Bollywood’s Cop Jagdish Raj passed away July 31st, 2013 Jagdish Raj (85), a noted veteran actor passed away. Raj had the record ofplaying a police officer 144 times in various Bollywood films. He was an ideal police officer for generations in Indian films. About Jagdish Raj – The Bollywood’s Cop: Born on 1928 in Sargodha, Pakistan. Acted in films from 1960 till retirement in 1992. He was best known for being cast a record 144 times as a police officer. Some of his popular movies include “Deewar”, “Don”, “Shakti”, “Mazdoor”, “Imaan Dharam”, “Gopichand Jasoos”, “Silsila”, “Aaina” and “Besharam“. Jet-Etihad deal approved by FIPB with condition July 31st, 2013 The government gave a conditional clearance to Jet Airways to sell 24% stake to Abu Dhabi-based Etihad Airways for Rs. 2,058 crore after Etihad submitted an amendedShareholders Agreement (SHA)and Commercial Co-operation Agreement (CCA). Now, Jet-Etihad will have to submit new articles of association before the deal is put before Finance Minister P. Chidambaram for approval and then brought before the Cabinet Committee on Economic Affairs (CCEA). What are the Terms and Conditions (T&C) in Jet-Etihad deal? As per the T&C, Jet Airways need to seek prior approval of the government for any changes to be made in the Shareholders’ Agreement (SHA) with Etihad and also for any change in shareholding pattern of the company. The Foreign Investment Promotion Board (FIPB) clearance also came with a rider that all shareholder disputes and disputes under the SHA would have to be adjudicated under Indian law. As per the latest clarifications, Etihad will take 2 seats on the 12 member board instead of three as previously proposed. The Indian partner, Naresh Goyal, besides appointing four board members, will have the right to nominate the chairman, whereas Etihad will appoint a vice-chairman. Jet has also dropped a clause from its earlier application of shifting revenue management to Abu Dhabi. What was the issue with the Jet-Etihad deal? Indian carrier Jet Airways had recently announced that it intends to sell its 24% shares to UAE operator Etihad Airways to attract the $379-million investment rising form the deal. But the deal was stuck afterthe Foreign Investment Promotion Board (FIPB) and stock market regulator SEBI raised questions about ownership and effective control of the Indian airline passing into foreign hands. There were apprehensions from Indian side that the deal would give the key controls of Jet to Etihad. SEBI had highlighted some clauses of the CCA that might give an upper hand to Etihad. In this regard, SEBI had sought clarification from Jet on some matters of the prospective deal including choosing candidates for senior management positions, consolidation of sales office and general sales arrangements to support sales for Jet in the UAE. Also the right of Etihad to appoint a vice-chairman will not have any significant impact on the issue of control. Indian government wanted to ensure that the ownership and major control of the carrier remains with Jet Airways. Why Jet-Etihad deal is important for Jet? The deal is important to Jet, which is facing significant financial challenges. The deal will also help the Indian civil aviation industry by enhancing capacity, increasing competition and bringing down airfares. British government to go ahead with Rs 2.7 lakh visa bond July 31st, 2013 The British government decided to go ahead with Rs 2.7 lakh Visa bond despite Prime Minister David Cameron’s gave assurance to exempt India from the controversial visa bond scheme though the Home Office insisted that it was meant to target only high risk applicants. What is Pilot scheme by UK Govt. for the Rs 2.7 Lakh Visa bond? Under this scheme that is to be introduced in November, 2013 for the first time visitors from six Commonwealth countries including India,Pakistan and Bangladesh, Sri Lanka, Ghana and Nigeria will need to deposit a cash bond of £3,000 for a British visa. It will apply only to those seeking a six-month visitors’ visa. Why this Visa Bond Scheme by UK? As per the UK government, the citizens of these six countries pose the major risk of abuse of visas. So they are interested in a system of bonds that deters overstaying and recovers costs if a foreign national has used their public services. India offers Vietnam credit for military ware July 31st, 2013 India has offered $ 100 million credit line to Vietnamfor the purchase military equipment. It will be used for purchasing four patrol boats. India’s interests in Vietnam India aims to remain involved in oil exploration activity in the Phu Kanh basin of the South China Sea. But China has to claim that it is its zone of influence. Earlier, Vietnam and India have focused on strategic ties that include cooperation in the civil nuclear sector, training slots for Vietnamese military officers and frequent exchange of visits. India seeks to expand its defence ties with Vietnam to military hardware and Brahmos missile is one of the key items on Vietnam’s wish-list. India has co-produced the missile with Russia, which, however, has close ties with both Vietnam and China. Indian wants to enhance security ties with all countries beyond its eastern end as a key component to its East Look Policy.
Posted on: Sat, 03 Aug 2013 09:50:18 +0000
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