VISION

 Why in news?

• The National Company Law Appellate Tribunal (NCLAT) recently spelt its findings on various aspects on spectrum trading and ownership.
• It also ruled on spectrum trading and liability of buyers and sellers.

What are NCLAT’s key rulings?

• As per a September 2020 order of the Supreme Court, the NCLAT had to decide mainly on three aspects:

1. whether spectrum could be subjected to proceedings under the insolvency code
2. how would the payment be made by the telecom companies (telco) if there was spectrum trading
3. how would the liability of seller and buyer of the spectrum be decided

• 1) Spectrum is an intangible asset of the telecom company.
• It could thus be subjected to insolvency or even liquidation proceedings.
• However, the NCLAT said that the same could be done only if the buyer or the seller of the spectrum had cleared all the dues of the Department of Telecommunications (DoT).
• This, experts said, is likely to create problems for the insolvency process of the three telcos that are undergoing insolvency.
  • These are Reliance Communication, Videocon, and Aircel.
• It’s because the DoT is now likely to ask the bidders for these companies to first clear its dues in entirety before proceeding with the resolution plan.
• 2) Telcos can try to trigger insolvency against themselves under Section 10 of the Insolvency and Bankruptcy Code.
  • Such an insolvency process, if triggered, would lead to a moratorium on licence fee and deferred spectrum payments as per IBC rules.
  • Thereby, it allows the licensee to escape the said dues.
• NCLAT has thus said that this would not be allowed if done with a “malicious intent” of avoiding payment of pending dues.
• Allowing it would mean that the DoT, being an operational creditor, gaining very less value for the asset.
  • This is because operational creditors are placed below financial creditors under the IBC.
• 3) The NCLAT has also held that the telecom companies only have the right to use the spectrum and not own it.
• This again effectively blocks lenders to the companies from creating any charge or claim on the said spectrum.
• This means that despite the DoT being an operational creditor in scheme of things, it will get priority in payments from any prospective bidders.
  • As, the statutory dues owed to it will have to be cleared either by the corporate debtor or the bidders.

• 4) NCLAT said that since spectrum is a scarce natural resource, it must be used optimally by all licencees.
• It has, therefore held that spectrum should not be available for use for any of the telcos or licensees if the dues are not cleared.

Source: The Indian Express

Quick Fact

NCLAT

• The NCLAT was constituted under Section 410 of The Companies Act, 2013.
• It was tasked to hear appeals against the orders of the NCLT (National Company Law Tribunal).
• It is also the appellate tribunal for orders passed by -
  • the NCLT under Section 61 of the Insolvency and Bankruptcy Code (IBC), 2016,
  • the Insolvency and Bankruptcy Board of India (IBBI) under Sections 202 and 211 of the IBC

 Why in news?

Recently, NSO has released data on retail prices and industrial production which is creating a cause of concern.

What does the data reflect on?

• The inflation quickened to a four-month high of 5.52% in March and will continue to accelerate.
• The estimate of Index of Industrial Production for February shows that output-at mines, manufacturing sector, electricity- shrunk 3.6%, following the January’s 0.9% contraction.
• This output contraction in the factories is for a second straight month.
• High food and fuel costs are the main drivers of price pressures.
• Inflation in pulses accelerated to 13.3% from 12.5% in February, oils and fats saw a more than 400 basis points surge to 24.9%.
• Meat, fish and eggs accelerated in double-digits while the inflation in the food and beverages got raised by almost 100 basis points to 5.24%.
• Though the pump prices of petro products remained virtually frozen due to assembly elections, transport and communication saw more than 100 basis points acceleration to 12.6%.

 What is the future prospects?

• In the recent RBI policy statement, the central bank hoped that arrivals from the Rabi harvest and imports would likely augment pulse supply thereby moderating the prices.
• Similarly, on edible oils the RBI is banking on the government to cut import duties and offer incentives to boost domestic productivity.
• Petrol price pressures are unlikely to ease significantly unless Centre and States agree to forego some near-term and reduce fuel taxes.
• RBI is stridently seeking a reduction in these levies and foresees inflation averaging to 5.2% in the April-June quarter.
• Policymakers are facing tough choices in trying to bring demand back to pre COVID levels.
• But any action must be taken without accelerating inflation, undermining the purchasing power and the overall economic stability.

Source: The Hindu

1)  Pohela Boishakh (Subho Noboborsho) 2021

•It marks the new Year for Bengal Community. Accross the world, Bengali’s celebrate this day. Usually, the Bengali New Year falls around 14 April or 15 April. This year it is celebrated on 15 April in India.

