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Syngene International announces completion of deal with Strand Life Sciences
Sep 21,2016

Syngene International announced that the Company has completed a deal through which Syngene has purchased assets of Strand LifeSciences related to systems biology, Heptox and pharma bioinformatics services. This includes target dossier business and rights to NGS data analytics and Sarchitect platforms, supported by a strong scientific team. Financial details of the deal were not disclosed.

This deal gives Syngene access to Strands patented Virtual Liver model and the NGS analytics platform. The Virtual Liver model is able to predict the toxic effect of different drugs or chemicals on the liver (both rat and human) using information from laboratory based experiments prior to actual testing on live animals or humans. Strand NGS is an integrated platform that provides analysis, management and visualization tools fornext-generation sequencing data.

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India Infraspace fixes record date for scheme of demerger
Sep 21,2016

India Infraspace has fixed 30 September 2016 as the Record Date for allotment of shares, pursuant to the Scheme of demerger of the Company as sanctioned by the Honble High Court of Gujarat vide its order dated 16 June 2016.

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Cabinet approves the River Ganga (Rejuvenation, Protection and Management) Authorities Order, 2016
Sep 21,2016

The Union Cabinet under the Chairmanship of Prime Minister Shri Narendra Modi has approval the River Ganga (Rejuvenation, Protection and Management) Authorities Order, 2016. The Order lays down a new institutional structure for policy and implementation in fast track manner and empowers National Mission for Clean Ganga to discharge its functions in an independent and accountable manner. It has been decided to grant a Mission status to the Authority with corresponding powers under Environment (Protection) Act, 1986 to take cognizance of the provision of the said Act and follow up thereon. Similarly, there is adequate delegation of financial and administrative powers which will distinctly establish NMCG as both responsibility and accountability centre and effectively accelerate the process of project implementation for Ganga Rejuvenation.

Salient Features:

Briefly, the Order envisages:

1. Creation of the National Council for River Ganga (Rejuvenation, Protection and Management), as an Authority under the Chairperson of Honble Prime Minister, in place of the existing NGRBA for overall responsibility for superintendence of pollution prevention and rejuvenation of river Ganga Basin.

2. Setting up of an Empowered Task Force chaired by Honble Minister of Water Resources, River Development and Ganga Rejuvenation to ensure that the Ministries, Departments and State Governments concerned have:

An action plan with specific activities, milestones, and timeliness for achievement of the objective of rejuvenation and protection of River Ganga.

A mechanism for monitoring implementation of its action plans.

It will also ensure co-ordination amongst the Ministries and Departments and State Governments concerned for implementation of its action plans in a time bound manner.

3. Declaration of National Mission for Clean Ganga (NMCG) as an Authority with powers to issue directions and also to exercise the powers under the Environment (Protection) Act, 1986 to enable it to carry out efficiently its mandate. The NMCG will have a two-tier management structure with a Governing Council (GC), to be chaired by DG, NMCG. Below the GC, there will be an Executive Committee (EC) constituted out of the GC, to be chaired by the DG, NMCG.

NMCG will comply with the decisions and directions of the National Ganga Council and implement the Ganga Basin Management Plan approved by it; co-ordinate and carry out all activities necessary for rejuvenation and protection of River Ganga and its tributaries.

4. At the State level, it is proposed to create the State Ganga Committees in each of the defined States as Authority, to function as Authorities in respect of each State and perform the superintendence, direction and control over the District Ganga Protection Committees under their jurisdiction.

5. Similarly, the District Ganga Committees in each of the Ganga Bank Districts will carry out the assigned tasks as an Authority at the district level, to take cognizance of local threats and needs of river Ganga and conceptualise such measures as necessary to ensure overall quality of water in river Ganga and monitor various projects being implemented.

The proposed structure is to be implemented through the subordinate legislation route by issue of an Order invoking the provisions under Section 3 of Environment (Protection) Act, 1986 (29 of 1986) relating to creation of authorities to achieve its objectives.

The other main features of the proposal are as follows:

This will give more teeth to the NMCG for Clean Ganga for the environmental protection/rejuvenation of River Ganga. It will also ensure proper co-ordination with the local bodies and compliance with the directions of NMCG for pollution abatement of the river Ganga.

NMCG will, however, take action only in the event when required action is not taken by CPCB. CPCB shall also take action jointly with NMCG under the provisions of said Act.

