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Disorder, Disorder!

 

Last week, Indians saw something that will go down in the pages of judicial history. Four Supreme Court judges addressed a press conference about their rift with the Chief Justice of India, while breaking the judicial protocol. Though, the act undermined the veracity of India’s apex court, it also left several questions unanswered than it answered.

7

What is it? The size of the delegation from the Bar Council of India, led by its chairman Manan Kumar Mishra, meeting Supreme Court judges.

Why is it important? In an unprecedented move, four senior-most Supreme Court judges alleged that Chief Justice Dipak Misra was not following established rules to allocate cases among judges. They added this was adversely affecting the judicial delivery system. After meeting with one of the four aggrieved judges, Mishra said it was an internal matter and that a solution would be found in 2-3 days.

Tell me more: At an emergency meeting convened on Saturday, the Supreme Court Bar Association (SCBA) passed a resolution to “express grave concern” over the differences the four senior-most judges have with the Chief Justice. The SCBA President handed a copy of the resolution to Misra, who said he will look into it. Separately, four retired judges have written an open letter to Misra saying they agree with the issues raised by the four working judges and that the issue needs to be resolved within the judiciary.

 

6

What is it? The number of days for which Israeli Prime Minister Benjamin Netanyahu is in India, beginning Sunday.

Why is it important? This is his first visit to the country and also the first trip by an Israeli leader to India in 15 years. Netanyahu is accompanied by the largest-ever business delegation (130) to travel with an Israeli leader where executives from companies in defence, cyber and agriculture sectors seek to pursue deals with India. The visit is also seen as a means to deepen diplomatic ties. Though India has been known to vote against Israel in the United Nations, the former has increasingly abstained in issues relating to the Middle Eastern nation in the last two years.

Tell me more: Bilateral trade between the two countries has increased to $4.16 billion in 2016, from $200 million in 1992 when they established diplomatic ties.

 

4

What is it? The minimum number of years for which the World Bank would correct and recalculate national rankings of business competitiveness in the annual report titled ‘Doing Business’, according to its chief economist Paul Romer.

Why is it important? This raises questions about the authenticity of the rankings. Romer made a personal apology to Chile, whose rankings have dipped from 34 to 57 in the last three years. This review could impact India, whose rankings have jumped to 100 in 2018 from 140 in the previous year, the biggest improvement among all countries. After assuming power in 2014, the Narendra Modi-government had set a target of breaking into the top 50 in these rankings.

Tell me more: Romer said the World Bank had changed the methodology of calculating the ranks of countries repeatedly in ways that were unfair and misleading.

 

36

What is it? The number of players who have set their base price in the Indian Premier League (IPL) auctions, to be held on January 27 and 28, at the maximum of Rs 2 crore.

Why is it important? As the eight IPL franchises look to rebuild, with the IPL completing 10 years and all players barring 18 going into the selection pool, the Rs 2 crore set is where the top players and the team mainstays reside. It comprises 13 Indian and 23 overseas players, and franchises are expected to vie for their services, stretching their budgets. After completing their permissible player retentions, the eight teams have anywhere between Rs 47 crore and Rs 67.5 crore to complete their squads from 1,122 players who have registered for the auction.

Tell me more: So far, 18 players have been retained by the eight teams. Royal Challengers Bangalore spent the most on one player: Rs 17 crore to retain Virat Kohli, making him the most expensive player in IPL history.

 

139:10

What is it? The swap ratio set for the merger between Capital First and IDFC Bank, announced on Saturday. Shareholders of Capital First, a non-banking finance company, will receive 139 shares of IDFC Bank for every 10 shares held by them.

Why is it important? IDFC Bank is paying top money—on Friday, the market capitalisation of Capital First stood at Rs 8,266 crore and that of IDFC Bank at Rs 23,019 crore—to buy itself growth and scale, especially on the retail side. It had tried to do the same with the Shriram Group, but that deal fell through in October 2017.

Tell me more: Post merger, V Vaidyanathan, currently chairman and managing director of Capital First, will take over from Rajiv Lall as managing director and CEO of the combined entity. And Lall will step into the role of non-executive chairman of IDFC Bank.

 

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Press gagged?

Rs 2,052 crore

What is it? The value of the two post-dated cheques accepted by the Supreme Court from Sahara group, as an assurance of payment.

