News in Numbers, Feb 07, 2017: A season of crackdowns

Rs 14,779 crore

What is it? The principal balance the Supreme Court wants to expedite recovering from the  Sahara Group for its investors.

Why is it important? Striking down Sahara’s appeal for time till 2019, the apex court ordered attaching its star property in Pune, the Aamby Valley, as part of the recovery process. Around Rs 600 crore of its Rs-25,780-crore principal owed was paid on Monday.  SC’s order was the latest entry in a season of crackdowns on erring business houses/moguls. The property will be under the court’s custody.

Tell me more: The court has asked for a list of other Sahara properties free from litigation for recovery of its dues to investors in two of Sahara’s companies. The due totals Rs 37,000 crore, as calculated by Sebi, including interest, of which around Rs 11,000 crore has been paid so far.

97

What is it? Number of companies, 96% of them tech giants, that filed a court motion challenging US President Donald Trump’s order on immigration.

Why is it important? Companies such as Microsoft, Apple, Google, Facebook, Intel, Netflix and Twitter, and three consumer-goods companies including fashion brand Levi Strauss, have taken a step further than just denouncing the executive order by taking legal recourse. They join federal judges who have legally rebuffed Trump’s move to restrict immigration of certain nationalities, with one even restraining it nationwide. The companies’ motion was filed in the very appeals court which rejected the government’s emergency request to resume the travel ban.

Tell me more: The motion filed in the Ninth Circuit Court of Appeals said the travel ban “violates the immigration laws and the Constitution”.

Rs 2.5 lakh

What is it? The upper limit of deposits for which the Income Tax department will ask no questions, reiterated by the Central Board of Direct Taxes (CBDT) chairman Sushil Chandra.

Why is it important? Amidst growing concern about the expanding reach of the tax officer with all the cash-scrutiny, the senior official’s statement should bring relief. The limit means the IT department will for now refrain from running analytics on deposits below it.

Tell me more: It would study larger single deposits or multiple deposits against a single PAN card that don’t match IT returns.

80%

What is it? Percentage of Tata Sons’ shareholder votes that were in favour of removing former chairman Cyrus Mistry from Tata Sons’ board of directors

Why is it important? The move is a part of the ongoing fight between Tatas and Mistry that started with the removal of Mistry from the chairmanship of Tata Sons in October, followed by similar actions in various Tata companies, including Tata Motors and Tata Consultancy Services. The latest was expected. Tata Trusts controls 66% of Tata Sons, and a simple majority is enough to oust a director. Shapoorji Pallonji family, to which Cyrus Mistry belongs, and which owns 18.4% in Tata Sons, now has no representation in the board for the first time in over ten years.

Tell me more: Cyrus Mistry did not attend the board meeting. Ratan Tata’s half brother Noel Tata, whose sister is married to Mistry, voted in favour of Mistry’s removal from the board.

9

What is it? The number of chief justices recommended by Supreme Court collegium for various high courts

Why is it important? If the government approves, this would likely be the highest number of appointments of chief justices in one go. Many high courts in the country are being served by interim chief justices. More importantly, it’s an indicator that the tension between the government and the judiciary over appointment of judges could be easing. At its height, Supreme Court had struck down National Judicial Appointments Commission in October 2015 and revived the collegium system in which a panel of judges make the judicial appointments.

Tell me more: Besides High Courts, the Supreme Court also faces vacancies as a result of the tug of war. The apex court has been functioning with 23 judges since early this year, falling short of the sanctioned strength of 31.

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