Print Friendly, PDF & Email

Insights Daily Current Events, 14 March 2015

Insights Daily Current Events, 14 March 2015

SAT quashes SEBI ban on DLF with majority order

In a major relief for DLF, the Securities Appellate Tribunal (SAT), recently, passed a ‘majority order’, quashing the three-year market ban imposed on the realty giant by the Securities and Exchange Board of India (SEBI), even as the Presiding Officer dissented.

  • While DLF has already gone through five months of debarment, the SAT order will help it tap the markets for raising necessary funds for business, including through REITs and mortgage-backed securities.

Background:

SEBI, in October 2014, had barred DLF and six others from the capital markets for three years, alleging “active and deliberate suppression of material facts” during its over Rs.9,000-crore IPO more than seven years ago.

About SAT:

Securities Appellate Tribunal is a statutory body established under the provisions of Section 15K of the Securities and Exchange Board of India Act, 1992 to hear and dispose of appeals against orders passed by the Securities and Exchange Board of India or by an adjudicating officer under the Act and to exercise jurisdiction, powers and authority conferred on the Tribunal by or under this Act or any other law for the time being in force.

  • It covers the whole of India.

Sources: The Hindu, sat.gov.in.

 

 

INS Alleppey decommissioned

INS Alleppey was recently decommissioned at sunset after nearly 35 years of service under the Western Naval Command.

About INS Alleppey:

  • It was one of the six Ponchicherry class coastal minesweepers purchased from the erstwhile USSR in the 1970s.
  • INS Alleppey was the last ship from the first batch of minesweepers purchased by India from the erstwhile USSR between 1978 and 1980.
  • The ship was designed to detect and destroy underwater mines near the harbour.

Sources: The Hindu.

UK to join China-backed Asian development bank

Britain has said that it has sought to become a founding member of the Asian Infrastructure Investment Bank (AIIB), making it the first Western nation to embrace the China-backed institution, but the United States reacted frostily to the development.

  • The AIIB was launched in Beijing last year to spur investment in Asia in transportation, energy, telecommunications and other infrastructure.

About AIIB:

The Asian Infrastructure Investment Bank (AIIB) is an international financial institution proposed by China. The purpose of the multilateral development bank is to provide finance to infrastructure projects in the Asia-Pacific region.

  • AIIB is regarded by some as a rival for the IMF, the World Bank and the Asian Development Bank (ADB), which the AIIB says are dominated by developed countries like the United States and Japan.
  • Presently there are 22 members including China.
  • The authorised capital of AIIB will be $100 billion. AIIB’s headquarters is to be located in Beijing.
  • India is the second largest shareholder in the Bank after China.
  • It is being called as a very positive development in the sense that it opens up more borrowing opportunities.

Sources: BS, Wiki.

1)Consider the following statements regarding the Asian Infrastructure Investment Bank (AIIB):

  1. AIIB’s headquarters will be located in Beijing.
  2. India is the second largest shareholder in the Bank after China.

Which of the above statements are true?

a)Only 1.

b)Only 2.

c)Both.

d)None.

 

Answer: c.

Reference: http://en.wikipedia.org/wiki/Asian_Infrastructure_Investment_Bank.

 

b)INS Alleppey, which was recently decommissioned, was a:

  1. Coastal minesweeper owned by Indian Navy.
  2. It was purchased from the erstwhile USSR.

Which of the above statements are true?

a)Only 1.

b)Only 2.

c)Both.

d)None.

Answer: c.

Reference: http://www.thehindu.com/news/cities/mumbai/ins-alleppey-decommissioned/article6991965.ece.

 

 

c)Consider the following statements regarding the Securities Appellate Tribunal:

  1. It is a statutory body.
  2. The tribunal has jurisdiction over the whole of India.

Which of the above statements are true?

a)Only 1.

b)Only 2.

c)Both.

d)None.

Answer: c.

Reference: http://sat.gov.in/scripts/detailsat.asp?releaseId=E0000US1.

 

d)Consider the following statements:

  1. Jammu and Kashmir has its own constitution.
  2. Under Article 370 the Indian Parliament cannot increase or reduce the borders of the J & K.
  3. The Central government of India has no power to declare Financial Emergency under Article 360 in J & K.
  4. Part IV (Directive Principles of the State Policy) and Part IVA (Fundamental Duties) of the Constitution are not applicable to J&K.

Which of the above statements are true?

a)Only 1.

b)Only 2 & 4.

c)Only 1, 2 & 3.

d)All.

Answer: d.

Reference: http://en.wikipedia.org/wiki/Constitution_of_Jammu_and_Kashmir#Emergency_Provisions.