Why is it important? The amount is 18% of the Rs 11,169 crore sum still due to Sebi towards paying Sahara’s investors. The court has allowed both the auction of Sahara’s star property, Aamby Valley, and repayment through cheques. It fixed Aamby Valley’s reserve price at Rs 37,392 crore.

Tell me more: The court warned Sahara chief, Subrata Roy, present in the court, about being sent back to jail if the cheques bounced.

 

 

23

What is it? The number of oil and gas discoveries by the state-owned refiner Oil and Natural Gas Corp (ONGC) in FY17.

Why is it important? This is a jump of 35% from FY16 (17 discoveries). ONGC has struck liquid gold at a time when global oil discoveries fell to a record low (in 2016), according to the International Energy Agency (IEA).

Tell me more: The discoveries were a mix of both inland and offshore wells.

 

 

136

What is it? India’s rank  in the World Press Freedom Index, brought out by Reporters without Borders, this year.

Why is it important? India has slipped in the rankings, from the 133rd position last year. The organisation recognises the reasons as Hindu nationalists trying to root out so-called ‘anti-national’ thoughts from any public debate, driving more self-censorship among the media. According to the report, threats of dire violence have also manifested in local journalists being targets of armed forces at the behest of the Union government.

Tell me more: Norway, Sweden and Finland ranked the highest in press freedom, with the first two moving up in rank.

 

 

Re 1

What is it? Potential ticket size of gold purchase on Paytm.

Why is it important? Gold price per gram is Rs 2730 as on Wednesday. Paytm has announced that customers can buy gold for as less as Re 1, which is made possible because of unbundling and aggregation that can happen with digital products. Called Digital Gold, the product is launched by Paytm with a  tie up with MMTC-PAMP India.

Tell me more: One97, which owns Paytm, is also reportedly talking to Softbank to raise $1.9 billion, which would make it the largest fund raise in a single round in India in venture capital space.

 

 

< $10,000

What is it? The compensation United Airlines would give to passengers who are asked to give up their seats in overbooked flights.

Why is it important? The policy comes on the back of United facing a public relations disaster after it violently removed a passenger from one of its planes to accommodate crew members. While the degree of violence made that case exceptional, bumping passengers from overbooked flights are more common in airlines, and the compensation could set a new standard for such situations.

Tell me more: United also reached a settlement with Dr. David Dao who was dragged out of the plane.

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Deadly mountain roads

Rs 7,400 crore

What is it? The worth of 30 properties of the Sahara group, many of which conglomerates have evinced interest in buying.

Why is it important? The auction, reportedly in its early stage, will not appease the Supreme Court, even if the entire money raised is deposited with it. The court turned down the proposal and insisted on the group selling its expansive Aamby Valley project as it had failed to meet the apex court’s timeline for depositing Rs 5,000 crore. Aamby Valley’s value is reportedly between Rs 34,000-39,000 crore, while the Sahara group says it is over Rs 1 lakh-crore. The 30 properties, which includes Lucknow’s Sahara Hospital, would fetch around 50% (Rs 14,779 crore) of the amount still owed to investors as per Sebi’s instructions if not sold in a hurry, and less if they are.

Tell me more: Knight Frank, the realty consultants, in India, has been tasked with carrying out the sale. The interested buyers include Tatas, Godrej, Adani, Patanjali, realty developers Omaxe, Eldeco, Indian Oil and Apollo Hospital.

 

44

What is it? The death toll in the bus crash near Shimla, Himachal Pradesh.

Why is it important? India’s killer roads become deadlier with altitude. The bus veered off a mountain road and plunged into a river, killing those onboard. In 2015, as many as four hilly states figured among 10 states with the highest severity (deaths in every 100 accidents), even though compared to cities and metros in other densely-populated states, traffic is less in such states. Himachal Pradesh had 36.4% severity while neighbouring Uttarakhand 59.9%.

Tell me more: Two people travelling on the bus were able to escape by jumping off before the bus fell.

 

6

What is it? The number of places in Arunachal Pradesh for which China has announced its own names and spellings – in Chinese, Tibetan and English.

