Top Headlines 27-03-2015
1. Dasharath Reddy elected Treda president
P Dasharath Reddy has been elected as the President of Telengana Real Estate Developers’
Association (Treda) for a two-year term during its 19th annual general body meeting held here today. While P Dasharath Reddy was yet again elected as the President, Chalapathi Rao and B Sunil Chandra Reddy were chosen as Executive Vice-Presidents. The general body has elected M Vijaya Sai as Secretary General and K Gopalakrishna as Treasurer of Treda.
Addressing the members, Dasharath Reddy said, “Today, the real estate industry is in a transition period and Treda has always been taking proactive steps to support and serve the builder and developers community. We need to find innovative approaches to solve challenges and look at benefiting the larger community.”
Dasharath Reddy is a member of the Institute of Engineers and a founder member of Treda, Naredco TS as well as Credai (Hyderabad).
Association (Treda) for a two-year term during its 19th annual general body meeting held here today. While P Dasharath Reddy was yet again elected as the President, Chalapathi Rao and B Sunil Chandra Reddy were chosen as Executive Vice-Presidents. The general body has elected M Vijaya Sai as Secretary General and K Gopalakrishna as Treasurer of Treda.
Addressing the members, Dasharath Reddy said, “Today, the real estate industry is in a transition period and Treda has always been taking proactive steps to support and serve the builder and developers community. We need to find innovative approaches to solve challenges and look at benefiting the larger community.”
Dasharath Reddy is a member of the Institute of Engineers and a founder member of Treda, Naredco TS as well as Credai (Hyderabad).
2. NASA's Opportunity Rover completed 11 years of marathon on Mars
i. NASA's Opportunity Rover on Mars is the first human-made vehicle that has completed 11 years marathon in a record time.
ii. It is the first time that a robot has exceeded the distance of a marathon on another world's surface.
ii. It is the first time that a robot has exceeded the distance of a marathon on another world's surface.
iii. The robot which is accessed by solar power arrived at the Mars' Eagle Crater in January 2004 and in these 11 years it completed 153-foot drive.
3. Delhi HC became the first court in India to set up commercial courts for speedy disposal of cases
Delhi High Court (HC) became the first court in India to set up dedicated commercial courts within it to ensure speedy disposal of cases.
Chief Justice of Delhi HC G Rohini designated four benches to act as commercial courts. Out of this, two single judge benches with original jurisdiction will deal with the suits involving commercial disputes relating to intellectual property rights, arbitration, insurance, banking, taxation, company cases etc.The other two benches with appellate jurisdiction will hear appeals against the commercial disputes cases.
Further out of the four benches, two benches – one each from original and appellate jurisdiction – will be e-courts, that is, they will function as paperless courts.The HC also designated 11 courts of civil judges in the district courts -- one in each of the 11 districts of NCR of Delhi – to deal with commercial disputes.
Till now, only one commercial court at the district level has been working in Tis Hazaari Court complex, which was created in 1990s.
The move will streamline civil judicial system and is in line with the recommendation of 20th Law Commission of India. The 20th Law Commission headed by Justice (retd) AP Shah in its 253rd report titled Commercial Division and Commercial Appellate Division of High Courts and Commercial Courts Bill, 2015 had recommended setting up commercial courts in high courts to settle any high value commercial suits in a time-bound manner. The report was submitted to the Union Government in January 2015.
Delhi High Court (HC) became the first court in India to set up dedicated commercial courts within it to ensure speedy disposal of cases.
Chief Justice of Delhi HC G Rohini designated four benches to act as commercial courts. Out of this, two single judge benches with original jurisdiction will deal with the suits involving commercial disputes relating to intellectual property rights, arbitration, insurance, banking, taxation, company cases etc.The other two benches with appellate jurisdiction will hear appeals against the commercial disputes cases.
Further out of the four benches, two benches – one each from original and appellate jurisdiction – will be e-courts, that is, they will function as paperless courts.The HC also designated 11 courts of civil judges in the district courts -- one in each of the 11 districts of NCR of Delhi – to deal with commercial disputes.
Till now, only one commercial court at the district level has been working in Tis Hazaari Court complex, which was created in 1990s.
The move will streamline civil judicial system and is in line with the recommendation of 20th Law Commission of India. The 20th Law Commission headed by Justice (retd) AP Shah in its 253rd report titled Commercial Division and Commercial Appellate Division of High Courts and Commercial Courts Bill, 2015 had recommended setting up commercial courts in high courts to settle any high value commercial suits in a time-bound manner. The report was submitted to the Union Government in January 2015.
5. Ministry of Railways constituted Ajay Shankar Committee to review PPP Cell functioning
The Ministry of Railways appointed Ajay Shankar committee on 25 March 2015 to review the performance of the Public Private Partnership (PPP) cell functioning under the Railway Board.
Ajay Shankar is a former Secretary, Department of Industrial Policy and Promotion (DIPP) under Union Ministry of Commerce and Industry.The Committee will recommend measures to make the cell more effective, customer friendly and result oriented.
The Infrastructure Directorate of Railway Board will be the Nodal Directorate for functioning of the Committee and Executive Director/Traffic (PPP) Railway Board will be the Secretary to the Committee.
The ministry’s decision is in tune with the announcement made by the Union Railway minister Suresh Prabhu in his Rail budget speech on 26 February 2015.
The Ministry of Railways appointed Ajay Shankar committee on 25 March 2015 to review the performance of the Public Private Partnership (PPP) cell functioning under the Railway Board.
Ajay Shankar is a former Secretary, Department of Industrial Policy and Promotion (DIPP) under Union Ministry of Commerce and Industry.The Committee will recommend measures to make the cell more effective, customer friendly and result oriented.
