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Moodys: Indias new bankruptcy code to boost significantly bargaining power of creditors as against large debtors
May 26,2016

Moodys: Indias new bankruptcy code could significantly boost bargaining power of creditors against large debtors.

Moodys Investors Service says that Indias new bankruptcy code will significantly boost the bargaining power of creditors against large debtors for the resolution of distressed assets.

The current weak legal framework for asset resolution has been a key structural credit weakness for Indian banks, says Srikanth Vadlamani, a The proposed new rules address several key inefficiencies in the current resolution regime, adds Vadlamani.

Moodys report explains that the proposed bankruptcy law would:

1) Introduce a unified framework to replace the current collection of separate laws drafted in piecemeal fashion across overlapping jurisdictions

2) Reduce threshold for creditors to invoke the insolvency resolution process (IRP)

3) Introduce third-party insolvency professionals (IP) as intermediaries to oversee the IRP, replacing the debtors existing management and operate the company as a going concern upon initiation of an IRP

4) Give creditors overriding authority to approve terms of any restructuring package

5) Limit duration of IRP to maximum of 270 days, after which a company will be automatically liquidated

These features are positive for Indian banks because they will act as an incentive for corporate borrowers to avoid loan default and improve the recovery of assets. In addition to increasing banks influence over the restructuring process, the mandated replacement of the existing management during the process should act as a key disincentive for debtors to default in the first place.

Moreover, the limited timeframe strengthens the banks bargaining power over delinquent borrowers.

However, Moodys report also points out that significant infrastructure constraints need to be overcome before the framework can become fully operational, including:

1) Development of the required infrastructure required support new restructuring procedure, particularly legal resources and information utilities

2) Time required for various stakeholders to accumulate the requisite legal experience and precedents for the new system to be fully up and running

3) Limited impact that the new law may have on the liquidation process

Moodys report concludes that the new law may only a have a limited benefit in addressing the current asset quality issues facing Indian banks. In particular, the banks will still have limited avenues available to dispose of distressed assets, and will in general remain reluctant to make appropriate haircuts to reflect their current weak operating conditions.

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EESL Distributes LED Bulbs Under UJALA in the Range of Rs. 75-95 across 16 States
May 26,2016

The LED bulbs under Government of India s UnnatJyoti by Affordable LEDs for All (UJALA)scheme  are being distributed across 16 States in the country in the price range of Rs 75- 95.  The project, executed by Energy Efficiency Services Limited (EESL), under the administration of Ministry of Power, procures high quality LED bulbs from leading manufacturers through a transparent bidding process. In the latest round of procurement, which ended on March 31, 2016, the lowest procurement cost was Rs. 54.90 (exclusive of taxes and administrative costs).

The government, through aggregation and transparent procurement has achieved a rapid decline in LED prices. In the first round of procurement held in January 2014, EESL achieved the lowest bid at Rs. 310. The prices for the subsequent procurements for other states, during September 2014 to February 2015, ranged between Rs. 204 to Rs. 104.

EESL has pooled the prices of all the previous procurements since 2014 and the passed on the direct benefit to the consumers across states. Various state-specific taxes and other administrative costs like distribution, awareness, etc are added to the pooled procurement price. Therefore, the cost of the LED bulb has been brought down to a price range of Rs. 75 - Rs. 95, after addition of administrative costs, distribution and awareness cost. Therefore, the variation in the final cost of the bulbs is owing to the difference in taxes across states.

The Government has ensured transparency and encouraged competition by using e-procurement of goods and services. This has resulted in significant reduction in transaction cost and time and enhanced process efficiency. This in turn has led to a much larger participation of bidders thereby increasing competition and reducing the procurement cost of LED bulbs.

The UJALA scheme is being monitored in a transparent manner through a national dashboard (www.ujala.gov.in). As on date, EESL has distributed over 10.77 crore LED bulbs across India and the programme have led to significant savings to the state and consumers who are using these bulbs. As of date, the savings achieved are -

Estimated daily energy savings3.83 crores kWhEstimated reduction of peak Demand2,800 MWEstimated daily cost reduction of bills of consumersINR 15.32 crores Estimated daily greenhouse gas emission reductions31,000 tonnes of CO2

The target of the programme is to replace all the 77 crore incandescent bulbs sold in India by LEDs. This will result in reduction of 20,000 MW load, energy savings of 100 billion kWh and Green House Gas (GHG) emissions savings of 80 million tons every year. The annual saving in electricity bills of consumers will be Rs. 40,000 crore, considering average tariff of Rs. 4 per kWh

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Union HRD Minister Launches Bharatavani Portal
May 26,2016

The Union HRD Minister, Smt Smriti Zubin Iani launched the multilingual knowledge portal www.bharatvani.in at Lucknow. While launching the app the Minister said that under the Prime Minister Shri Modis Digital India Mission, Bharatavani App will perform the task of bringing about digital revolution in the county. The Governments mission is to showcase the Indian culture and heritage to the world through the medium of technology.