A special focus of the revamped structure would be to maintain required ecological flows in the river Ganga with the aim of ensuring water quality and environmentally sustainable development.

For taking up fast track creation of sewerage treatment infrastructure in Ganga basin, an innovative model based on Hybrid Annuity has also been approved. This will ensure that the infrastructure created under the project is operational on a sustainable basis.

In order to ensure transparency and cost effectiveness, a provision for concurrent audit, safety audits, research institutions and financial framework has been made.

Background:

The Ganga Action Plan (GAP) Phase-I was launched in 1985 and later GAP Phase-II was initiated in 1993 with the objective of improving the water quality of river Ganga and was later expanded to include some of its tributaries also. In May, 2015, the Government approved the Namami Gange programme as a comprehensive mechanism to take up initiatives for rejuvenation of river Ganga and its tributaries as a Central Sector Scheme with hundred per cent funding by the Union Government. The programme, despite making moderate gains in arresting the declines in water quality, had certain limitations in implementation.

Although, the NMCG has been functional as a registered Society since 2012 its role has been largely limited to fund the projects to implementing organisations. It neither had the mandate to take cognizance of various threats to river Ganga nor the powers to issue directions to the concerned authorities/polluters. While the organisation has been made responsible as custodian of river Ganga in both public eye as well as various courts, the mission is grossly ill-equipped to handle such expectations.

It is expected that the move will ensure effective abatement of pollution and rejuvenation of the River Ganga; maintain ecological flows in the River; impose restrictions on polluting industries; and carry out inspections to ensure compliance. In addition, it is proposed to maintain and disseminate data and carry out research on the condition of the river.

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Cabinet approves USOF support to BSNL for Rural Wire-line connections installed prior to 1.4.2002
Sep 21,2016

The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi, has approved the proposal to extend subsidy support of Rs. 1,250 crore to Bharat Sanchar Nigam Limited (BSNL) from Universal Service Obligation Fund (USOF), as compensation for deficit incurred by BSNL in operating the Rural Wire-line connections installed prior to 1st April, 2002. The eligible rural wire-line connections installed prior to 1.4.2002 is 32.32 lakh, across India as on 31.3.2014.

The Cabinet also approved that the above subsidy support would be the last and final payment and no further request from BSNL for financial/subsidy support from USOF on this count shall be considered.

In order to make Bharat Sanchar Nigam Limited (BSNL) eligible for subsidy funding on nomination basis from USOF, amendment will be required in Rule 526 of the Indian Telegraph Rules (ITRs), 1951. It stipulates that the criteria for selection of Universal Service Providers shall be made by bidding process from amongst eligible entities for implementation of USOF schemes. Corresponding Amendment in Rule 525 will also be required.

Full/lump-sum amount of Rs. 1,250 Crore shall be disbursed, consequent to necessary amendment of the ITRs and signing of USOF agreement with BSNL. Utilization certificate of the USOF subsidy disbursed towards operation and maintenance of the rural wire-line connections would be submitted by BSNL.

Background:

USOF since its inception in 2002 has been providing subsidy for BSNL for the rural wire line connections installed prior to 1.4.2002. A total of Rs. 8,692 crore has been extended as USOF subsidy support till date, for the rural wire-line connections, installed by BSNL prior to 1.4.2002. The details are as follows:

USOF Scheme

 

Basis

 

Amount (Rs. crore)

 

Period of support

 

RDEL-D

 

Difference between regulated rental and actual rental

 

1192

 

1st April 2002 to

31st January 2004

 

RDEL-P

 

TRAI recommendations dated 27.03.2008

 

6000

 

18th July 2008 to 17th July 2011

 

RDEL-P

 

TRAI recommendations dated 14.05.2012

 

1500

 

18th July 2011 to 17th July 2012

The TRAI in its report dated 14.05.2012 had recommended amount of subsidy support-of Rs. 1,500 crore for the period 18th July 2011 to 17th July 2012 and Rs. 1,250 crore for the 18th July 2012 to 17th July 2013.

Telecom Commission, in its meeting dated 11.12.2012, considered the views of the TRAI and USOF and directed that an assessment be carried out of the current status of the infrastructure.

