana and Mahabharata. He also wrote Jeevanayanam as his autobiography.
Srimadramayanam and Sri Mahabharatam are also his works in Telugu
NMCG, NYKS signed MoU for involvement of youth in restoring the health of Ganga river
The National Mission for Clean Ganga (NMCG) and Nehru Yuva Kendra Sangathan (NYKS) on 8 June 2015 signed a 5-year Memorandum of Understanding (MoU) to establish a long-term partnership for the involvement of youth in the abatement of pollution and conservation of the river Ganga.
The MoU aims to involve youth in creating awareness and outreaching public by carrying out afforestation drive for medicinal plants species, promoting sanitation and construction of toilets and educating people for tackling throwing of wastes into the river.
With the help of strong network of youths of NYKS, National Mission for Clean Ganga seeks to implement activities at local level that will encourage public participation and additionally, assist in restoring the health of Ganga river.
The MoU also aims to promote Bio Agriculture and clean village under Clean Ganga Mission. Under the MoU, the youth will plant different kinds of saplings of medicinal plants, trees and fodder crops from Gangotri up till Ganga Sagar.
About National Mission for Clean Ganga (NMCG)
• NMCG is an autonomous society under Union Ministry of Water Resources, River Development & Ganga Rejuvenation that works for the implementation of the projects under National Ganga River Basin Authority (NGRBA).
• NMCG is the planning financing, monitoring and coordinating body at the Centre and being supported by suitable State level Programme management groups (SPMGs).
• NMCG is empowered to take all necessary actions that may be necessary or incidental for the achievement of the objectives.
About Nehru Yuva Kendra Sangathan (NYKS)
• Nehru Yuva Kendra Sangathan (NYKS) is an autonomous organization under Union Ministry of Youth Affairs and Sports, formed to oversee working of the Nehru Yuva Kendras that provide rural youth avenues to take part in the process of nation building.
• NYKS channelizes the power of youth who are in the age group of 13-35 years on the principles of voluntarism, self-help and community participation.
• The core strength of NYKS is a network of 2.95 Lakh village level Youth Clubs across India with an enrolment of about 8.35 million volunteers in the age group of 13-35 years.
International Indian Film Academy (IIFA) Awards 2015
The 16th International Indian Film Academy (IIFA) Awards or 2015 IIFA Awards were presented in the first week of June 2015 in Kuala Lumpur, Malaysia.
The awards were presented by the IIFA honouring the best Hindi films of 2014.
List of 2015 IIFA Awards
Best Film – Queen
Best Director –Rajkumar Hirani (PK)
Best Actor-Shahid Kapoor (Haider)
Best Actress-Kangana Ranaut (Queen)
Best Supporting Actor- Riteish Deshmukh (Ek Villain)
Best Supporting Actress- Tabu (Haider)
Star Debut of the Year (Male)-Tiger Shroff (Heropanti)
Star Debut of the Year (Female)-Kriti sanon (Heropanti)
Best Comedian-Varun Dhawan (Main Tera Hero)
Best Villain Award-Kay Kay Menon (Haider)
Best Story-Queen (Vikas Bahl)
Debutant Director-Sajid Nadiadwala (Kick)
Best Music Director-Shankar, Ehsaan & Loy (2 States)
Best Lyrics-Manoj Muntashir for Galliyan (Ek Villain)
Best Male Playback Award-Ankit Tiwari for Galliyan (Ek Villain)
Best Female Playback Award-Kanika Kapoor for Baby Doll (Raginin MMS2)
Best Sound Design-Shajith Koyeri (Haider)
Best Background Score-Vishal Bharadwaj (Haider)
Award for Outstanding Achievment in International cinema-Subhash Ghai
Entertainer of the year - Deepika Padukone
About IIFA Awards
The awards are presented by the International Indian Film Academy (IIFA) every year. These are presented to both artistic and technical excellence of professionals in Bollywood. The awards have categories like popular awards, technical awards and special awards.
Manchester United Football Club became World’s most valuable brand with 1.2 billion US dollars
The Manchester United became the World’s most valuable brand in the World football with 1.2 billion US dollars. Also, it became the first club to pass the 1 billion US dollar mark.
It was revealed on 8 June 2015 in the study titled Football 50 2015 released by the Brand Finance, a leading brand valuation and strategy consultancy.
The United has beaten Bayern Munich and Real Madrid to reclaim their position as the biggest brand in world football.
The Club’s record-breaking deals drive up the brand value which includes UK broadcast deal for Premier League rights commencing from the 2016-17 season worth 7.8 billion US dollars.
Manchester United Football Club is a professional football club based at Old Trafford in Greater Manchester, England. It was founded as Newton Heath LYR Football Club in 1878 and the name was changed to Manchester United in 1902 and moved to Old Trafford in 1910.
Union Environment Ministry approved Coastal Road Project of Mumbai
Union Minister of Environment, Forest and Climate Change (MoEFCC) Prakash Javadekar on 8 June 2015 cleared the Coastal Road Project of Mumbai, Maharashtra.
This 12000-crore project will cover 35.6 km between Nariman Point and Kandivali, along the western seafront. The project will begin in mid-August 2015. The project will help in decongesting Mumbai roads and will also create 91 hectares of green space.
