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.
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.
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.
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.
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.
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.