Telecom Commission/EFC in its meeting dated 14th July 2015 considered the findings of the evaluation/assessment study conducted by National Institute of Communication Finance and recommended the subsidy support of Rs. 1250 crore to BSNL from USOF, as compensation for deficit incurred by BSNL in operating the Rural Wire-line connections installed prior to 1st April 2002 Telecom Commission also recommended that the subsidy support of Rs. 1250 crore would be the last and final payment and no further request from BSNL for financial/subsidy support from USOF on this count shall be considered.

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Cabinet approves Agreement between India and Samoa for exchange of information with respect to Taxes
Sep 21,2016

The Union Cabinet under the Chairmanship of Prime Minister Shri Narendra Modi has given its approval for signing and ratification of Agreement between India and Samoa for the exchange of information with respect to Taxes.

The Agreement will stimulate the flow of exchange of information between India and Samoa for tax purposes which will help curb tax evasion and tax avoidance.

There is no financial implications at present. Only in the event of extraordinary costs exceeding USD 500, the same will be borne by India. India has similar provisions in other such tax information exchange agreement.

Salient features of the Agreement:

1. The Agreement enables the competent authorities of India and Samoa to provide assistance through exchange of information that is foreseeably relevant to the administration and enforcement of the domestic laws of the two countries concerning taxes covered by this Agreement.

2. The information received under the Agreement shall be treated as confidential and may be disclosed only to persons or authorities (including courts or administrative bodies) concerned with assessment, collection, enforcement, prosecution or determination of appeals in relation to taxes covered under the Agreement. Information may be disclosed to any other person or entity or authority or jurisdiction with the prior written consent of the information sending country.

3. The Agreement also provides for Mutual Agreement Procedure for resolving any difference or for agreeing on procedures under the Agreement.

4. The Agreement shall enter into force on the date of notification of completion of the procedures required by the respective laws of the two countries for entry into force of the Agreement.

Background:

The Central Government is authorized under section 90 of the Income Tax Act, 1961 to enter into an Agreement with a foreign country or specified territory for exchange of information for the prevention of evasion or avoidance of income-tax chargeable under the Income-tax Act, 1961. Negotiations for entering into an Agreement for the exchange of information with respect to Taxes were finalized between India and Samoa in June, 2016 and both countries have agreed on the text of the Agreement.

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Cabinet gives ex-post facto approval to enhancement of Pension for Freedom Fighters
Sep 21,2016

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its ex-post facto approval to enhancement of Pension for Freedom Fighters and for the spouses (widows/widowers), eligible daughters and dependent parents of deceased Freedom Fighters, under the Swatantrata Sainik Samman Pension Scheme (SSSPS), 1980.

The existing pension scheme for Central freedom fighter pensioners and their eligible dependents has been restructured as follows:-

Sl.
No.Category of Freedom FightersPresent amount of pension (per month)Enhanced amount of pension (per month)1.Ex-Andaman Political Prisoners/ spousesRs. 24,775Rs. 30,000/-2.Freedom fighters who suffered outside British India/spousesRs. 23,085/-Rs. 28,000/-3.Other Freedom Fighters / spouses including INARs. 21,395/-Rs. 26,000/-4.Dependent parents/eligible daughters (maximum 3 daughters at any point of time)Rs. 3,380/-50% of the sum that would have been admissible to the Freedom Fighter i.e. in the range of Rs. 13,000/- to Rs. 15,000/-

(i)                    The revised scale of pension has taken effect from 15.O8.2016. Further, the revised total amount of pension will be taken as basic pension for the respective categories of Freedom Fighter pensioners for calculating Dearness Relief.

(ii)                  The existing Dearness Relief system based on All India Consumer Price Index for Industrial workers, which was so far applicable to freedom fighter pensioners on annual basis, is being discontinued and replaced by the Dearness Allowance system applicable to Central Government employees twice a year. This will be termed as Dearness Relief, the appropriate term in case of pensioners.

All freedom fighters and spouses and dependent parents/eligible daughter pensioners of deceased freedom fighters drawing pension under the Swatantrata Sainik Samman Pension Scheme, 1980 would be benefitted by the decision.