The Environment Ministry wanted to ensure three things before approving the project. These things were:
• Reclamation of land should be minimal
• No commercial activity should be carried out on reclaimed land
• The land will be open to public
The project was conceived by the previous Congress-NCP government after it decided to drop the extension of Bandra-Worli sea link project up to Haji Ali.
Earlier on 6 June 2015, Maharashtra government signed a Memorandum of Understanding with the Government of the Netherlands for obtaining technical advice on feasibility of building Metro track along the proposed coastal road connecting north and south Mumbai.
Momota and Ratchanok won Indonesia Open Badminton titles
Japanese rising star shuttler Kento Momota and Thailand's Ratchanok Intanon won the men’s and women’s singles respectively of the Indonesia Open Badminton tournament.
Indonesia Open Badminton tournament was held at the Gelora Bung Karno Stadium, Jakarta, Indonesia. The total prize money at stake was 800000 US dollars.
Kento Momota defeated Denmark's defending champion and third seed Jan O. Jorgensen 16-21, 21-19, 21-7. Kento Momota is World No.9. This was the 20-year-old's second victory in a Super series event.
In the women's singles final, former world champion and world No.6 Ratchanok defeated Japan's world No.35 Yui Hashimoto 21-12, 21-10. Meanwhile South Korea's Ko Sung Hyun and Shin Baek Choel beat China's Fu Haifeng and Zhang Nan 21-16, 16-21, 21-19 in 53 minutes to win the men's double title.
In the women's singles final, China's Tang Jinhua and Tian Qing defeated Indonesia's Nitya Krishinda Maheswari and Grysia Polii 21-11, 21-10. The mixed doubles title went to Xu Chen and Ma Jin, who beat Zhang Nan and Zhao Yunlei 21-17, 21-16.
India's campaign ended following Parupalli Kashyap's loss to Momota in the semi-final.
Mercedes driver Lewis Hamilton of Britain won 2015 Canada Grand Prix of Formula 1
Mercedes racing driver Lewis Hamilton of Britain on 7 June 2015 won the 2015 Formula 1 Canada Grand Prix title by winning the final race held in Montreal, Canada.
In the final race, while, his team mate Nico Rosberg of Germany stood at the second position, Ferrari driver Sebastian Vettel of Germany was at the third position.
Sergio Perez (Mexico) and Nico Hulkenberg (Germany) of Force India stood at the 11th and 12nd positions respectively.
For Hamilton, it was the fourth victory at the Circuit Gilles Villeneuve on Montreal’s Isle Notre-Dame, where he earned his first Grand Prix win in 2007.
Earlier in 2015, he won the Australian, Chineese and Bahrain Gran Prix titles.
Hamilton has won more races compared to any other British driver in the history of Formula One and is currently 5th on the all-time list, with 37 wins.
Sourav Ganguly: Cricket, Captaincy and Controversy written by Saptarshi Sarkar
Sourav Ganguly: Cricket, Captaincy and Controversy: Saptarshi Sarkar
The book Sourav Ganguly: Cricket, Captaincy and Controversy was written by Saptarshi Sarkar and was published in April 2015 by HarperCollins India.
The biography of former Indian Cricket Captain Sourav Ganguly deals with his cricketing career.
In the book, the author throws light on some of the issues related to Ganguly’s career like underrated all-rounder, Lord of the left handers, relation with Aussies, brand Ganguly, etc.
Earlier, two books were published on Ganguly - Sourav Ganguly by Vinod Tiwari and Sourav Ganguly, the maharaja of cricket by Debashish Datta which were published in 2005 and 2007 respectively.
World Ocean Day observed with theme Healthy oceans, Healthy planet
8 June: World Ocean Day
World Ocean Day 2015 was celebrated across the world on 8 June 2015 with the theme Healthy oceans, Healthy planet.
To mark the occasion, various events were organised across the globe to spread awareness about the importance of oceans in economic, Security and biological spheres and need to protect them from vulnerabilities.
For the first time, World Ocean day was introduced in 1992 at Rio de Janeiro with a motive of raising awareness of people towards the crucial role that sea plays in our lives. The official designation of World Oceans Day is an opportunity to raise global awareness of the current challenges faced by the international community in connection with the oceans.
In the year 2008, United Nations General Assembly decided to designate 8 June as the World Oceans Day from 2009 onwards with its resolution number 63/111, Paragraph 171.
Oceans are a critical part of our biosphere and are essential for food security, health and survival of all lives and are responsible to power the climate of the world.
The theme for the World Ocean Day 2014 was Together, we have the Power to Protect the Oceans.
Denudation in mangrove vegetation of Bhitarkanika Wildlife Sanctuary
The Mangrove Forest Division (MFD) of Bhitarkanika in first week of June 2015 revealed that Bhitarkanika Wildlife Sanctuary of Odisha is witnessing an alarming denudation in large tracts of mangrove vegetation.
The Bhitarkanika Wildlife Sanctuary is one of India’s biggest estuarine crocodile habitats and a major coastal eco-system.