2)  A ‘Healthy normal’ Monsoon forecasts by Skymet

Skymet which is a private weather forecast company and its weather report states:

The report states:

– This year, the monsoon is likely  to be 103% of the long period average (LPA). The LPA is the average of all India monsoon consisting of rainfall of 88 cm and is 50-year mean.

– The odds of an El Nino, characterised by a heating of the equatorial central Pacific over half a degree, are low this year.Presently, the Pacific is in a La Nina mode.

– The North India plains along with a few parts of northeast India are at risk of being rain deficient through the season.

– The Indian Ocean Dipole, characterised by a temperature gradient in the western and eastern Indian Ocean. It is expected to be slightly on the negative. Usually a positive dipole aids the monsoon.

– During the season in India, the monsoon in 2019 and 2020 was only the third time in a century of back-to-back years of above normal rainfall.

What is the Impact?

– As per the studies a positive IOD year sees more than normal rainfall over central India.

– A negative IOD complements El NiNo leading to severe drought.

– Also, positive IOD results in more than usual in Arabian Sea.

– In Bay of Bengal, negative IOD results in stronger than usual cyclogenesis. During this time, cyclogenesis in Arabian Sea is suppressed.

3)  HGCO19 an mRNA Vaccine Candidate

•An additional government funding has been received by India’s mRNA-based Covid-19 vaccine candidate-HGCO19 for its clinical studies. This funding has been awarded under the ‘Mission Covid Suraksha’.

4)  “Online Grievance Management Portal” launched

•Union Minister for Communication & IT and Law & Justice Ravi Shankar Prasad launched  the “Online Grievance Management Portal of National Commission for Scheduled Castes (NCSC)”.

5)  Mental-Health Digital Platform MANAS Launched

•The Principal Scientific Adviser to the Government of India virtually launched the “MANAS” App to promote wellbeing across age groups.

6)  “To Honour” BR Ambedkar, Indian-American Congressman Introduces Resolution

•On 14th April India celebrated the 130th birth anniversary of BR Ambedkar.

•In the US House of Representatives, an Indian-American Congressman has introduced a resolution for a second consecutive year to honour Bhimrao Ambedkar, the architect of India’s Constitution on his 130th birth anniversary.

📰 State obliged to facilitate access to education: Supreme Court

 GS SCORE Yearly Compilation Schemes & Polices 2020-2021 PDF

1)  World Chagas Disease Day : 14 April

•The World Chagas Disease Day is observed on 14 April to raise public awareness and visibility among people about Chagas Disease (also called American trypanosomiasis or silent or silenced disease) and the resources needed for the prevention, control or elimination of the disease. The WHO approved the designation of Chagas Disease Day on May 24, 2019, at the 72nd World Health Assembly. It is one of 11 official global public health campaigns marked by WHO.

2)  Ambedkar Jayanti: 14 April

•Ambedkar Jayanti ( also known as Bhim Jayanti) is an annual festival observed on 14 April to commemorate the birth anniversary of Babasaheb Dr Bhim Rao Ambedkar who was born on 14 April 1891. The Day has been observed as an official public holiday throughout India since 2015. In 2021, we are marking the 130th birth anniversary of Babasaheb.

3)  International Turban Day: April 13

•The International Turban Day is celebrated every year on April 13 since 2004 to bring awareness of the strict requirement on Sikhs to put the turban as a mandatory part of their religion. The 2021 Turban Day marks the 552nd birth anniversary of Guru Nanak Dev and the festival of Baisakhi. The turban, also known as “dastar” or “pagri” or “pag” refer to the garment worn by both men and some women to cover their heads.

4)  PM Modi Inaugurates 6th Raisina Dialogue

•Prime Minister Narendra Modi has inaugurated the 2021 “Raisina Dialogue”, through video-conferencing. The Raisina Dialogue 2021 is the sixth edition of the annual dialogue, organised from April 13 to 16, 2021, in full digital form for the first time due to the coronavirus pandemic. Raisina Dialogue is India’s flagship conference on geopolitics and geoeconomics, organised annually since 2016.

5)  Rajnath Singh inaugurates IAF Commanders’ Conference 2021

•Defence Minister Rajnath Singh has inaugurated the First bi-annual Indian Air Force, IAF Commanders’ Conference 2021 at Air Headquarters Vayu Bhawan in New Delhi. The conference is attended by the Air Officers Commanding-in-Chief of all Commands of IAF, all Principal Staff Officers and all Director Generals posted at Air Headquarters.

6)  Maharashtra gets India’s first floating LNG storage and regasification unit

•India’s first Floating Storage and Regasification Unit (FSRU) has arrived at H-Energy’s Jaigarh Terminal in the Ratnagiri district of Maharashtra, on the west coast of India. FSRU based LNG Terminals aim at providing the ability to enhance the pace of natural gas import capability in an environment-friendly and efficient manner”. The port is the first deepwater, 24×7 operational private port in Maharashtra.