This project is in line with the HRD Ministrys efforts to not only ensure universalization of education but also towards creation of a knowledge society in the digital age. The Central Institute of Indian Languages (CIIL), Mysuru is implementing this ambitious project of MHRD.

One Point language resource : Bharatavani is the first knowledge portal of its kind in India which focuses on becoming a single point source for multiple language learning, content and technology.

Given Indias diversity, Bharatavani is an attempt to bring the people of India under one portal, its goal being to bridge the Digital and language divide, with the idea to publish as well as involve people in the Open Knowledge movement.

Window to language diversity: Government of India with the launch of this multilingual portal reiterates its commitment to the protection, preservation and inclusion of all Indian languages through technological development without discrimination. Indias diversity includes a treasure trove of knowledge and indigenous culture and the Government will take all measures required to develop the spread of Indian languages across communities and cultures.

Fostering National Integration: By its very nature, Bharatavani aims to foster national integration by emphasizing on multilingual and cross-lingual learning tools and technologies. Many cross-lingual grammar books, learning courses, will not only enable learning of languages but their transliteration will enable us to learn another language instantly. This can be experienced by way of the Bharatavani App, which has been so designed to enable users to read any language in any script through any language interface.

Catalyst to Language Technology Development Technology Development for Indian Languages will be made much easier with Bharatavani turnout to be Indias largest language Corpus. Digitization of hundreds of multilingual, multi-topic dictionaries, will provide Bharatavani a massive data set of linguistic terminologies, thereby leveraging research and development. Bharatavani aims to establish itself as a single point online window to knowledge in and about Indian Languages, dictionaries, language IT tools and textbooks.

Bharatavani Multi-lingual App: Unique multiple source of worlds

Alongwith the Bharatavani portal, MHRD has also launched the Bharatavani Multi-lingual App called Bharatavani. This App will enable users to search for one language text in another language as well as get meanings in different languages. Currently the App has 35 multilingual Dictionaries and MHRD aims to extend it to 250 dictionaries in a years time. This App, on the day of its launch becomes Indias first and largest multilingual dictionary. Our endeavour is to make it the worlds biggest online multilingual dictionary source.

Salient features : Bharatavani makes available knowledge already published by Government and publicly funded institutions all over the country and puts its across for free and fair public usage, by deploying a robust, interactive, user friendly web tools. Its content is protected by fair usage clauses under the Indian Copyright Act.

The Bharatavani Portal would publish the content in the following main sections:

1. Paa Thyapustaka Kosha : Textbooks by various authorities

2. Jnana Kosha : Encyclopedic Knowledge base in all languages

3. Shabda Kosha: Dictionaries, Glossaries, Terminologies,

4. Bhasha Kosha: Language learning books

5. Suchanaa Praudyogikii Kosha : It tools ( right now linked to TDIL)

6. Bahumaadhyama Kosha: Multimedia content

Significantly, more than 130 Dictionaries, Glossaries and Terminology books have been posted on the web portal. These dictionaries are available in text and PDF formats.

Many institutions both at National and State level have declared their support to this initiative and have already signed MOUs with Bharatavani. All content in print and other formats will be completely digitized and put onto the portal in the form of searchable text. The portal has been launched in 22 scheduled languages, which eventually will be extended to 100 more languages

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For the Year 2016-17, Target of Food Grains Production is 270.10 Million Tonnes
May 26,2016

Union Agriculture and Farmers Welfare Minister, Shri Radha Mohan Singh said that the country will have record production of food grains during 2016-17. The Minister added that a good monsoon is expected in coming months and target of food grains production is set as 270.10 million tonnes for the year 2016-17. Union Agriculture and Farmers Welfare Minster observed that this is an ambitious target for the food grains production.The Minister has given his approval for the target production of different corps for the year 2016-17.