Why is it important? This is being seen as China’s retaliation for theDalai Lama’s visit to the Indian state. China’s foreign ministry spokesperson mentioned the move as reflecting and explaining its claims on ‘Southern Tibet’, China’s name for Arunachal Pradesh. While India is yet to respond to the reaffirmation of China’s territorial claim, it had refuted the latter’s objections to Dalai Lama’s, the Tibetan spiritual leader visit, saying there was no political motive to it and was religious.

Tell me more: It was the Dalai Lama’s second visit to the state that stirred up such a storm.

 

1.6 million

What is it? The number of voter-verifiable paper audit trail (VVPAT) units to be bought by Election Commission.

Why is it important? The election commission wants to ensure that by 2019 general elections, all polling stations have electronic voting machines with VVPAT units, which will confirm to the voters that their votes were registered accurately. The machines will cost Rs 3,173 crore. The cabinet approved the funding on Wednesday.

Tell me more: These machines will be manufactured by state owned Bharat Electronics and Electronics Corporation of India.

 

4,000 kgs

What is it? The weight of payload that can be carried by Indian Space Research Organisation’s new rocket GSLV-Mk III.

Why is it important? It’s almost double the weight of the heaviest payload that Indian rockets launched so far. The first developmental flight of GSLV-Mk III (D1) is scheduled to take place next month. The second developmental flight is likely to happen a year from now. It would reduce India’s dependence on other countries to launch heavier satellite, besides creating more opportunities for revenue generation.

Tell me more:  The first developmental flight will take communication satellite GSAT 19, which will also monitor the effect of radiation on the satellite and electronic equipment.

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News in Numbers, Mar 22, 2017: Who moved my cash 💸

Rs 640.75

What is it? The closing price of Avenue Supermarts on the first day of its trading at the bourses.

 

Why is it important? That’s more than double its issue price, when it went for initial public offering earlier this month. Avenue is the holding company of D-Mart retail chain and operates in a segment rife with growth, margin and business model issues.

Tell me more: Avenue Supermarts is part of a busy IPO season which continues in 2017, after a good year in 2016.

 

Rs 2 lakh

What is it? The limit to a single cash transaction (or multiple cash transactions related to the same event) if the amendment to the Finance Bill, 2017 gets passed in the Lok Sabha.

Why is it important? This is a further reduction from earlier cap of Rs 3 lakh suggested in the Union Budget for 2017-18. A cap on cash payments will push the public towards more digital payments and potentially increase tax collections. Norway, Sweden and Denmark, the countries that score high on human development, have a tax revenue to GDP ratio of around 50%. For India it is around 17%.

Tell me more: This is a part of the record 40 amendments proposed for the finance bill.

 

$1 billion

What is it? The fall in US President Donald Trump’s net-worth compared to March, 2016.

Why is it important? The first billionaire president of the United States, Trump’s fortune dwindled to tie him with 19 others as the 544th richest billionaire. He dropped 220 spots on the Forbes billionaire list as prices dropped in a part of New York’s real estate market where 40% of his wealth is tied up.

Tell me more: Trump’s business had also donated $66 million to last year’s presidential campaign.

 

18

What is it? The number of greenfield airports that have received government approval

Why is it important? About Rs 30,000 crore will be invested in building these airports, to be set up mostly in the smaller cities and towns. It is likely to help push investments in more centres, and eventually align with the government’s multi-modal logistics hubs initiative that aims to bring down the logistics cost for companies by strengthening infrastructure.

Tell me more: Mopa (Goa), Navi Mumbai, Shirdi and Sindhudurg (Maharashtra), Bijapur, Gulbarga, Hassan and Shimoga (Karnataka), Kannur (Kerala), Pakyong (Sikkim), Karaikal (Puducherry), Dholera (Gujarat) and Bhogapuram (Andhra Pradesh) are among the places that will get new airports if the projects go through.

 

Rs 5092.6 crore

What is it? The amount Sahara Group has to deposit in SEBI-Sahara refund account by April 17, 2017.

Why is it important? Supreme Court has now warned that it would auction the group’s Aamby Valley project, worth Rs 39,000 crore if it doesn’t deposit the amount on time. The court refused to extend the deadline. Last month, it had said the group had to pay the amount by the deadline to keep its chief Subrata Roy out of jail.

Tell me more: Securities and exchange board of India has been struggling to get Sahara Group return Rs 24,000 crore plus interest to investors through a long drawn court battle.

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