5 July 2017 Current Affairs

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05 Jul, 2017

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1) Which entity on 4 July 2017 became the first case to be admitted for bankruptcy proceedings under India’s new insolvency code? – Jyoti Structures Ltd.

Explanation: The National Company Law Tribunal (NCLT) on 4 July 2017 approved bankruptcy proceedings for power infrastructure company Jyoti Structures Ltd. It thus became the first entity among the 12 cases referred by the Reserve Bank of India (RBI) under India’s new Insolvency and Bankruptcy Code (IBC). Jyoti Structures was one of the power sector firms hit by a lack of fuel linkages or trouble in completing land acquisition.

The tribunal’s order came on an insolvency application filed during June 2017 by the company’s lead lender State Bank of India (SBI). According to NCLT filings, the company has total debt of Rs. 7,000 crore.

On 13 June 2017 the RBI had directed banks to refer 12 troubled companies with a combined debt of close to Rs. 2.5 trillion to the NCLT.

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2) The film exhibitors in which state suspended the film screenings indefinitely from 3 July 2017 in response to the corporation tax introduced by the state government? – Tamil Nadu

Explanation: The Tamil Nadu Film Exhibitors Association (TNFEA) indefinitely suspended film shows from 3 July 2017 in response to the 30% corporation tax introduced by the E.K. Palaniswami-led state government in addition to the 28% GST rate.

The move to impose 30% corporation tax takes entertainment tax in the state to about 58% from the tax-free status previously accorded at least to the local Tamil films. Even the 18% rate levied on theatres that price tickets below Rs.100 would mean 48% tax for them due to corporation tax.

It is worth mentioning that Tamil Nadu has a history of according tax benefits to films quite easily. Under former Chief Minister Jayalalithaa’s regime, any film with a Tamil movie title and a ‘U’ certificate from the censor board would be granted tax-free status.

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3) President Pranab Mukherjee on 3 July 2017 promulgated the ordinance legalizing the traditional buffalo-race sport of ‘Kambala’. Kambala is associated with which state? – Karnataka

Explanation: Kambala is a folk sport, held traditionally under the auspices of local landlords and households in coastal Karnataka. The sport generally starts in November and lasts until March.

In November 2016, the Karnataka High Court had banned the sport through an interim order. The petition seeking the ban was filed by the People for Ethical Treatment of Animals (PETA) as it felt this sport reflects cruelty towards animals. But the Karnataka Govt. passed an amendment bill in the state Assembly to legalise this sport after huge protests.

Now the President has promulgated the Prevention of Cruelty to Animals (Karnataka Amendment) Ordinance, 2017, thus making Kambala legal in Karnataka.

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4) Which general insurance entity on 4 July 2017 agreed to take over the life insurance business of Sahara India Life Insurance Co. Ltd, which was effectively wound up by the IRDAI during June 2017? – ICICI Prudential Life Insurance Co.

Explanation: ICICI Prudential Life Insurance Co. will acquire the life insurance business of Sahara India Life Insurance Co. Ltd. This was announced on 4 July 2017.

The administration of Sahara India Life, a subsidiary of Sahara Group, was taken over by India’s insurance regulator – the Insurance Regulatory and Development Authority of India (IRDAI) on 12 June 2017, as it had pointed out three major infractions at Sahara Life. On 23 June, IRDAI asked the company to stop issuing new policies, the first time in its 18-year history that the regulator had taken such a step.

Subsequently, IRDAI offered six insurers – Life Insurance Corporation of India, ICICI Prudential Life, HDFC Standard Life Insurance Co. Ltd, Bajaj Allianz Life Insurance Co. Ltd, Kotak Mahindra Old Mutual Life Insurance Co. Ltd and SBI Life Insurance Co. Ltd – a chance to take over Sahara Life’s insurance business.

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5) What is the name of the South African woman cricketer who created a unique record of taking four wickets while conceding no runs in a match against the West Indies in the ICC Women’s World Cup 2017? – Dane Van Niekerk

Explanation: Dane Van Niekerk, the captain of South African women’s cricket team took four wickets and conceded no runs in her spell of 3.2 overs against the West Indies. It was thus the first time ever that a bowler has ended with figures of 4/0.

West Indies team was bundled out for just 48 runs in the stipulated 50 overs. South Africa managed to chase down their target in just over six overs.

It was the best bowling figure by any cricketer, man or woman. She surpassed Australian great Richie Benaud’s stats of 3/0 that was established more than half a century ago.

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