Current Affairs 24th August 2022

1.    OPEN OFFER ON NDTV

  • News: Gautam Adani, Asia’s richest man, signalled serious intent for a play in India’s media and entertainment industry as his companies acquired a 29% stake in broadcaster NDTV Ltd and launched an open offer to acquire an additional 26% from shareholders, as mandated by law.
  • India laws on acquisition:
    • According to India’s securities law, an entity that acquires more than 25% of the equity in a publicly traded company must launch an open offer to acquire an additional 26% from public shareholders.

2.    INFRASTRUCTURE INVESTMENT TRUSTS

  • News: The money will be raised through infrastructure investment trusts (InvITs) and there will be an investment limit of ₹10 lakh for retail investors.
  • About Infrastructure Investment Trusts:
    • An Infrastructure Investment Trust (InvITs) is like a mutual fund, which enables direct investment of small amounts of money from possible individual/institutional investors in infrastructure to earn a small portion of the income as return.
    • InvITs work like mutual funds or real estate investment trusts (REITs) in features. InvITs can be treated as the modified version of REITs designed to suit the specific circumstances of the infrastructure sector.
    • InvITS are like mutual funds in structure. InvITs can be established as a trust and registered with Sebi.
    • An InvIT consists of four elements:
      • Trustee,
      • Sponsor(s),
      • Investment Manager and
      • Project Manager.
    • The trustee, who inspects the performance of an InvIT is certified by Sebi and he cannot be an associate of the sponsor or manager.
    • ‘Sponsors’ are people who promote and refer to any organisation or a corporate entity with a capital of Rs 100 crore, which establishes the InvIT and is designated as such at the time of the application made to Sebi, and in case of PPP projects, base developer.
    • Promoters/sponsor(s), jointly, have to hold a minimum of 25 per cent for three years (at least) in the InvIT, excluding the situations where an administrative requirement or concession agreement needs the sponsor to hold some minimum percent in the special purpose vehicle.
    • In these cases, the total value of the sponsor holding in the primary special purpose vehicle and in the InvIT should not be less than 25 per cent of the value of units of InvIT on post-issue basis.
    • Investment manager is an entity or limited liability partnership (LLP) or organisation that supervises assets and investments of the InvIT and guarantees activities of the InvIT.
    • Project manager refers to the person who acts as the project manager and whose duty is to attain the execution of the project and in case of PPP projects.
    • It indicates that the entity is responsible for such execution and accomplishment of project landmark with respect to the agreement or other relevant project document.

3.    UPI PAYMENTS

  • News: Detailed graph on UPI Transactions.
  • About Unified Payments Interface (UPI):
    • Unified Payments Interface (UPI) is an instant real-time payment system developed by National Payments Corporation of India (NPCI).
    • The interface facilitates inter-bank peer-to-peer (P2P) and person-to-merchant (P2M) transactions.
    • UPI is an open source application programming interface (API) that runs on top of Immediate Payment Service (IMPS).
    • It is regulated by the Reserve Bank of India (RBI) and works by instantly transferring funds between two bank accounts on a mobile platform.
    • As of February 2022, there are 304 banks available on UPI with a monthly volume of 4.52 billion transactions and a value of ₹8.26 lakh crore (US$100 billion).
    • UPI witnessed 68 billion transactions until November 2021. The mobile-only payment system helped transact a total of ₹34.95 lakh crore (US$440 billion) during the 67 months of operation starting from 2016.

4.    CONSTITUTIONAL BENCH

  • News: The Supreme Court on Tuesday referred the battle between Uddhav Thackeray and Maharashtra Chief Minister Eknath Shinde over the “real” Shiv Sena to a Constitution Bench.
  • About Constitution Bench:
    • Generally, most of the cases before the Supreme Court are heard by a division bench (2 or 3 judge members). An exception to this rule is a Constitution bench.
    • A constitution bench consists of at least five or more judges of the court which is set up to decide substantial questions of law with regard to the interpretation of the constitution in a case.
    • The provision for a Constitution bench has been provided in the Constitution of India under Article 143. It is the Chief Justice of India who is constitutionally authorized to constitute a constitution bench and refer cases to it.
    • Constitution benches are set up when the following circumstances exist:
      • When a case involves a substantial question of law pertaining to the interpretation of the Constitution [Article 145(3)]. Article 145(3) provides, “The minimum number of Judges who are to sit for the purpose of deciding any case involving a substantial question of law as to the interpretation of this Constitution or for the purpose of hearing any reference under Article 143 shall be five.”
      • When President of India has sought the Supreme Court’s opinion on a question of fact or law under Article 143 of the Constitution. Article 143 of the Constitution provides for Advisory jurisdiction to the Supreme Court of India. As per the provision, the President of India has the power to address questions to the Supreme Court, which he deems important for public welfare. The Supreme Court upon reference advises the President by answering the query. However, such referral advice by the apex court is not binding on the President, nor is it ‘law declared by the Supreme Court’.
      • When two or more three-judge benches of the Supreme Court have delivered conflicting judgments on the same point of law, necessitating a definite understanding and interpretation of the law by a larger bench.
      • The Constitution benches are set up on ad hoc basis as and when the above-mentioned conditions exist.

5.    VL-SRSAM

  • News: The Defence Research and Development Organisation (DRDO) and the Indian Navy successfully flight-tested the indigenously developed Vertical Launch Short Range Surface-to-Air Missile (VL-SRSAM) from the Integrated Test Range (ITR) at Chandipur off the coast of Odisha.
  • About VL – SRSAM:
    • The VL-SRSAM, a ship-borne weapon system, is meant for neutralising various aerial threats at close ranges, including sea-skimming targets.
    • VL-SRSAM is a quick reaction surface-to-air missile developed by Defence Research and Development Organisation (DRDO).
    • During mid-course flight, the missile uses fibre-optic gyroscope based inertial guidance mechanism while in terminal phase uses active radar homing.
    • With lock on before launch (LOBL) and lock on after launch (LOAL) capability, the missile receives mid-course update via datalink.
    • The missiles are equipped with indigenous Radio Frequency (RF) seeker to intercept the target with high accuracy.
    • VL-SRSAM is based on Astra Mark 1 air-to-air missile with four short-span long-chord cruciform wings that provide aerodynamic stability.
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