According to MFD, the denudation or saline blank formations have been noticed in Bhitarkanika forest block, which is measured at 1700 acre. It said that the denuded patches, spotted in Mathadia, could be over 30 acres in this block area.
The denudation has been noted among the Avicennia and Excoecariaspecies, popularly known as Bani and Guan.
The denudation (blank formations) of the Bhitarkanika Wildlife Sanctuary is a cause of worry for following reasons
• As mangroves are just not a lifeline for the eco-system which is a home to a rich flora and fauna but it also acts as an environment cushion for the coastlines.
• The excessive salinity creates a blank formation over a period of time as the existing vegetation dies.
• Most mangrove species have a salinity resistance that ranges from 5 ppt to 35 ppt. Only Avicennia marina species can tolerate up to 70 ppt salinity.
Earlier, the Forest Survey of India-2013 report highlighted a drop in mangrove cover in the State by nine square km over 2011-from 222 sq km to 213 sq km. In Kendrapara district alone, where most of Bhitarkanika is located, the drop was by 4 sq km while in Bhadrak district, it was 2 sq km.
Bhitarkanika Wildlife Sanctuary
In April 1975, ex-zamindari forests of Kanika Raj were constituted and declared as Bhitarkanika Wildlife Sanctuary by State Government of Odisha.
Later in 1998, it was declared as a National Park because of its ecological, faunal, floral, geomorphological and zoological association and importance and for the purpose of protection. In August 2002, it was designated as the second Ramsar site (i.e. Wetland of International importance).
Salient features of Bhitarkanika Wildlife Sanctuary
• This ecosystem harbours the largest number of saltwater crocodile population in the Indian sub-continent.
• Bhitarkanika's famous Gahirmatha coast finds a prominent place in the turtle map of the world because of the distinction of having one of world’s largest nesting and breeding congregation of Olive Ridley Sea turtles.
RC Tayal appointed as Director General of National Security Guard
Senior IPS Officer RC Tayal was on 8 June 2015 appointed as the Director General (DG) of National Security Guard (NSG). He succeeded JN Choudhury who retired on 31 May 2015. He will serve the office till August 2016 when he is scheduled for superannuation.
Prior to this appointment, Tayal was serving as the Special Director General (DG) in paramilitary Central Reserve Police Force (CRPF) and was heading its formation in Jammu and Kashmir. Tayal is a 1980-batch Assam-Meghalaya cadre IPS officer.
He had earlier served as an Additional DG in the Sashastra Seema Bal.
About National Security Guard (NSG)
• NSG was raised in 1984 as a federal contingency force with an aim to undertake counter-terror and counter-hijack operations and it was later tasked to protect high-risk VVIPs.
• It operates under the Union Ministry of Home Affairs and is headed by the Director General of the Indian Police Service (IPS).
• The NSG members are also known as Black Cats because of the black drill cotton coveralls and for the black helmets that they wear.
Cyclone ASHOBAA intensified into severe cyclonic storm
ASHOBAA: A cyclonic storm over east central Arabian Sea
Cyclonic storm ASHOBAA was in news on 8 June 2015 after it developed into a cyclonic storm from only a depression that formed over the Arabian Sea.
The cyclone is centered at 17.9°N and 67.2°E and is lying about 590 km west-southwest of Mumbai and 470 km southwest of Veraval, Gujarat.
According to Skymet Meteorology Division in India, the cyclone would carry heavy rainfall at most places over coastal Karnataka, Konkan and Goa as well as south Gujarat. It will also carry strong winds ranging 70 to 120 kilometers per hour.
ASHOBAA is the first tropical storm of the pre-monsoon season in the Indian seas which developed into a cyclone after sustaining strength.
Indian Meteorological Department (IMD) categorises cyclones in various degrees, starting with depression and deep depression, followed by a cyclonic storm.
ASHOBAA is expected to affect the Indian monsoon as in 2014 cyclonic storm Nanauk in Arabian Sea affected the progress of monsoon. It was supposed to hit Mumbai by 10 June 2014 but finally arrived on 15 June 2014.
Justice and Development Party won Turkey's parliamentary polls
The Justice and Development Party (AKP) of Turkey led by President Recep Tayyip Erdogan on 7 June 2015 won Turkey’s parliamentary polls.
According to preliminary results, AKP lost its single-party government and for the first time in 13 years, the party lost the majority in the 550-member Parliament.
On the other hand, the pro-Kurdish left-wing Peoples' Democracy Party (HDP) which crossed the 10 percent threshold entered the Parliament for the first time.
Percentage of votes (based on 99.9 percent of votes counted) won by different parties
• AKP: 41 percent (258 seats, which is 18 less than it requires for a majority)
• Republican People's Party (CHP): 25 percent (132 seats)
• Nationalist Movement Party (MHP): 16.5 percent (81 seats)
• People’s Democratic Party (HDP): 13 percent (79 seats)
Effect of the parliamentary polls result
The results speak of change in Turkey’s culture towards more inclusive society as highlighted by the win of pro-Kurdish HDP.
Further, the government in Turkey would now become more pluralist with AKP now not in majority there will be race for coalition.
But if no working coalition can be formed within 45 days, the Constitution empowers Erdogan to call an early parliamentary election. That election would have to be held 90 days later.