Background

.                        Government of India introduced in 1969, the Ex-Andaman Political Prisoners Pension Scheme to honour the freedom fighters who had been incarcerated in the Cellular Jail at Port Blair. In order to commemorate the 25th Anniversary of Independence in 1972, a regular scheme for grant of freedom fighters pension was introduced. Thereafter, with effect from 1.8.1980, a liberalized scheme, the Swatantrata Sainik Samman Pension Scheme is being implemented. Besides the freedom fighters, spouses (widows.widowers), unmarried and unemployed daughters (up to maximum three at any point of time) and parents of deceased freedom fighters are eligible for pension under the Scheme. Till 2016, a total of 1,71,605 freedom fighters and their eligible dependents have been sanctioned pension under the scheme. At present, 37,981 freedom fighters and their eligible dependent pensioners are covered under the scheme. Out of these, 11,690 are freedom fighters themselves, 24,792 are spouses (widows/ widowers) and 1,490 are daughter pensioners. Instructions have been issued to all the authorized banks for ensuring Aadhar linked disbursement of Freedom Fighter pension as early as possible.

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SM Energy Teknik & Electronics to hold AGM
Sep 21,2016

SM Energy Teknik & Electronics announced that the Annual General Meeting (AGM) of the company will be held on 21 September 2016.

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Bloom Industries to hold AGM
Sep 21,2016

Bloom Industries announced that the Annual General Meeting (AGM) of the company will be held on 19 September 2016.

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Varanasi seeks to become Suramya, Samunnat, Sanyojit Kashi under Smart City Plan
Sep 21,2016

One of the ancient cities of the world, Varanasi seeks to acquire smart city features through retrofitting of an area of 1,389 acres in the iconic old city area along the Ganga River besides enabling e-governance for the benefit of the people of the entire city. Based on the Rs.2,520 cr Smart City Plan submitted by the city government, Varanasi was yesterday declared by the Minister of Urban Development Shri M.Venkaiah Naidu as one of the new batch of 27 cities selected for financing smart city development plans.

The Smart City Plan of Varanasi aims at turning the city into a Suramya, Samunnat, Surakshit, Sanyojit, Nirmal and Ekikrit Kashi by addressing the present bottlenecks in infrastructure and city governance.

After considering nine locations of the city and based on voting by over four lakh citizens n++old city with Ganga as its pivot and Kashi Vishwanath Temple defining the awe, ethos, beliefs and the preferences of the masses, emerged as the forerunner for Area Based Developmentn++ said the city government in the smart city proposal. E-governance and integrated traffic management were prioritized for technology based Pan-city solutions.

The old city area chosen for area based development accounts for 7% of citys geographical area, 31% of population and 38% of citys GDP. Rs.1,659 cr will be spent on area development and Rs.618 cr on Pan-city solutions. The rest includes technical and administrative expenses and other contingencies.

With about 65 lakh tourists visiting the city every year, the proposal for Varanasi seeks to leverage the citys rich cultural heritage by enhancing the citys presentation and appeal (Suramya) to take full advantage of tourism potential and ensure socio-economic growth (Samunnat) for increased employment opportunities, ensuring security (Surakshit), enabling hassle free movement (Sanyojit), cleanliness (Nirmal) and integrated, technology based governance (Ekikrit) for Simple, Modern, Accountable, Responsive and Transparent services.

Under retrofitting of the area chosen for development through necessary interventions, works proposed to be taken relate to rejuvenation of ghats and temples, ensuring assured supply of power and water, waste management, improvement of waterways, development of 11 parks, smart multi-level parking spaces, cultural-cum-convention centre, Kahsi Kala Dham, Town Hall, Silpi Haat, Centre of Excellence with Hall of Fame, Light and Sound Show, Night Bazar, rejuvenation of water bodies, pedestrian pathways, Non-motorised transport, Energy Efficient Street Lighting etc, underground cabling, improved sign boards etc.

With citizens voting for improving of city governance and quick urban mobility as the two priorities for technology based Pan-city Solutions, the Varanasi Municipal Corporation has proposed Optic Fibre Connectivity across the city, online payment of utility bills and service delivery, intelligent traffic management systems including GPS on buses, e-booking of boats, guides, taxis etc, CCTV based monitoring and surveillance, e-Suvidha centres, information delivery on Mobile Apps, Smart Card for all services etc.

Public-Private Partnership (PPP) model has been proposed for smart multi-level parking spaces, upgradation of stadium, Internet Modal Hubs, battery operated buses, e-auto for last mile connectivity etc.

The Smart City Plan of Varanasi aims at increasing tourist inflow by over 25% and increase in revenue generation from international tourists and pilgrims by over 30%.

In addition to the support from central and state government, costs of Varanasis smart city proposal are to be met with resources of Rs.1,290 cr through convergence of various schemes, Rs.505 cr from the Corporations own resources and Rs.140 cr from PPP.