Shri Singh said that a target of 108.50 million tonnes rice production has been fixed for the year 2016-17. Whereas, it is 96.50 million tonnes for the crop of wheat. For all kinds of pulses, the target has been fixed 20.75 million tonnes whereas it is 35 million tonnes for oilseed. A target of 355 million tonnes production of sugarcane has been earmarked.

Union Agriculture and Farmers Welfare Minister said that despite two consecutive droughts, production of food grains went up in comparison to last year. It is estimated at 252.23 million tonnes of food grains in 2015-16.

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Small Wind Solar Hybrid System to provide electricty to unelectrified areas
May 25,2016

Ministry of New and Renewable Energy is implementing a programme to promote the installation of Small Wind Energy and Hybrid Systems (SWES) with the objective to provide electricity in unelectrified areas or areas with intermittent electric supply. The first- such Pilot-cum- demonstration project of 25 KW capacity will be installed at the wind turbine test station of National Institute of Wind Energy at Kayathar, Tootikudi District, Tamil Nadu.

Under the programme, MNRE provides Central Financial Assistance (CFA) to community users for installation of such systems. The total installed capacity as on 31st March 2016 is 2.69 MW. There are 6 small wind turbine manufacturers and 9 models empanelled under this programme.

The SWES projects have been highly successful in USA and European countries. Initially, 10 such demonstration projects will be supported for grid integration. The tentative cost for each of the roject will be in the range of Rs 2-3 lakh per KW, depending upon the configuration and location of the projects. The Ministry will support upto 50% of the project cost.

The installation of such projects and its success would lead towards launching of National Programme on Grid connected small wind and solar hybrid system in future.

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New website of Ministry of AYUSH and web portal for IDY launched by Shri Shripad Yesso Naik
May 25,2016

Minister of State (Independent Charge) for AYUSH Shri Shripad Yesso Naik launched the new website of the Ministry of AYUSH and web portal for International Day of Yoga (IDY).

The website http://ayush.gov.in has been developed as part of digital India programme, using content management framework (CMF) approach.

The website is compliant to Government of India guidelines for Websites (GIGW) and it is developed on open source platform by NIC. This website is mobile friendly and CMF approach would adapt to all screen sizes across all platforms viz. Android, IOS and Windows.

The new portal for IDY has a provision for news to provide all the updated and relevant information relating to International Day of Yoga-2016. It has a social wall where all the social media interactive platform shall be available for the visitors to keep track on the discussions and participate in them. The portal will also have linkages of all the important web pages of the Government of India such as Swachh Bharat, Make in India etc.

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Cabinet gives ex-post facto approval to the Amendments in the Constitution (Scheduled Tribes) Order, 1950 to modify the list of Scheduled Tribes (STs)
May 25,2016

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its approval for introduction of two Bills in the Parliament for certain amendments in the Constitution (Scheduled Tribes) Order, 1950 so as to modify the list of Scheduled Tribes in respect of five States, namely, Assam, Chhattisgarh, Jharkhand, Tamil Nadu, Tripura and identification of new communities in the Union Territory of Puducherry. 

The following communities as per approved modalities were found to be eligible for their inclusion in, exclusion from and other modifications in the list of Scheduled Tribes: 

Sl.No.

State / Union Territory

Inclusion / Exclusion / Rectification / Identification

Community

1.

Assam

Inclusion

i) Boro, Boro Kachari, 
   Bodo, Bodo Kachari
ii) Karbi (Mikir)

2.

Chhattisgarh
Chhattisgarh

Inclusion
Rectification of Hindi Version of the Notification

 

iii) Bhuinya, Bhuiyan, Bhuyan
iv) Dhanuhar / Dhanuwar
v) Kisan
vi) Saunra, Saonra
vii) Dhangad

3.

Jharkhand

Inclusion

viii) Bhogta, Deshwari, Ganjhu, Dautalbandi (Dwalbandi), Patbandi, Raut, Maajhia, Khairi (Kheri)
ix)  Puran

4.

Tamil Nadu

Inclusion

 x) Malayali Gounder
xi) Narikoravan, 
     Kurivikkaran

5.

Tripura

Inclusion

xii) Darlong

6.