Comment
Erdogan who became the first directly elected President in 2014 after remaining as Prime Minister for three terms since 2003 was seeking a two-thirds majority to turn Turkey into a presidential republic. However, this win for AKP may not allow him to turn Turkey into a presidential republic.
On the other hand, the entry of pro-Kurdish HDP into the Parliament marks a significant departure from the one-party ruled government. It speaks for change in Turkey’s culture towards more inclusive society. For instance, the number of women in the 550-seat parliament will increase to 98 up from 79. All thanks to HDP which is the first party to introduce a quota of 50% female politicians.
KV Chowdary appointed as Chief Vigilance Commissioner
1978-batch IRS officer KV Chowdary was on 8 June 2015 appointed as the Central Vigilance Commissioner (CVC). He was appointed by President Pranab Mukherjee on the recommendation of Selection committee headed by Prime Minister Narendra Modi.
With this appointment, Chowdary became first non-IAS officer to head the CVC since it was formed in 1964. He is a 1978-batch IRS officer of the Income Tax cadre.
Prior to this appointment, Chowdary was working as an Adviser to the Supreme Court-appointed Special Investigation Team which is probing black money cases. Earlier, he had also served as Chairman of the Central Board of Direct Taxes (CBDT).
About Central Vigilance Commission (CVC)
• CVC was set up by the Union Government in February 1964 on the recommendations of the K. Santhanam Committee on Prevention of Corruption.
• It has the status of statutory autonomous body and is free of control from any executive authority as per the provisions of Central Vigilance Commission (CVC) Act, 2003.
• The CVC is headed by a Central Vigilance Commissioner and has two Vigilance Commissioners. They are appointed by President on the recommendations of Selection Committee comprising of Prime Minister, Union Minister of Home Affairs and Leader of the second largest party in the Lok Sabha.
Vijai Sharma appointed as Chief Information Commissioner of India
Vijai Sharma was on 8 June 2015 appointed as the Chief Information Commissioner in the Central Information Commission (CIC), New Delhi. He will have tenure of 5 years or till he attain the age of 65, whichever is earlier.
Prior to this appointment, he was serving as an Information Commissioner in Central Information Commission since 2012. Vijai Sharma is a 1974 batch IAS officer of Uttar Pradesh Cadre.
He has rich work experience in Administration & Governance and Law & Policy in Central and State Governments and in the United Nations.
Vijai Sharma’s name for post of Chief Information Commissioner was finalized on 1 June 2015 by Selection Committee headed by Prime Minister Narendra Modi. His appointment was further approved by President Pranab Mukherjee.
The President also appointed 1978-batch IRS officer KV Chowdary as the Central Vigilance Commissioner (CVC).
About Chief Information Commissioner
• The Chief Information Commissioner is appointed by the President of India on the recommendation of a selection committee comprising of Prime Minister, the leader of single largest opposition party in the Lok Sabha and a Union Cabinet Minister.
• He holds the office for a term of 5 years or till he attains the age of 65 years. He is not eligible for reappointment.
• He enjoys complete financial and administrative powers of a Department of the Union Government except in matters relating to the creation of posts, re-appropriation and writing-off losses.
• The Office of Central and State Information Commission was established under the Right To Information (RTI) Act, 2005 as a designated statutory authority to receive and inquire into a complaint from any person.
Haryana's Jind, Karnal & UP's Muzaffarnagar included in NCR
Jind and Karnal districts of Haryana and Muzaffarnagar of Uttar Pradesh were included in National Capital Region on 9 June 2015.
This inclusion was announced by Urban Development minister M Venkaiah Naidu after a meet of National Capital Region Planning Board (NCRPB) meeting in New Delhi.
The meeting was attended by Haryana chief minister Manohar Lal Khattar and representatives and government officials of other member states. Delhi Health Minister Satyender Jain was representing Delhi government.
Earlier on 1 July 2013, Bhiwani and Mahendragarh districts of Haryana and Bharatpur district of Rajasthan were included in the National Capital Region.
National Capital Region
National Capital Region Planning Board (NCRPB) came into being in 1985, with enactment of the National Capital Region Planning Board Act, 1985 of Government of India. The aim of the concept was to develop a metropolitan area around Delhi, so as to divert increasing pressure of population from the region.
The concept was essential in order to protect Delhi's infrastructure from excessive pressure and a planned development of the region.
10 june
41st G7 summit held in Germany
G7 Summit 2015 was held at Schloss Elmau in Bavaria, Germany from 7 June to 8 June 2015. This was the 41st G7 summit and the theme for the summit was Think Ahead. Act Together.
The Summit focused on the global economy as well as on key issues regarding foreign, security, environment and development policy. Further, the UN conferences to be held in 2015 as well as the post-2015 agenda and the issues of sanctions against Russia were also discussed.
The G7 Summit 2015 deliberated on following issues
• Protection of the marine environment and resources and marine governance.
• Antibiotic resistance, neglected and poverty-related diseases and Ebola.
• Retail and supply chain standards.
• Empowerment of women by giving vocational training.