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Stampede Capital advances after bulk deal
Sep 21,2016

Meanwhile, the S&P BSE Sensex was down 13.41 points, or 0.05%, to 28,509.79

Bulk deal boosted volume on the scrip. On BSE, so far 15.04 lakh shares were traded in the counter, compared with an average volume of 7.10 lakh shares in the past one quarter. The stock hit a high of Rs 41.40 hit a low of Rs 38.50 so far during the day. The stock hit a 52-week high of Rs 51.40 on 3 December 2015. The stock hit a 52-week low of Rs 32.50 on 20 January 2016. The stock had underperformed the market over the past 30 days till 20 September 2016, falling 4.64% compared with 1.92% rise in the Sensex. The scrip also underperformed the market in past one quarter, sliding 14.88% as against Sensexs 6.57% rise.

The small-cap firm has an equity capital of Rs 22.90 crore. Face value per share is Re 1.

Stampede Capitals consolidated net profit rose 42.73% to Rs 18.17 crore on 121.9% rise in total income to Rs 71.34 crore in Q1 June 2016 over Q1 June 2015.

Stampede Capital provides securities trading and broking services.

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Cabinet approves extension of the validity of Central Orders in respect of edible oils & edible oilseeds, pulses
Sep 21,2016

The Union Cabinet under the Chairmanship of Prime Minister Shri Narendra Modi has given its approval for extension of the validity of the existing Central Orders dated 28.09.2015 in respect of edible oils and edible oilseeds and Central Order No. S.O. No. 2857(E) dated 18.10.2015 in respect of pulses for a further period of one year from 01.10.2016 to 30.09.2017.

The main objective of the decision is to enable the State Governments to issue control orders with the prior concurrence of Central Government, for fixing stock limits/licensing requirements in respect of pulses, oilseeds and edible oils, whenever need is felt by them. This is expected to help in the efforts being taken to improve the availability of these commodities to general public especially the vulnerable sections and control the tendencies of hoarding and profiteering.

Background:

Vide Central Governments Order dated 15.2.2002, certain categories of foodstuffs were removed from the licensing, stock limits and movement restrictions. From time to time thereafter, Government has been issuing notifications with the approval of the Cabinet, amending/keeping in abeyance the operation of the 2002 Order, whenever there is any abnormal price rise in any of the specified food commodities, for certain period. Restrictions regarding pulses were first imposed in August 2006 and are extended from time to time. Oils and oilseeds were added later in April, 2008 and the same were extended from time to time. The validity of the current Order is expiring on 30.9.2016 seeking further extension considering the prevailing current situation.

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Cabinet approves conversion of Government of India loan into equity and waiver of interest in respect of Richardson & Cruddas (1972)
Sep 21,2016

The Union Cabinet under the Chairmanship of Prime Minister Shri Narendra Modi has approved the proposal of Department of Heavy Industry for enabling M/s Richardson & Cruddas (1972) Limited (R&C), a Central Public Sector Enterprise, to come out of purview of Board for Industrial and Financial Reconstruction (BIFR). For this purpose Cabinet approved the conversion into equity of the Government of India loan of Rs 101.78 crores given to the Company, alongwith the interest amounting to Rs 424.81 Crore accrued on this loan.

The Cabinet further approved in principle, the strategic disinvestment of Nagpur and Chennai units of the Company and shifting of operations from Mumbai land to other locations of company. However the Companys land at Mumbai will be converted from lease hold to Occupation Class II so as to enable the company to identify the best use of this piece of land for optimal utilization as per Government guidelines.

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Cabinet approves provision of submarine optical fibre cable connectivity between mainland (Chennai) and Andaman & Nicobar Islands
Sep 21,2016

The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi, has given its approval for provision of a direct communication link through a dedicated submarine Optical Fibre Cable (OFC) between Mainland (Chennai) and Port Blair & five other islands viz. Little Andaman, Car Nicobar, Havelock, Kamorta and Great Nicobar.

The estimated cost of the project is Rs. 1102.38 crore including operational expenses for 5 years. The project is likely to be completed by December 2018.

The approval would equip Andaman & Nicobar Islands (ANI) with appropriate bandwidth and telecom connectivity for implementation of e-Governance initiatives; establishment of enterprises & e-commerce facilities. It will also enable the provision of adequate support to educational institutes for knowledge sharing, availability of job opportunities and fulfil the vision of Digital India.