Puducherry

Identification (First Order)

xiii) Irular (including Villi and Vettaikaran)

After the Bill becomes as Act, members of the communities included in the list of Scheduled Tribes will be able to derive benefits meant for Scheduled Tribes under the existing schemes.  Some of the major schemes of this kind include Post Matric Scholarship, National Overseas Scholarship, National Fellowship, Top Class Education, Concessional Loans from National Scheduled Tribes Finance and Development Corporation, Hostels for ST boys and girls etc.  In addition to above, they will also be entitled to benefits of reservation in services and admission to educational institutions. 

Consequently, existing entries in list of Scheduled Castes (SCs) in case of Jharkhand and Other Backward Classes (OBCs) / Most Backward Classes (MBCs) of Central / State lists would be modified.

Background: 

The Constitution of India provides certain privileges / concessions to the members of Scheduled Tribes which are notified under the provisions of Article 342 of the Constitution of India.  First list of Scheduled Tribes in relation to a State or Union Territory is to be issued by a notified Order of the President after having consultation with the State Government concerned.  Any subsequent inclusion in or exclusion from the list of Scheduled Tribes can be effected through an Act of Parliament as envisaged under clause (2) of Article 342. 

The Government approved Modalities in June, 1999 as amended in June 2002, for considering proposals in regard to modifications in the lists of Scheduled Tribes and Scheduled Castes.  According to the approved Modalities, amending legislation to the concerned Constitution Order is proposed only in respect of such proposals of the concerned State Government / Union Territory Administration, which have been agreed to both by the Registrar General of India (RGI) as well as the National Commission for Scheduled Tribes (NCST).

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Bina-Katni 3rd line project, West Central Railway approved
May 25,2016

The Cabinet Committee on Economic Affairs, chaired by the Prime Minister Shri Narendra Modi, has given its approval for taking up Bina-Katni 3rd line project at an estimated cost of Rs.2,478.23 crore and expected completion cost of Rs.2,917.06 crore.

The 278.7 km long railway line is expected to be completed in five years.

Besides facilitating the travel, the thermal Power Plants in the area will get 3rd line for transportation of their products. It will also greatly ease the ever increasing freight traffic between Bina-Katni section thereby increasing the revenue of Railways. Sagar, Damoh and Katni districts of Madhya Pradesh would also be benefitted through this project.

Bina-Katni is critical and busy section of West Central Railway serving Coal rakes for Thermal Power Plants at Chhabra Gugur and Jhalawar in Rajasthan and POL traffic for Mahadevkhedi in Madhya Pradesh. Present capacity utilization of the section is 136%. In view of the growing traffic and detention of crossing traffic, Bina/Mahadev Khedi - Katni/New Katni 3rd line is required to augment traffic flow in both directions.

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Doubling of Roza-Sitapur Cantt.-Burhwal Broad Gauge single line approved
May 25,2016

The Cabinet Committee on Economic Affairs, chaired by the Prime Minister Shri Narendra Modi, has given its approval for doubling of Roza -Sitapur Cantt.- Burhwal Broad Gauge single line project at an estimated cost of Rs.1,295.42 crore with expected completion cost of Rs.1,486.46 crore with 5% escalation per annum.

The length of the railway line will be 180.77 km. The completion period of the project will be five years.

Doubling of this line between Burhwal junction and Roza junction will fulfil the demand of the increasing traffic leading to socio economic development of area. Besides, there will be continuous double line track available from Gorakhpur to Delhi via Sitapur Cantt. and Moradabad. Barabanki and Sitapur districts of Uttar Pradesh would also be benefitted through this project.

Background:

Roza -Sitapur Cantt.- Burhwal is a single line section. On one side Gorakhpur-Lucknow is already double line section and on the other side that is Delhi-Lucknow via Moradabad route is also a double line section. Burhwal-Sitapur falls in the jurisdiction of North-Eastern Railway and Sitapur-Roza falls in the jursidiction of Northern Railway. The project route is starting from Burhwal junction (on Gorakhpur-Lucknow double line section) and passing through Sitapur Cantt. connects to Roza junction (on Delhi-Lucknow via Moradabad on double line section). The area through which the project line traverses is having big Military installation at Sitapur Cantt. After completion of this double line, there will be continuous double line track available from Gorakhpur to Delhi via Sitapur Cantt.

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Vizianagaram and Titlagarh 3rd line project, East Coast Railway approved
May 25,2016

The Cabinet Committee on Economic Affairs, chaired by the Prime Minister Shri Narendra Modi, has given its approval for taking up Vizianagaram and Titlagarh 3rd line project at an estimated cost of Rs.2,335.68 crore.