After the talks, the leaders of the G7 committed to raising a 100 billion US dollars fund through public and private sources to combat the rising global temperatures and agreed to implement international mechanisms to bolster global healthcare security by creating a financial instrument at the World Bank to react better to pandemics.
The Summit was attended by all the seven members’ viz., Canada, France, Germany, Italy, Japan, the United Kingdom and the United States and the European Commission (EC). EC is a permanently welcome participant in all meetings and decision-making since 1981.
The guest invitees for the event included Ethiopia, Iraq, Liberia, Nigeria, Senegal, Tunisia and the UN.
ICICI Bank appointed MK Sharma as non-executive chairman
ICICI Bank, India’s largest private sector bank, on 9 June 2015 appointed Mahendra Kumar Sharma as the non-executive chairman for a period of five years. Sharma, a former vice chairman of Hindustan Unilever Limited (HUL) succeeded KV Kamath.
Kamath who was nominated as the first president of the New Development Bank, established by BRICS nations, would soon step down from the bank’s board.
Sharma’s appointment is subject to the prior approval of Reserve Bank of India (RBI), other regulatory approvals and would be effective from 1 July 2015 or the date of receipt of RBI approval, whichever is later.
Sharma is an independent director of several leading companies and has been a member of government committees relating to corporate law and corporate governance. Currently, he is an independent director of two subsidiaries of the bank, namely ICICI Lombard General Insurance Company and ICICI Prudential Asset Management Company.
Earlier, Sharma was an independent director on the board of ICICI Bank for eight years between 2003 and 2011.
Bombay High Court banned horse driven carriages in Mumbai
The Bombay High Court on 8 June 2015 banned horse driven carriages in Mumbai.
The judgment was delivered by the Division Bench of Justices A S Oka and A K Menon on a petition by the Animals and Birds Charitable Trust. The petitioners contended that the horses were forced to overwork.
The bench termed that the use of horse carriages for joyrides is illegal and granted one year to the Municipal Corporation of Greater Mumbai (MCGM) to implement the complete ban.
In Mumbai, the decorated horse-driven carriages are used for joyrides at Marine Drive and other beaches.
The court also directed the state government to identify the number of families whose livelihoods were connected with the running of horse carriages and come up with schemes for their rehabilitation by December 2015. The government would also have to formulate schemes for rehabilitation of the animals.
After the expiry of the one-year period, the MCGM would have to close down all the stables meant for horses and ponies and take action under the provisions of the Prevention of Cruelty to Animals Act, 1960.
RBI announced Strategic Debt Restructuring Scheme
The Reserve Bank of India (RBI) on 8 June 2015 announcedStrategic Debt Restructuring (SDR) Scheme which allows banks and non-banking lending institutionsto convert their loans into equity stake.
The scheme will benefit all Scheduled Commercial Banks, excluding Regional Rural Banks (RRBs), all-India term-lending and Refinancing Institutions including Export-Import (EXIM) Bank and National Housing Bank (NHB) and National Bank for Agriculture and Rural Development (NABARD).
Key Features of Strategic Debt Restructuring (SDR) Scheme
• Lenders will have the right to convert their outstanding loans into a majority equity stake if the borrower fails to meet conditions stipulated under the restructuring package.
• Lenders must stipulate in the debt restructuring deal itself that if the borrower fails to meet certain milestones in terms of performance, they would have the option to convert part or whole of the debt into equity.
• A decision on invoking the SDR should be taken within 30 days after a review of the account of borrowers. It should be approved by 75 percent of the creditors by value and 60 percent of creditors by number
• The lenders must approve the SDR conversion package within 90 days after taking such a decision.
• Post conversion, all lenders should together own51 percent or more of the company's equity.
• A joint lenders forum (JLF) should closely monitor a company's performance and appoint a suitable professional management.
• Lenders should divest equity holdings of the company to new promoters as soon as possible.
• New promoter should not be a person/entity/subsidiary/associate, etc (domestic as well as overseas), from the existing promoter/promoter group.
• The new promoter has to acquire the entire 51 percent. However, if foreign investment is limited to less than 51 percent, the new promoter should own at least 26 percent of the paid-up equity capital or up to the applicable foreign investment limit.
• On divestment of banks' holding in favour of a new promoter, the asset classification of the account may be upgraded to standard.
• The formula for conversion of debt into equity will be different from existing norms laid down by the Securities & Exchange Board of India (SEBI) for banks.
• The price of debt to equity conversion will be capped either at the market value of the borrowing company (if it is listed) or the book value as per the latest balance sheet (for unlisted firms). Share conversion cannot happen at below par that is less than the face value of 10 rupees.
• Conversion of debt into equity will also be exempted from regulatory ceilings on capital market exposures, investment in para-banking activities and intra-group exposure.
Comment
RBI announced the scheme against the backdrop of huge surge in bad loans or Non Performing Assets (NPAs) in the banking system. As per an estimate, the Gross NPAs may rise to 5.9 percent of total advances during 2015-16 against 4.4 percent during 2014-15.
NPAs are those assets, where Interest and/or installment of principal remain overdue for a period of more than 90 days in respect of a term loan.
