12 January 2018 Current Affairs

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12 Jan, 2018

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1)  The Supreme Court on 11 January 2018 set up a three-member Special Investigation Team (SIT) to supervise further probe into 186 anti-Sikh riot cases. Who is heading this SIT? – Justice S.N. Dhingra

Explanation: Justice S.N. Dhingra is heading the 3-member SIT constituted by the Supreme Court on 11 January 2018 to supervise further probe into 186 anti-Sikh riot cases. Serving IPS officer Abhishek Dular and retired IG rank officer Rajdeep Singh would be part of the SIT.

Dhingra was the judge when punishments were handed out in 1990s to the accused of the Trilokpuri massacre of 1984. Large-scale riots had broken out in the national capital in the aftermath of the assassination of then Prime Minister Indira Gandhi by two Sikh security guards on the morning of 31 October 1984. The violence had claimed 2,733 lives in Delhi alone.

The SIT has been asked by a Bench headed by Chief Justice Dipak Misra to submit its status report in two months. Earlier the apex court had held that the previous SIT had not carried out further probe into these 186 cases in which closure reports were filed.

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2) Who is poised to become the first woman lawyer to be directly appointed to the Supreme Court after her name was recommended for appointment by the Supreme Court collegium on 11 January 2018? – Indu Malhotra

Explanation: Senior Lawyer Indu Malhotra is poised to create history after her name was recommended for appointment by the Supreme Court collegium on 11 January 2018. Once the government clears the recommendation, she would be the first woman lawyer to be directly appointed to the top court. She will be 7th woman to become Supreme Court judge.

In 2007, Indu was only the second woman lawyer to be appointed as senior advocate by the Supreme Court, three decades after the first, Justice Leila Seth, was designated.

Apart from Indu Malhotra, the Supreme Court collegium also recommended Uttarakhand Chief Justice KM Joseph for the post of Supreme Court judge. Joseph had set aside President’s rule in the hill state in 2016.

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3) SEBI on 10 January 2018 barred which international auditing firm from auditing any listed company in India for a period of two years for its alleged role in the Satyam scam? – Price Waterhouse

Explanation: Indian securities market regulator Securities and Exchange Board of India (SEBI) barred Price Waterhouse and its network of firms from auditing any listed company in India for a period of two years for its alleged role in the Satyam Computer Services Limited (Satyam) scam on 10 January 2018. It also directed the auditing firm to disgorge Rs. 13.09 crore along with 12% interest per annum since January 2009.

Price Waterhouse, Bangalore and two senior partners – S. Gopalakrishnan and Srinivas Talluri had certified Satyam’s audit reports in 2000-2008.

In 2010, SEBI had issued a show-cause notice to Price Waterhouse, among many other entities, after it emerged that the accounts of Satyam were falsified and inflated.

The Rs. 7,136 crore Satyam scam was unearthed in 2009. It is worth mentioning that in January 2009 the then chairman of Satyam, B. Ramalinga Raju had written a letter accepting that the balance sheet of the company included inflated and non-existent cash and bank balances.

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4) Who was appointed next Chairman of ISRO to replace A.S. Kiran Kumar, whose term ends on 14 January 2018? – K. Sivan

Explanation: K. Sivan, a rocket scientist currently Director of Vikram Sarabhai Space Centre in Trivandrum, was on 10 January 2018 appointed the next Chairman of Indian Space Research Organisation (ISRO) for a three-year term. He replaces current ISRO Chairman AS Kiran Kumar, whose term ends on 14 January 2018.

Sivan expertise had helped ISRO send 104 satellites in a single mission during February 2017. He was the key person who worked on the technicalities of how the satellites would be placed in orbit. He is a graduate of IIT (Bombay) and has also mastered the development of cryogenic engines for India.

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5) What will be the name of the photocentric cryptocurrency to be launched by Kodak, the announcement of which led to incredible frenzy and incredible appreciation in company’s share price? – “KodakCoin”

Explanation: “KodakCoin” is the proposed name of a photocentric cryptocurrency to be launched by the former camera and film heavyweight Eastman Kodak Co., as announced by the company on 10 January 2018.

According to the company “KodakCoin” will be a photocentric cryptocurrency to empower photographers and agencies to take greater control in image rights management.

This announcement more than doubled company’s share prices. It is worth mentioning that investors have been snapping up virtually any asset that is related to digital currencies after meteoric rise in Bitcoin’s value.

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6) In an ambitious move the Union Cabinet on 10 January 2018 allowed how much stake for foreign airlines in state-owned airline company Air India? – 49%

Explanation: The Union Cabinet allowed foreign airlines to buy a stake of up to 49% in Air India with prior government approval ahead of the state-owned airline’s proposed privatization. Existing rules allow foreign airlines to own as much as 49% in private Indian airlines, but not in Air India.

The Government clarified that substantial ownership and effective control of Air India will remain with Indian nationals. Air India had total debt of about Rs. 48,877 crore at the end of March 2017 – Rs. 17,360 crore of aircraft loans and Rs. 31,517 crore of working capital loans.

The cabinet also approved 100% FDI in single-brand retail without the requirement of prior government approval. India allows 100% FDI in single-brand retail, but investment beyond 49% requires prior government approval.

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Know, who is Vijay Kelkar and what is PPP !

Vijay Kelkar is a renowned economist and a former Finance Secretary. He was appointed head of newly constituted committee to give recommendations to recast the model of Public-Private-Partnership (PPP) model in India. India is one of the largest PPP market with over 900 projects. The Kelkar committee will review the PPP policy, suggest a better risk-sharing mechanism between private developers and the government after analysing such projects.

Know, who is Yaduveer Krishnadatta Chamaraja Wadiyar !

Yaduveer Krishnadatta Chamaraja Wadiyar was crowned as the new Maharaja of of Mysuru (Mysore) royal family. He is the 23-year old grandson of Princess Gayathri Devi, who was the eldest daughter of the last Maharaja of Mysore, Sri Jayachamarajendra Wadiyar. The coronation was held at Mysuru’s famous Amba Vilas Palace, which was decked up for the occasion.

Know about Sepp Blatter!

Swpp Blatter, was re-elected as FIFA president for a fifth term at the 65th Annual Congress of FIFA held at Zurich for four year term.

Prince Ali bin al-Hussein of Jordan stood against Blatter in this election. It is worth mentioning that FIFA is going through a major controversy regarding corruption in the organisation with two FIFA vice presidents and a recently elected FIFA executive committee member still in custody.

 


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