The Infrastructure Directorate of Railway Board will be the Nodal Directorate for functioning of the Committee and Executive Director/Traffic (PPP) Railway Board will be the Secretary to the Committee.
The ministry’s decision is in tune with the announcement made by the Union Railway minister Suresh Prabhu in his Rail budget speech on 26 February 2015.
6. Reliance Communications acquires spectrum in 11 circles
i. Reliance Communications, part of the Anil Ambani-led group, has acquired new and top-up 800/850 MHz spectrum in 11 circles.
ii. The company with this acquisition, has become India’s first and only operator with nationwide footprint of contiguous 800/850 MHz spectrum.
iii. The company bought 900 MHz spectrum in Madhya Pradesh and Himachal Pradesh and won 1800 MHz spectrum in Odisha and northeast.
iv. It has re-acquired spectrum in 900 and 1800 bands in four of the seven 2G spectrum expiry circles.
7 . KM Mani appointed as chairman of the Empowered Committee of State FM’S on GST
ii. The post was vacant since the former Jammu and Kashmir (J&K) Finance Minister Abdul Rahim quit the position after the defeat of National Conference in the J&K Assembly elections held in December 2014.
iii. GST is intended to be implemented from 01 April 2016 as announced by the Union Finance Minister Arun Jaitley in his 2015-16 budget speech. The Constitution (122nd Amendment) (GST) Bill, 2014 has been pending in the Lok Sabha since December 2014.
8. Vice president released book title Faces and Places written by Prof. Deepak Nayyar
Faces and Places: Prof. Deepak Nayyar
Faces and Places: Prof. Deepak Nayyar
The Vice President of India M Hamid Ansari on 25 March 2015 released a book titled Faces and Places written by Prof. Deepak Nayyar, noted economist and former Vice Chancellor of Delhi University.The book brings together a selection of the author’s photographs that have been taken over the past four decades. Its title captures the essential idea of its dual theme. The focus is on people in their daily lives and on places that are of interest to visitors.
About Deepak Nayyar
Deepak Nayyar is a Professor of Economics at Jawaharlal Nehru University, New Delhi. He has taught at the University of Oxford, the University of Sussex, the Indian Institute of Management Calcutta (IIM-C), and the New School for Social Research, New York. He was Vice Chancellor of the University of Delhi from 2000 to 2005.
About Deepak Nayyar
Deepak Nayyar is a Professor of Economics at Jawaharlal Nehru University, New Delhi. He has taught at the University of Oxford, the University of Sussex, the Indian Institute of Management Calcutta (IIM-C), and the New School for Social Research, New York. He was Vice Chancellor of the University of Delhi from 2000 to 2005.
9. Ruth Porat appointed as Chief Financial Officer of Google
i. Ruth Porat has been appointed as Chief Financial Officer (CFO) of world’s largest search engine giant Google.
ii. She will succeed Patrick Pichette who had announced his retirement on 10 March 2015 and assume charge on 26 May 2015.
iii. As CFO of Google she will directly report to Larry Page, CEO and Co-Founder of Google.
iv. Prior to this appointment Ruth was working as CFO at Morgan Stanley.
ii. She will succeed Patrick Pichette who had announced his retirement on 10 March 2015 and assume charge on 26 May 2015.
iii. As CFO of Google she will directly report to Larry Page, CEO and Co-Founder of Google.
iv. Prior to this appointment Ruth was working as CFO at Morgan Stanley.
10. India and ADB signed 300 million US dollar loan agreement to improve connectivity in NE RegionThe Union Ministry of Finance and the Asian Development Bank (ADB) signed a loan agreement for 300 million US dollars to improve road connectivity along the North Bengal-North Eastern (NB-NE) Region. The agreement was signed in New Delhi.The funds will be utilized to improve road connectivity and efficiency of the international trade corridors by expanding roads in NB-NE region of the country.
Tarun Bajaj, Joint Secretary (Multilateral Institutions) in the Department of Economic Affairs of Ministry of Finance and Teresa Kho, ADB’S country Director in India, signed the Agreement on behalf of the Government of India and ADB respectively.
Details of the Agreement
• The loan is the first tranche under 500 million US dollar South Asian Sub-Regional Economic Cooperation Road Connectivity Investment Program (SRCIP). Under this multi-tranche program, about 500 km of roads will be constructed in the NB-NE region.
• The funds will be utilized to construct two national highways totaling about 150 km in West Bengal and State roads totaling about 180 km in Manipur, which will be extended till the Myanmar Border.
• The loan amount makes-up nearly 71 percent of the total project cost of about 425 million US dollars with the central and state governments providing counterpart finance of about 125 million US dollars.
• The loan has a 25-year repayment term, including a five-year grace period with an annual interest rate determined in accordance with ADB's LIBOR (London Interbank Offered Rate)-based lending facility.
• The project is expected to be completed by 31 December 2021.
Details of the Agreement
• The loan is the first tranche under 500 million US dollar South Asian Sub-Regional Economic Cooperation Road Connectivity Investment Program (SRCIP). Under this multi-tranche program, about 500 km of roads will be constructed in the NB-NE region.
• The funds will be utilized to construct two national highways totaling about 150 km in West Bengal and State roads totaling about 180 km in Manipur, which will be extended till the Myanmar Border.
• The loan amount makes-up nearly 71 percent of the total project cost of about 425 million US dollars with the central and state governments providing counterpart finance of about 125 million US dollars.
• The loan has a 25-year repayment term, including a five-year grace period with an annual interest rate determined in accordance with ADB's LIBOR (London Interbank Offered Rate)-based lending facility.
• The project is expected to be completed by 31 December 2021.
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