AMC launched USE and GET PAID scheme; Public Toilet Users to be paid 1 rupee
Ahmadabad Municipal Corporation (AMC) on 9 June 2015 announced USE and GET PAID scheme, under which people will be paid one rupees for using public toilets. The announced scheme aims to eradicate the practice of open defecation and will help to keep the city clean.
The scheme was recently approved by the standing committee of the AMC. According to the health officer of AMC, every user will not be paid but the corporation will identify people who defecate in open and sensitise them to use public toilets. The scheme will be implemented in next few days.
AMC has turned around its previous scheme PAY and USE, under which people were supposed to pay for using the public toilets.
The scheme was launched after the corporation indentified 120 spots in the city where people used to defecate in the open. Now, these places will be provided with lavatory facilities.
Shah Rukh Khan acquired CPL T20 team Trinidad & Tobago
Kolkata Knight Riders (KKR) co-owner Shah Rukh Khan on 9 June 2015 acquired Carribean Premier League (CPL) T20 team Trinidad & Tobago (T&T).
Shah Rukh Khan is the first owner of an Indian Premier League team to own an overseas cricket franchise. Khan's company Red Chillies Entertainment Pvt Ltd along with KKR co-owners Juhi Chawla and her husband Jay Mehta invested in the T&T franchise.
Hollywood stars Mark Wahlberg and Gerard Butler already own CPL franchises. Wahlberg owns reigning champions Barbados Tridents, led by Kieron Pollard, while Butler owns Jamaica Tallawahs, captained by Chris Gayle.
The next edition of the tournament is scheduled to run from 20 June 2015 to 26 July 2015. KKR, IPL champions in 2012 and 2014, have been ranked the most valuable IPL team with a brand value of 86 million US dollar (over 500 crore rupees).
Nepal political parties reached agreement on proposed Constitution framework
Major political parties of Nepal on 9 June 2015 reached an agreement on the proposed framework of national Constitution providing for federal structure, form of governance, electoral and judicial systems.
The agreement was signed in the capital Kathmandu by the leaders of the ruling Nepali Congress (NC), the main opposition Unified Communist Party of Nepal (UCPN) – Maoist and two other major political parties in the Constituent Assembly.
Key Features of the Agreement
• Nepal will be divided intoeight federal states whose names and boundaries will be decided by separate bodies.
• A new federal commission will be tasked with drawing up internal borders and submit a proposal for approval in the Parliament.
• Nepal will continue with its current system of national governance which includes executive Prime Minister and ceremonial President.
• The parties agreed to conduct elections to local bodies which were held for the last time in 1997.
Thefinal draft of the constitution, which must be approved by a two-thirds parliamentary majority, is expected to be ready by July 2015
Comment
The political parties were compelled to show unity and expedite the process of writing a new constitution after the April 25 earthquake as the lack of legitimate political and administrative structures at the National and Local level has been hampering the relief operations.April 25 earthquake killed an estimated 8500 people and affected some 10 million people (about half of the population).
The end of deadlock since 2008 on a new Constitutional framework, however, leaves the crucial issue of the provincial borders unresolved. This could give rise to problem in future as for long time UCPN (Maoist) had been pushing for new provinces to be created along lines that could favour historically marginalised communities, and other parties like NC argues that the move would be divisive and a threat to national unity.
Nepal started the work on a new national Constitution in 2008 following a decade-long Maoist insurgency that left an estimated 16000 people dead and brought down the monarchy.
Bihar launched campaign Badh Chala Bihar to produce Bihar@2025 vision document
Bihar Chief Minister Nitish Kumar on 9 June 2015 launched a campaign called Badh Chala Bihar in Patna to collate ideas from the public to produce Bihar@2025. It is a vision document on state’s development between 2015 and 2025.
Features of the campaign
• Its purpose is to ensure public participation in policy making.
• It will elicit views of people; encourage them to tell about their issues, and what they want in health, electricity, education, employment and other sectors of development.
• It aims to reach out to four crore people residing in 40000 villages in the state, including 10000 government and civil society members over the next eight to 10 weeks.
• Views will also be sought from people hailing from nonresident Biharis, as well as from specialists in different fields.
• It is touted as world's largest campaign for participatory agenda through massive engagement of citizens.
• All the views and opinions collected as part of the campaign will be documented and included to prepare Bihar@2025.
RBI issued Draft Framework on Issuance of Rupee linked Bonds Overseas
The Reserve Bank of India (RBI) on 9 June 2015 issued Draft Framework on Issuance of Rupee linked Bonds Overseas.
It is intended to permit Indian corporate and International Financial Institutions (IFIs) to issue rupee-linked bonds overseas.
Key Features
•Indian corporates eligible to raise external commercial borrowings (ECBs) are permitted to issue Rupee linked bonds overseas.
• The corporates which, at present, are permitted to access ECB under the approval route will require prior permission of the RBI to issue such bonds and those coming under the automatic route can do so without prior permission.
• The bonds may be floated in any jurisdiction that isFinancial Action Task Force (FATF) compliant.
• The subscription, coupon payments and redemption may be settled in foreign currency. The proceeds of the bonds can be parked as per the extant provisions on parking of ECB proceeds.
