Today's GK

The government's 3.56 per cent stake sale offer in Neyveli Lignite Corporation (NLC) got fully subscribed to fetch around Rs 350 crore to the exchequer within an hour of opening of trade.

The Centre was selling over 5.97 crore shares, or 3.56 per cent stake, in NLC through an Institutional Placement Programme (IPP) at a price band of Rs 58-60 a share.

Sources said mostly the Tamil Nadu-based state PSUs bid for the share sale and preference would be given to them while allotment as per exemption received from Sebi. The issue received bids for over 6.12 crore shares as against 5.97 crore on offer as of 1100 hrs, as per data available on the BSE.

United Spirits (USL), recently acquired by Diageo Plc, has bought back minority shareholders headed by the Sharad Pawar family in a winery joint venture, Four Seasons Wines, struck six years ago.

The Pawar family had led the wine growers of Baramati, the home turf of Maratha strongman Sharad Pawar, to buy a 49% in the JV. Pawar's elder brother Prataprao Pawar, nephew Ranjit Pawar and son-in-law Sadanand Sule were represented on the board at the time of deal.

Rupee fell on Thursday, but staged a strong rebound from intra-day lows as the Reserve Bank of India continued to bolster its currency defence by tightening rules for curbing speculation by foreign investors, and on rumoured central bank intervention.

The RBI stipulated on Thursday that foreign institutional investors would require a mandate from participatory note holders to hedge on their behalf.

Participatory notes are by far the most popular derivative instrument by which offshore investors can invest in the domestic stock market without revealing their identity.

N Srinivasan's desperate bid to return as BCCI president was thwarted with the under-fire board deciding to call off its working committee meeting here on Friday fearing legal trouble after the Bombay High Court declared its IPL spot-fixing probe "illegal and unconstitutional".

Jagmohan Dalmiya, who was named the interim chief after Srinivasan had stepped aside pending an internal inquiry into the IPL spot-fixing scandal, will continue in the position for the time being.

After causing weeks of embarrassment for the US intelligence community, the Edward Snowden saga has now cast a shadow over international efforts to end the Syrian civil war and deal with Iran, and could also undermine White House hopes for a nuclear arms reduction deal.

The MPs, who put in their papers, were A Sai Prathap (Rajampet constituency), Anantha Venkatarami Reddy (Anantapur) C V Harsha Kumar (Amalapuram-SC), Vundavalli Arun Kumar (Rajahmundry), Lagadapati Rajagopal (Vijayawada) and SPY Reddy (Nandyal). While these MPs tendered their resignations to Lok Sabha secretary general T K Vishwanathan, the lone Upper House member, KVP Ramachandra Rao, submitted his resignation to Rajya Sabha secretary general Shamsher K Sheriff.

The MPs said that three more Lok Sabha members from the state - Sabbam Hari (Anakapalli), Magunta Srinivasulu Reddy (Ongole) and Rayapati Sambasiva Rao (Guntur) - had also faxed their resignations. The MPs claimed that central ministers from Andhra Pradesh would meet Congress president Sonia Gandhi and Prime Minister tomorrow and then tender their resignations.

Visitors to Rashtrapati Bhavan will have to pay a fee from September 1 to enjoy the tour. The President's office has introduced a "registration charge" of Rs 25 per person per visit for individuals and groups of people below 30. A group of 30 visitors will be charged Rs 600 while more than 30 people will be charged Rs 600 and an additional Rs 25 for every extra person.

USA and China held in-depth and frank discussions at Kunming in China on the rule of law, freedom of religion, freedom of expression, freedom of association, and other human rights issues, including specific cases of concern.

The US-China Human Rights dialogue was held in the second week of July 2013 by interagency delegations led by Uzra Zeya, Acting Assistant Secretary of State for Democracy, Human Rights and Labour and the Chinese Ministry of Foreign Affairs, Department of International Organizations and Conferences Director-General Li Junhua.

The Human Rights Dialogue is an opportunity to reinforce the messages, including on specific cases that we consistently deliver at the highest levels on these issues. This is a continuous conversation, it is important to continue having it, because obviously human rights form a key tenet of US foreign policy.

The executive committee of the Indian Newspaper Society (INS) on 2 August 2013 approved a proposal to increase Foreign Direct Investment (FDI) from 26 percent to 49 percent in print media. The INS will recommend of 49 percent FDI in print through the Foreign Investment Promotion Board (FIPB) route to the Information and Broadcasting Ministry.

The government will now require the proposal of the Press Council of India to give its go-ahead. In the last few decades, the print media business in India has grown exponentially and the prospects of future growth in the upcoming years appear bright.

To maintain this growth, the print media companies require an inflow of funds to expand and reach every corner of India.

Hemendra Prasad Barooah, the noted Assam tea planter passed away on 31 July 2013 in Bangkok. He was 87 years of age. He is survived by two daughters. He was predeceased by his wife and son earlier. He died due to cardiac arrest.