The length of the railway line will be 264.6 km. The completion period of the project will be five years.

The 3rd line is an alternative route to over-burdened existing line. This link also opens an alternative route to oversaturated Kharagpur - Jharsuguda section Howrah-Mumbai Grand Trunk Route and Howrah-Chennai section main line. Rayagada and Kalahandi districts of Odisha and Vizianagaram and Babbili districts of Andhra Pradesh would be benefitted through this project.

Background:

Vizianagaram and Titlagarh is a double line non electrified section of Jharsuguda-Vizianagaram line. The section is oversaturated with present capacity utilization of 106% and there is a huge detention to rolling stock. Average number of trains handled per day is 47 trains each way which includes 27 pairs of passenger trains and 20 pairs of Goods train. After industrialization between Jharsuguda-Rengali, and Talcher-Angul-Dhenkanal, 3rd line between Vizianagaram and Titlagarh is necessary to overcome the goods traffic in near future.

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Doubling of Surendranagar-Rajkot railway line approved
May 25,2016

The Cabinet Committee on Economic Affairs, chaired by the Prime Minister Shri Narendra Modi, has given its approval for doubling of Surendranagar-Rajkot project at an estimated cost of Rs.1,002.39 crore with expected completion cost of Rs.1,137.17 crore with 5% escalation per annum.

The length of the railway line will be 116.17 km. The completion period of the project will be four years.

Doubling of this line will greatly ease the ever increasing freight traffic between Okha-Rajkot, Porbandar-Kanalus, Veraval-Rajkot and Maliya Maiyana / Navalakhi-Dahinsara-Wankaner section.

Background:

Surendranagar-Wankaner-Rajkot Broad Gauge Section is an important and saturated single line section carrying traffic originating and terminating at various destinations in Saurashtra region of Gujarat State. This single line has to carry the passenger as well as freight traffic originating /terminating between Okha-Rajkot section, Porbandar-Kanlus section, Veraval-Rajkot section and Maliya Maiyana / Navalakhi-Dahinsara-Wankaner section. In addition to this, freight traffic from two branch lines namely Sikka-Kanalus junction and Windmill-Jamnagar sections are also converged on to the project route. This makes the project route very busy single line section with very high potential to further growth due to the high industrial development envisaged in Saurashtra region in the coming years.

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Doubling of Pune-Miraj-Londa railway line
May 25,2016

The Cabinet Committee on Economic Affairs, chaired by the Prime Minister Shri Narendra Modi, has given its approval for doubling of Pune-Miraj-Londa railway line project at an estimated cost of Rs.3,627.47 crore and expected completion cost of Rs.4,246.84 crore with 5% escalation per annum.

The length of the railway line will be 467 km. The completion period of the project will be five years.

Besides travelling people, industries in and around Miraj-Londa section will have additional transport capacity to meet their requirements. Doubling of this line will greatly ease the ever increasing freight traffic between Pune-Miraj-Londa section thereby increasing the revenue of Railways.

Background:

Miraj is a junction station on Londa to Mumbai double line route via Sangli, Karad, Satara. The Pune-Miraj section is non-electrified single line on diesel traction and it is oversaturated. The additional traffic running over and above 100% of utilization is proposed to be diverted on the proposed doubling. The doubling of the section would come as an advantage as it would strengthen the rail network necessary to operate more passenger trains with increased speed and better efficiency. Doubling between Bangalore-Hubli and Hospet-Vasco-da-gama is already in progress. Once these works are completed, there will be tremendous increase in traffic over the Miraj-Londa section. Therefore, doubling between Pune-Miraj-Londa is required.

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National Capital Goods Policy approved
May 25,2016

The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi has given its approval for National Capital Goods Policy. This is first ever policy for Capital Goods sector with a clear objective of increasing production of capital goods from Rs.2,30,000 crore in 2014-15 to Rs.7,50,000 crore in 2025 and raising direct and indirect employment from the current 8.4 million to 30 million.

The policy envisages increasing exports from the current 27 percent to 40 percent of production. It will increase the share of domestic production in Indias demand from 60 percent to 80 percent thus making India a net exporter of capital goods. The policy also aims to facilitate improvement in technology depth across sub-sectors, increase skill availability, ensure mandatory standards and promote growth and capacity building of MSMEs.

The Policy will help in realising the vision of Building India as the World class hub for Capital Goods. It will also play a pivotal role in overall manufacturing as the pillar of strength to the vision of Make in India.

