clataffairs

The Supreme Court allowed all appeals by the Tata Group and upheld its decision to sack Cyrus Pallonji Mistry as the chairman and executive director of the group. COURSE OF EVENTS On October 24, 2016, Mistry was removed from his post of Chairman of Tata Sons by the board. He was appointed to the top position in 2012. Following his ouster, Mistry had moved the Mumbai bench of the National Company Law Tribunal (NCLT) challenging his removal. He said that the majority shareholder of Tata Sons, the Tata Group was indulged in oppression of minority shareholders of the group.  NCLT AND NCLAT  In its 2017 judgment, the NCLT upheld Mistry’s removal from as Executive Chairman and Director. It had observed that just because the board of Tata Sons had held a board meeting at short notice or included the item agenda (that removed Mistry from his post at the top) at the last minute, it could not be termed as a fraud. In December 2019, the NCLAT had reinstated Cyrus Pallonji Mistr...

At least four persons were killed in Bangladesh’s Chittagong and dozens severely injured during protests against the visit of Prime Minister Narendra Modi.  The protests, which were already going on across the country against Modi’s scheduled visit, intensified after the prime minister landed in Dhaka to take part in Bangladesh’s National Day celebrations. DETAILS Activists from Hefazat-e-Islam, an Islamic fundamentalist group, and students affiliated with Left parties were involved in the protests.  Traditionally, the Hefazat has always allied with the Jamaat-e-Islami, which has ties with the Bangladesh’s main opposition party, Bangladesh Nationalist Party (BNP). The students were protesting because they believe Prime Minister Modi is guilty of the Gujarat riots and that he represents a Right-wing pro-Hindutva party.  The Hefazat activists have been protesting since last year when they came to know that PM Modi will be visiting Dhaka. Many Bangladeshis are also unhappy w...

Prime Minister of India Narendra Modi and her counterpart in Bangladesh Sheikh Hasina signed five Memorandum of Understandings (MoUs). They were related to areas of importance such as connectivity, commerce, information technology and sports to further strengthen the bilateral ties between the two nations and together work towards development.  PM Modi also presented a representational key of 109 ambulances to PM Hasina, along with a representational box to her as a symbol of India's gift of 1.2 million COVID vaccine doses that were promised earlier on. In return, he received a gold and a silver coin released on the occasion of the birth centenary of Sheikh Mujibur Rahman from PM Hasina, along with another silver coin released on the occasion of the 50th anniversary of Bangladesh's Independence. HIGHLIGHTS  The two sides also discussed issues related to the Rohingya with India saying it was happy to facilitate “safe, speedy and sustainable” return of the forcibly ...

The Supreme Court flagged the possibility of misuse of money received by political parties through electoral bonds for ulterior objects like funding terror or violent protests. ELECTORAL BONDS Electoral Bond is a financial instrument for making donations to political parties. The system of electoral bonds was announced in the 2017 Union Budget. The bonds are issued in multiples of Rs. 1,000, Rs. 10,000, Rs. 1 lakh, Rs. 10 lakh and Rs. 1 crore without any maximum limit. State Bank of India is authorised to issue and encash these bonds, which are valid for fifteen days from the date of issuance. Donors can purchase and subsequently donate the bonds to their party of choice, which the party can then cash through its verified account within 15 days. The bonds are available for purchase by any person (who is a citizen of India or incorporated or established in India) for a period of ten days each in the months of January, April, July and October as may be specified by the Central Governme...

N.V. Ramana, the senior most judge of the Supreme Court, has been recommended as the next top judge by the present Chief Justice of India (S A Bobde). Justice Ramana will take over as the 48th Chief Justice of India (CJI) from 24th April 2021. He would be the CJI till 26th August, 2022.  APPOINTMENT  The Chief Justice of India and the Judges of the Supreme Court (SC) are appointed by the President under clause (2) of Article 124 of the Constitution. The outgoing CJI recommends his successor. The Union Law Minister forwards the recommendation to the Prime Minister who, in turn, advises the President. SC in the Second Judges Case (1993), ruled that the senior most judge of the Supreme Court should alone be appointed to the office of the CJI. The Supreme Court collegium is headed by the Chief Justice of India and comprises four other senior most judges of the court. The collegium system is the system of appointment and transfer of judges that has evolved through judgments of the ...

On 23rd March 2021, a massive cargo ship, named Ever Given, turned sideways in Egypt's Suez Canal.  The ship appeared to be stuck some 6 kilometers north of the southern mouth of the canal near the city of Suez. This blocked traffic in the crucial East-West waterway for global shipping. About 64 vessels traveling southbound were also affected.   All these vessels are stuck in transit between the Red Sea and the Mediterranean. MV EVER GIVEN The vessel blocking Suez, the Ever Given was a Panama-registered container ship. It was on its way to Rotterdam in the Netherlands from China.  The 2018-built vessel, which is 400-m long and 59-m wide, got stuck due to a mishap caused by bad weather. The ship is operated by Evergreen Marine, a Taiwanese transport company. THE SUEZ CANAL It was opened in 1869.  It connects Red Sea to the Mediterranean Sea and separates Sinai Peninsula from mainland Africa.  The Suez Canal provides a crucial link for oil, n...

India, Pakistan, China and other members of the Shanghai Cooperation Organisation (SCO) will hold a joint anti- terrorism exercise this year, the eight-member bloc said. The decision to hold the joint exercise "Pabbi-Antiterror 2021" was announced during the 36th meeting of the Council of the Regional Anti-Terrorist Structure (RATS) held in Tashkent, Uzbekistan. Pabbi is a large town in Pabbi Tehsil of Nowshera District of Khyber-Pakhtunkhwa province of Pakistan. It is the base of Pakistan's National Counter Terror Centre. RATS The Regional Anti-Terrorist Structure (RATS) is headquartered in Tashkent, Uzbekistan.  It is a permanent organ of the SCO which serves to promote cooperation of member states against the three evils of terrorism, separatism and extremism. The Head of RATS is elected to a three-year term.  SCO Formation: 2001. Predecessor: Shanghai Five group, founded on 26 April 1996. Headquarters: Beijing, China. Membership: 8 member states. Secretary General: Vl...