India on 1 August 2013 revoked a patent granted to GlaxoSmith Kline Plc for its breast cancer drug Tykerb. The decision followed the Supreme Court’s decision. The Supreme Court in April 2013 rejected a patent for Novartis AG's cancer drug Glivec, on the basis that it was an amended version of a known molecule called imatinib, which will act as a precedent for more such cases in India.

However, the Intellectual Property Appellate Board (IPAB) upheld a patent granted on the original compound or active pharmaceutical ingredient, lapatinib, saying innovative merit. Tykerb is the salt form of lapatinib sold in India.

India's latest decision is detrimental for GSK, which had cut prices of Tykerb by a third in India as part of a flexible pricing programme. The prorgamme is designed to make important drugs available at more affordable price in certain emerging markets.
 

Western drugmakers who want a bigger share of India's fast-growing 13 billion US dollars drugs market are getting frustrated by a series of decisions on intellectual property and pricing.

Nokia India team, in the month of July 2013, teamed up with the Public Works Department of Maharashtra in order to raise awareness regarding the safety of pedestrians. For this purpose, Nokia India proposed to colour 12 black-and-white zebra crossings of Mumbai, with the vibrant colours.

Nokia India decided to paint these crossings in order to remind constantly to the road users, about these crossings. The inauguration of this campaign was done by the Managing Director, Nokia India- P. Balaji. P. Balaji painted the zebra crossing outside Sahara Star Hotel. This was the first crossing to be painted with colours, among 12 others across Mumbai. These crossings will be maintained by Nokia till August 2014.

It is important to note that around 12000 people are killed in the road accidents in Maharashtra. The initiative of Nokia will help in raising awareness for driving responsibly and for the purpose of road safety. This is the citizen movement, which would help in encouraging people towards pedestrian safety.

Nokia, at present, has the digital initiative called #colourisin. The campaign undertaken by Nokia will help people in reminding more about the colours, which in turn, will also serve as Nokia’s corporate responsibility.

After Mumbai, Nokia has the same plans for other cities like Bangalore, Kolkata and Delhi.

US Senate on 2 August 2013 unanimously passed a resolution to remember victims of Wisconcin Gurudwara killed in shooting on the occasion of the first anniversary of the tragic incident. Wisconcin Gurudwara is located at the Oak Greek.The resolution was sponsored by the two Senators from Wisconsin, Tammy Baldwin and Ron Johnson, honored the victims who were shot dead by a white supremacist called Wade Michael Page. The resolution offered condolences to the friends and loved ones of victims of Gurudwara shooting. It condemned hatred and acts of violence towards racial and religious groups.

The resolution approved by the senate commended the heroism of the first responders and members of the community who courageously and selflessly put their lives in danger to prevent the death of more innocent people. The resolution plans to memeorialise the lives lost in the shooting from 2 August to 5 August 2013.

The tragic shooting had taken place on 5 August 2012 at the Gurudwara of Wisconsin in Oak Creek.

The Union Cabinet of India on 2 August 2013 decided to continue the interest subvention of three per cent on crop loans to farmers. The scheme will be available on crop loans taken from scheduled commercial banks and also those in the private sector. The estimated budgetary implication of the scheme for current financial year is 15 thousand 385 crore rupees.

The other major decisions taken by the cabinet are as following:-
• The Cabinet also approved a Centrally-sponsored scheme for marketing of non-nationalized, non-monopolized minor forest produce fixing Minimum Support Price for marketing of 12 minor forest products.
• The Cabinet also decided in the meeting to designate vigilance officers posted in different ministries and departments to receive complaints from whistleblowers on allegations of corruption or misuse of office. An amendment to the relevant resolution of Public Interest Disclosure and Protection of Informers law was approved by the Cabinet on 1 August 2013.
• The decision was taken to reduce the workload on the Central Vigilance Commission. The proposed amendment will enable speedy disposal of the complaints and make the public servants more responsible and accountable in combating and eradicating corruption.
• In a related move, the Cabinet Committee on Economic Affairs approved setting up of Special National Investment Fund (SNIF), to help six sick Public Sector Undertakings, PSUs. They include Hindustan Machine Tools, Indian Telephone Industries and Scooters India Limited.  This will enable the PSUs to become compliant with the 10 per cent minimum public holding norm of market regulator, SEBI.
• The CCEA also approved the proposal for continuing Rajiv Gandhi Grameen Vidyutikaran Yojana (RGGVY) in the 12th plan to cover the remaining unelectrified villages and habitations with a population of 100 people and provide free electricity connection to BPL households. The total capital subsidy requirement for the scheme would be 35 thousand 447 crore rupees.
• In yet another decision, the Cabinet Committee on Economic Affairs gave its nod to a proposal for infrastructure development at various establishments in the Border Security Force. This is estimated to cost 3664 crore rupees to the Government.