The objectives of the policy will be met by the Department of Heavy Industry in a time bound manner through obtaining approval for schemes as per the roadmap of policy interventions.

Background:

The idea of a National Capital Goods Policy was first presented by the Deptt. of Heavy Industry to the Prime Minister in the Make in India workshop held in December, 2014. The policy has been finalized after extensive stakeholder consultations with industry, academia, different ministries etc. The key recommendations and elements of the policy have been formulated to support and boost development of this crucial sector. The aim of the policy is create game changing strategies for the capital goods sector. Some of the key issues addressed include availability of finance, raw material, innovation and technology, productivity, quality and environment friendly manufacturing practices, promoting exports and creating domestic demand.

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Financial restructuring of Hindustan Steel Works Construction and its takeover by National Buildings Construction Corporation
May 25,2016

The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi has given its approval for financial restructuring of Hindustan Steel Works Construction (HSCL). It has also approved its takeover by National Buildings Construction Corporation (NBCC), a Central Public Sector Enterprise under the Ministry of Urban Development.

The existing paid up equity capital of the HSCL is Rs.117.1 crore. Under the proposal, the Government of India Non Plan Loan and Plan Loan along with accumulated interest thereon and outstanding guarantee fee worth Rs.1502.2 crore will be converted into equity and equity capital of the company will be raised to that extent. The paid up equity capital of the company will become 1619.3 crore. Against this, the accumulated losses of Rs.1585 crore, as on 31 March 2015, will set off. After writing off of the accumulated losses, the equity and paid up capital of HSCL will become Rs. 34.3 crore. NBCC will infuse funds of Rs. 35.7 crore as equity into HSCL. HSCL will become subsidiary of NBCC with NBCC holding 51% equity holding. The shareholding of Government of India in HSCL will be reduced to 49%. The equity and paid up capital of HSCL will become Rs.70 crore.

NBCC and HSCL are Government of India enterprises with similar lines of business activities. The decision will benefit in economies of scale for NBCC and would assist in better manpower utilization. NBCC and HSCL will benefit from each others resources and expertise. HSCL will be able to fulfill its commitments of execution of projects and the orders.

Government of India will provide one-time support of Rs.200 crore for settling term loans availed from commercial banks. It will also bear the contingent liability of Rs.110 crore (approximately) as decided by the Supreme Court in compensation for VRS liabilities. In addition, Government of India will also pay the outstanding interest on the bank loans for the financial year 2015-16 amounting to Rs. 44 crore approximately (till 31 March 2016) and the amount of interest up to the date of takeover of HSCL by NBCC.

Background:

HSCL was established in the year 1964 for construction of modern integrated steel plants. Over the years the company has diversified into other civil infrastructure construction projects. HSCL started incurring losses since 1978-79 mainly due to absorption of large workforce of several PSUs and private companies increasing the workforce from 4,100 in 1970 to 26,537 in 1979. The revival package for HSCL approved by Government of India in 1999 and further attempts for financial restructuring the company were not successful.

The Committee of Secretaries recommended in July, 2015 that Ministry of Steel may explore the possibility of merger/takeover of HSCL by another CPSE in a related sector. A Group of Secretaries (GoS) was constituted to prepare a Paper on way forward for HSCL. On the recommendations of the GoS, and the subsequent consensus, a Cabinet Note was prepared for financial restructuring of HSCL and its takeover by NBCC.

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Cabinet gives ex-post facto approval to the proposal of M/s Yes Bank for increase in the foreign investment limit from 41.87% to 74%
May 25,2016

The Cabinet Committee on Economic Affairs chaired by the Prime Minister Shri Narendra Modi today granted ex-post facto approval to the proposal of M/s Yes Bank for increase in the foreign investment limit to 74% from the existing foreign equity of 41.87% without any sub-limits, for investment by way of issue of non-equity shares and/or other permissible instruments to eligible non-resident investors.

The mode of instruments include Qualified Institutions Placement (QIP) of equity shares and/or issue of ADRs/GDRs and/or QFIs/FPIs under the Portfolio Investment Scheme (PIS) by acquisition of permissible securities on stock exchange (except NRIs). The approval may be accorded subject to the conditions referred to para 8.2 of the Note.

This will result in a Foreign Direct Investment of US $ 1 billion (Rs. 6885 crores approx.) in the country.

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