• Banks incorporated in India will not have access to these bonds in any manner whatsoever.
•International Financial Institutions, of which India is a shareholding member intending to deploy the entire proceeds of the issuance in India, would not be requiring any prior permission for the issuance of rupee bonds overseas irrespective of amount of issuance.
• In other cases, where an International Financial Institution (of which India is a member) wishes to retain the freedom to deploy the issue proceeds in any member country would require prior permission from the Reserve Bank / Union Government.
• For dollar-Indian rupee conversion, the Reserve Bank's reference rate on date of issue would be applicable.
Indian Basketball Players Association launched in New Delhi
Indian Basketball Players Association (IBPA) started functioning with the official launch of it on 8 June 2015 at Indian Medical Association, New Delhi.
The launching ceremony also saw the nomination of President and other members of the IBPA. Following is the organizational strucuture of IBPA:
President: Sajjan Singh Cheema (Arjuna Awardee)
General Secretary: Jayasankar Menon (Former Asian All Star Basketball player)
Treasurer: Ashok Sharma (National player and FIBA Commissioner)
Chairman: Abbas Moontaisar
Vice-Chairmen: Manmohan Singh and Suman Sharma
The IBPA is proposed to be incorporated as a society under the Societies Registration Act, 1860.
Indian Army carried out cross-border operation against militants in Myanmar
Special Forces of the Indian Army in coordination with the Air Force on 9 June 2015 carried out surgical operations (cross-border operation) inside Myanmar to target militant groups.
In this one of the first-of-its-kind cross-border operation about 50 militants of groups namely NSCN (K) and KYKL were killed. They were hiding along the Nagaland-Myanmar and Manipur-Myanmar border.
The move for such a surgical operation was taken after militant groups killed 18 jawans of 6 Dogra Regiment of Indian Army in an ambush in Chandel district of Manipur on 4 June 2015.
The operation was guided by specific and precise intelligence input. The strike was carried out inside Myanmar with the coordination of local authorities.
The preparedness and finesse of the operation could be gauged from the fact that Indian Army did not suffer any sort of casualty.
How this move is different from past operations?
This cross-border operation is not new for Indian Army as in past it has carried out such operations. In April-May 1995, Operation Golden Bird was launched as an India-Myanmar joint operation along the Mizoram border which killed almost 40 militants.
In December 2003, Operation All Clear was launched in partnership with Royal Bhutan Army (RBA) which neutralized (either killed or caught) 650 militants belonging to ULFA, NDFB and KLO.
In 2001 and January 2006, Indian and Myanmar reportedly conducted some small-scale joint military operations inside Myanmar to flush out militants from the NSCN (Khaplang) group.
However, in all the previous operations Indian Army involvement was limited to logistics and medical cover only and it was a joint operation.
In this operation, the manpower or artillery support was all of Indian Army and in no way was a joint operation. In fact, India, as per reports, seemed to have let the Myanmar government known about this operation after it had concluded.
Further, with this operation, India has tried to shred its image of Soft State and let the world known that India under the new regime is ready to go to any extent to protect its sovereign interests and security.
Also, this operation was a fine example of coordination between different ministries and departments of Indian government, viz., Ministry of External Affairs, Ministry of Home Affairs and Ministry of Defence, National Security Adviser (NSA) and intelligence agencies.
India- born Padmasree Warrior resigned as Chief Technology Officer of Cisco
India-born Padmasree Warrior on 9 June 2015 resigned as Chief Technology Officer (CTO) of Cisco. She resigned after a major restructuring at the top management level under incoming Chief Executive Officer (CEO) Chuck Robbins.
She will move into a strategic advisory role immediately and will stay on in this new role through the transition till September 2015. She joined Cisco in 2008 and served as CTO and senior Vice-President during her seven years at the company.
She was also named among the world's 100 most powerful women list by Forbes.
She is an alumnus of the IIT-Delhi and Cornell University. She has regularly received various leadership awards. She is a member of the board of trustees for Cornell University and serves on the Gap Inc. Board of directors.
Illegal trapping of migratory songbird Yellow-Breasted Bunting leading to its extinction: Stu
A study titled Global population collapse in a superabundant migratory bird and illegal trapping in China said that the population of the migratory songbird Yellow-Breasted Bunting (Emberiza aureola) has plunged by 90 percent since 1980. The bird is disappearing from Eastern Europe, Japan and parts of Russia.
The study was published in Conservation Biology journal.
As per the study, the population of these species of birds declined by 84.3 percent to 94.7 percent during 1980-2013 period and the species’ range contracted by 5000 km.
The reason for this decline in population, according to researchers, is the illegal trapping of these birds by Chinese for eating. As a result, these birds are on the verge of becoming extinct.
Million of the Yellow-Breasted Bunting also known as Rice Bird in China are being hunted for food and sold on the black market. This is despite the fact that China in 1997 banned the hunting of these species following decline in its population.
Yellow-breasted bunting
The yellow-breasted bunting (Emberiza aureola) is a Eurasian passerine bird in the bunting family (Emberizidae). It breeds across the northern Palaearctic from Finland, Belarus and Ukraine in the west, through Kazakhstan, China and Mongolia, to far eastern Russia, Korea and northern Japan.