•Höegh Giant will deliver regasified LNG to the 56-km long Jaigarh-Dabhol natural gas pipeline, connecting the LNG terminal to the national gas grid. The facility will also deliver LNG through truck loading facilities for onshore distribution, the facility is also capable to reload LNG onto small-scale LNG vessels for bunkering services.

7)  Siddharth Longjam appointed new NADA DG

•IAS officer, Siddharth Singh Longjam will take over as the National Anti-Doping Agency’s Director-General. Longjam is currently serving as joint secretary in the sports ministry and is also the CEO of the currently suspended National Dope Testing Laboratory (NDTL). He will replace Navin Agarwal who listed the creation of Athletes Biological Passport (ABP) for around 60 elite Indian sportspersons as one of the highlights of his tenure.

8)  Bhuvneshwar Kumar wins ICC Players of the Month award

•India seamer Bhuvneshwar Kumar has won the ICC Player of the Month award for his superlative show in the recent limited over series against England in March. Bhuvneshwar became the third successive Indian recipient of the award since its inception early this year.

•The 31-year-old Indian took six wickets with an economy rate of 4.65 in the three ODIs while capturing four wickets with a fantastic economy rate of 6.38 in the five T20Is to emerge as the standout bowler on either side in the white ball series.

📰 Last two rhinos translocated under IRV 2020

1)  102 years of Jallianwala Bagh Massacre

•The Jallianwala Bagh massacre, also known as the Amritsar massacre, took place on 13 April 1919. This year we commemorate the 102nd anniversary of the terror that shook the entire country to a standstill. The Jallianwalabagh garden has been converted into a memorial. And thousands of people on this day come to pay their respects to the martyred men, women, who were killed on that fateful day for the nation.

2)  Election Commissioner Sushil Chandra named as next Chief Election Commissioner

•The incumbent Election Commissioner (EC) Sushil Chandra has been named to become the next Chief Election Commissioner (CEC) of India. He will assume charge with effect from April 13, 2021. He will replace incumbent CEC, Sunil Arora, who will retire on April 12, 2021.

•The Election Commission of India consists of three members, namely Chief Election Commissioner and two Election Commissioners. The two ECs are Rajiv Kumar and Sushil Chandra.

3)  Nomura slashes India’s GDP forecast to 12.6% in FY22

•The Japanese brokerage company Nomura has revised the GDP forecast of India in the financial year 2021-22 (FY22) to 12.6 per cent from the previous estimate of 13.5 per cent, amid rising coronavirus cases and higher inflation. Nomura has pegged the calendar year GDP growth at 11.5 per cent, a decline from 12.4 per cent estimated earlier.

4)  Russian Vaccine Sputnik V gets emergency use authorisation in India

•The Central drug regulator, DCGA has approved emergency use authorisation of the Russian Vaccine, Sputnik V. It has now become the third vaccine to get emergency use authorisation from the drug regulator after Covishield and Covaxin. The Vaccine was developed by Gamaleya National Research Institute of Epidemiology and Microbiology last year in Russia.

5)  Poonam Gupta to head NCAER as its first woman DG

•Poonam Gupta will be the new director-general of the policy think tank National Council of Applied Economic Research (NCAER). Gupta will succeed the current head of the think tank, Shekhar Shah, to become the first woman to hold the post. Currently, Gupta is the lead economist at the World Bank in Washington DC.

•Prior to joining the World Bank in 2013, she was the Reserve Bank of India Chair Professor at the National Institute of Public Finance and Policy (NIPFP) and a professor of macroeconomics at the Indian Council for Research on International Economic Relations (ICRIER).

6)  Ghaziabad issues India’s first municipal green bonds

•Ghaziabad Nagar Nigam (GNN) has announced successfully raising and listing India’s first Green Municipal bond issue. GNN raised ₹150 crores at a cost of 8.1 per cent. Money will be used to clean up dirty water by setting up a tertiary water treatment plant and supply piped water through water meters to places like Sahibabad. Ghaziabad is debt-free and has maintained a revenue surplus position in the last few years, according to India Ratings.

7)  Sanskrit learning app ‘Little Guru’ unveiled in Bangladesh

•A Sanskrit learning app ‘Little Guru’ has launched in Bangladesh by the Indira Gandhi Cultural Centre (IGCC) of the High Commission of India. The Sanskrit learning app is part of the campaign being run by the Indian Council of Cultural Relations (ICCR) to promote the Sanskrit language among students, religious scholars, Indologists and historians across the world.