IEPF Authority in a major success recovers Rs 1514 Cr of Depositors’ Money
GS PAPER - 02 GOVERNANCE - Statutory, regulatory and various quasi-judicial bodies
The Investor Education and Protection Fund (IEPF) Authority has been able to force The Peerless General Finance and Investment Company Ltd to transfer deposits worth about Rs 1,514 crore to the IEPF.
This depositor’s money was pending with The Peerless General Finance and Investment Company Limited for the last 15 years.
This amount was taken by the company by issuing about 1.49 Cr Deposit Certificates and include more than 1 Cr individual investors.
The data submitted by the company reveals that 50.77 percent of the total amount was taken in the form of deposit certificates of the value of Rs. 2000 or less. Number wise such certificates form 85.32 percent of the total number of certificates issued.
The majority of these investors are common citizens belonging to the lower and middle-income group including daily wage earners, etc.
About IEPF Authority :
IEPF Authority has been set up under the Ministry of Corporate Affairs, Government of India as a statutory body under Companies Act 2013 to administer the Investor Education and Protection Fund with the objective of promoting Investor’s Education, Awareness and Protection.
The Authority takes various initiatives to fulfil its objectives through Investor Awareness Programmes and various other mediums like Print, Electronic, Social Media, and Community Radio etc.
The size of IEPF Fund has almost doubled within one year with an accumulated corpus of about Rs 4138 Cr. The companies have also transferred about 65.02 Cr valuing Rs 21,232.15 Cr.
Secretary Ministry of Corporate Affairs is the Chairperson of the Authority.
Joint Secretary Ministry of Corporate Affairs is the Chief Executive Officer of the Authority.
Source :- PIB
A ‘resort’ for endangered fishes
GS PAPER - 03 ENVIRONMENT - Conservation, environmental pollution and degradation, environmental impact assessment
I.A. Raja Varma, a businessman has set up a massive pond where the endangered fish species are protected under the supervision of experts.
Endangered species Resort :
The pond is located at Sun Ray Resorts which is situated near Bhogapuram of Vizianagaram district, Andhra Pradesh.
The fish pond at Sun Ray Resorts is a safe aquarium where fish species from various countries thrive.
Fish species include alligator gar, Stingray, Arapaima, Archer fish, Kick-Carp, Tin foil barb etc.
Alligator gar is a native of the Mississippi river of North America. It has a life span of around 26 years.
Stingray is known for its electrical sensors has eyes on its dorsal side. It is listed as Endangered in the IUCN Red List.
Arapaima is the Amazon Basin’s biggest fish. It can grow up to 9 feet and 200 kg, with a life span of 20 years.
‘Archer Fish’ is usually found in Papua New Guinea off Northern Australia. Kick-Carp is a decorative fish considered as a symbol of good luck.
Tin foil barb is a native of Thailand, Vietnam, Cambodia, Laos and other Southeast Asian countries.
Source :- The Hindu
India may stop oil imports from Iran
GS PAPER - 02 INTERNATIONAL RELATIONS - Effect of policies and politics of developed and developing countries on India's interests, Indian diaspora.
Petroleum Minister Dharmendra Pradhan said India will stop importing crude oil from Iran following the US move to end sanction waivers, and will use alternate supply sources such as Saudi Arabia to make up for the lost volumes.
More about the news:
The U.S. announced that it would be cancelling the waivers from sanctions it had granted eight countries, including India, allowing them to import oil from Iran. Following the revocation of this waiver, any country violating the ban would face U.S. sanctions.
The U.S. has made it clear that Indian companies that continue to import oil from Iran would face severe secondary sanctions, including being taken out of the SWIFT international banking system and a freeze on dollar transactions and U.S. assets.
The shortfall will be made from alternate supply sources available in Saudi Arabia, Kuwait, UAE and Mexico.
Source :- The Hindu
Price controls hurting FDI in medical devices sector
GS PAPER - 02 GOVERNANCE - Government policies and interventions for development in various sectors and issues arising out of their design and implementation
According to the data released by the Department for Promotion of Industry and Internal Trade,Foreign Direct Investment (FDI) in the medical devices sector has decreased from $439 million in 2016 to $66 million in 2018.
In 2015 the Centre approved 100% FDI in the medical devices sector via automatic route.
Previously medical devices, which came under the pharma sector, could take in 100% FDI through automatic route only in case of new ventures.
Further approval of Foreign Investment Promotion Board (FIPB) was needed in case of acquisition of existing companies.
The decrease in FDI has been attributed to the implementation of price controls in the medical devices.Further,the inflows has decreased in spite of Government India permitting 100% foreign direct investment (FDI) through automatic route in medical devices sector.
Recently,Drugs Technical Advisory Board (DTAB) had recommended that the Centre should include all medical devices in the country under the Drugs and Cosmetics Act,1940 in a phased manner.
Currently,the government regulates 27 notified medical devices under the law.
When these rules are implemented,this will lead to medical devices being treated as drugs with more stringent tracking systems, mandatory reporting of all adverse reactions and registration of device before it is allowed into the market.
Source :- The Hindu
Judges’ panel to hear charges against CJI
GS PAPER - 02 GOVERNANCE - Mechanisms, laws, institutions and Bodies constituted for the protection and betterment of these vulnerable sections.
In the wake of alleged sexual harassment charges against the Chief Justice of India, a three-member committee of the top court judges, led by Justice S.A. Bobde, was constituted to probe the allegations by a former staffer.
3 member Committee:
The Supreme Court has decided to conduct an in-house inquiry into the allegations of sexual harassment levelled against Chief Justice of India.
The apex court has appointed a committee headed by senior-most judge of the Supreme Court.
However,there will be no time frame to complete the inquiry and future course of action will depend on what comes out of the inquiry.
Earlier,Supreme Court Bar Association(SCBA) had criticised the way the Chief Justice of India conducted judicial proceedings in the matter in violation of procedure established by law as well as principles of natural justice.
They had said that according to the Supreme Court’s procedures, an in-house committee should have been set up to inquire into the incident.
Recently,Chief Justice of India had convened an urgent suo motu hearing into the allegations of sexual harassment levelled against him by a former staffer.He had set up a three member bench headed by himself that comprised two other judges.
During the hearing,CJI rejected the charges levelled against him. However,at the end of the hearing,the CJI withdrew himself from the matter and a judicial order was passed by the other two judges.