Background:

The Andaman and Nicobar Islands are of immense strategic significance for India. The geographical configuration and the location of the Andaman & Nicobar Islands chain in the Bay of Bengal safeguard Indias eastern seaboard. Provision of secure, reliable, robust, and affordable telecom facilities in these islands is of importance from a strategic point of view to the country and also an important requirement for the socio-economic development of the islands.

Currently the only medium of providing telecom connectivity between Mainland and Andaman & Nicobar Islands is though satellites, but the bandwidth available is limited to 1 Gbps. Satellite bandwidth is very costly and its availability is limited due to which future bandwidth requirement cannot be met solely through it. Then, there is an issue of redundancy, that is, no alternate media is available in case of any emergency. Lack of bandwidth and telecom connectivity is also hampering socio-economic development of the islands. Hence it is essential to have submarine OFC connectivity between the Mainland India and Andaman & Nicobar Islands, being the only option for catering to projected future bandwidth requirements.

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Cabinet approves enactment of Admiralty (Jurisdiction and Settlement of Maritime Claims) Bill 2016 and to repeal five archaic admiralty statutes
Sep 21,2016

The Union Cabinet under the Chairmanship of Prime Minister Shri Narendra Modi has given its approval to the proposal of Ministry of Shipping to enact Admiralty (Jurisdiction and Settlement of Maritime Claims) Bill 2016 and to repeal five archaic admiralty statutes.

The Bill consolidates the existing laws relating to admiralty jurisdiction of courts, admiralty proceedings on maritime claims, arrest of vessels and related issues. It also repeals five obsolete British statues on admiralty jurisdiction in civil matters, namely, (a) the Admiralty Court Act, 1840 (b) the Admiralty Court Act, 1861, (c) Colonial Courts of Admiralty Act, 1890, (d) Colonial Courts of Admiralty (India) Act, 1891, and (e) the provisions of the Letters Patent, 1865 applicable to the admiralty jurisdiction of the Bombay, Calcutta and Madras High Courts.

Salient Features of Admirability Bill, 2016

This legislative proposal will fulfil a long-standing demand of the maritime legal fraternity. The salient features are as follows:-

n++ The Bill confers admiralty jurisdiction on High Courts located in coastal states of India and this jurisdiction extends upto territorial waters.

n++ The jurisdiction is extendable, by a Central Government notification, upto exclusive economic zone or any other maritime zone of India or islands constituting part of the territory of India.

n++ It applies to every vessel irrespective of place of residence or domicile of owner.

n++ Inland vessels and vessels under construction are excluded from its application but the Central Government is empowered to make it applicable to these vessels also by a notification if necessary.

n++ It does not apply to warships and naval auxiliary and vessels used for non-commercial purposes.

n++ The jurisdiction is for adjudicating on a set of maritime claims listed in the Bill.

n++ In order to ensure security against a maritime claim a vessel can be arrested in certain circumstances.

n++ The liability in respect of selected maritime claims on a vessel passes on to its new owners by way of maritime liens subject to a stipulated time limit.

n++ In respect of aspects on which provisions are not laid down in the Bill, the Civil Procedure Code, 1908 is applicable.

Background:

India is a leading maritime nation and maritime transportation caters to about ninety-five percent of its merchandise trade volume. However, under the present statutory framework, the admiralty jurisdiction of Indian courts flow from laws enacted in the British era. Admiralty jurisdiction relates to powers of the High Courts in respect of claims associated with transport by sea and navigable waterways. The repealing of five admiralty statutes is in line with the Governments commitment to do away with archaic laws which are hindering efficient governance.

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OCL Iron & Steel provides update on scheme of arrangement
Sep 21,2016

OCL Iron & Steel announced that the Company in compliance of Regulation 37 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 has filed the Scheme with the Honble High Court of Odisha at Cuttack (High Court) vide Company Petition No. 48/2016 (Petition) on 20 September 2016 for approval of the proposed Scheme (demerger of auto components business of the Company with and into its wholly owned subsidiary, OISL Auto). The Petition is tentatively listed before the High Court for hearing on 29 September 2016. OISL Auto has also filed an application with the Honble High Court of Rajasthan at Jaipur on 15 September 2016 and the matter is listed before the High Court for hearing on 23 September 2016.

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