It was formerly one of the most abundant breeding passerines across vast swathes of Siberia, but although there have been no systematic surveys, a severe decline has been noted in most breeding areas and it has completely disappeared from parts of its former breeding range since the early 1990s.
Until 2004, the International Union for the Conservation of Nature (IUCN) considered the yellow-breasted bunting to be a species of least concern. In 2004, its status was changed to near threatened, and four years later it was uplisted again — to vulnerable — after new research has shown it to be rarer than had been believed.
Surveys in 2012 and 2013 suggest that the species has nearly or completely disappeared from Tyumen province in Western Siberia.
PVR Ltd agreed to acquire DLF's DT Cinemas for 500 crore rupees
PVR Ltd, India’s largest multiplex chain, on 9 June 2015 agreed to acquire DLF's DT Cinemas for 500 crore rupees. The board of directors of the company at its meeting approved the acquisition of the cinema exhibition business of DLF Utilities ltd.
This deal is part of DLF's strategy to exit non-core businesses and cut huge debt of over 20000 crore rupees. On the other hand, it will help PVR Cinemas expand its presence in North India.
DT Cinemas is the wholly-owned subsidiary of realty giant DLF. It has 29 screens with a seating capacity of more than 6000, while PVR Cinemas has 467 screens in 105 properties in 43 cities.
Earlier in November 2009 DLF had signed an agreement with PVR to sell DT Cinemas, but deal fell through in February 2010. Shardul Amarchand Mangaldas & Co. was the legal adviser to PVR and EY India and Luthra & Luthra were financial and legal advisers respectively to DLF.
The acquisition of DT Cinemas by PVR is a continuation of acquisitions being seen in the entertainment industry. In December 2014, Carnival Group acquired Big Cinemas from Anil Ambani-led Reliance Group for an estimated 700 crore rupees, the biggest ever in this sector.
In July 2014, Inox Leisure acquired Gurgaon-based rival Satyam Cineplexes in a 182-crore rupees deal to strengthen its presence in North India.
Dr. Srivari Chandrasekhar appointed as Director of CSIR-IICT
Dr. Srivari Chandrasekhar on 9 June 2015 was appointed as the Director of Hyderabad-based CSIR-Institute of Chemical Technology (IICT). The appointment was made by the Prime Minister Narendra Modi, who is President of the CSIR (Council of Scientific and Industrial Research).
He is currently working as Chief Scientist at the IICT to which he was appointed in 2010. He has made significant contributions in the field of organic chemistry, synthesis of active natural products and pharmaceutical products.
He has more than 250 publications under his name along with 5000 citations. He is also the fellow of all the three science academies of the country including National Academy of Sciences, Indian Academy of Sciences and Indian National Science Academy.
Moreover, he developed PEG (polyethylene glycol) which has many applications from industrial manufacturing to medicines. He also invented technologies for anti-depressive compound, sertraline, Asenapine, anti-tuberculosis drug, etc.
For his contributions, Dr. Chandrasekhar was also awarded the Infosys Prize in 2014 in Physical Sciences, thus becoming the first synthetic chemist to be honoured with the Infosys science award.
Indian-origin scientist Manu Prakash developed World's first water-based computer
Indian-origin scientist Manu Prakash along with his team on 10 June 2015 developed World's first water-based computer. The results were published in the journal Nature Physics. Manu Prakash is an Assistant Professor of Bioengineering at Stanford University.
They have built a synchronous computer that operates using the unique physics of moving water droplets.
The work combines Prakash's expertise in manipulating droplet fluid dynamics with a fundamental element of computer science - an operating clock.
How the computer was made?
The first step towards making a computer based on water droplet was to develop an operating computer clock which is responsible for nearly every modern convenience. A clock makes sure that these operations start and stop at the same times, thus ensuring that the information synchronizes.
Further, the clock needed to be easy to manipulate, and also able to influence multiple droplets at a time. The system also needed to be scalable so that in the future, a large number of droplets could communicate amongst each other without skipping a beat. This was realized through developing a rotating magnetic field.
Katsikis and Prakash built arrays of tiny iron bars on glass slides that look something like a Pac-Man maze. They laid a blank glass slide on top and sandwiched a layer of oil in between. Then they carefully injected into the mix individual water droplets that had been infused with tiny magnetic nanoparticles.
Next, they turned on the magnetic field. Every time the field flips, the polarity of the bars reverses, drawing the magnetized droplets in a new, predetermined direction, like slot cars on a track. Every rotation of the field counts as one clock cycle, like a second hand making a full circle on a clock face, and every drop marches exactly one step forward with each cycle.
A camera records the interactions between individual droplets, allowing observation of computation as it occurs in real time. The presence or absence of a droplet represents the 1s and 0s of binary code, and the clock ensures that all the droplets move in perfect synchrony, and thus the system can run virtually forever without any errors.
Its application
Because of its universal nature, the droplet computer can theoretically perform any operation that a conventional electronic computer can crunch, although at significantly slower rates.
The ability to precisely control droplets using fluidic computation could have a number of applications in high-end biology and chemistry and scalable digital manufacturing.