Banking, Financial and Economic Awareness of 18 November 2019

1. Softbank’s Yahoo Japan to merge with Line Corp

• SoftBank Corporation is planning to merge its internet unit Yahoo Japan with Line Corporation.
• Yahoo Japan changed its name last month to Z Holdings.
• Line Corporation is a subsidiary of South Korea’s Naver Corporation. Naver and SoftBank will form a joint venture with 50:50 stake holdings to control Z Holdings.

2. Company Law Tribunal recommends decriminalization of 46 penal provisions

• The Company Law Committee (CLC) has recommended an amendment to the 46 penal provisions in the existing company law.
• The panel urges to restrict punishment to fine or to allow rectification of defaults using alternative mechanisms. The panel recommends the decriminalization of these 46 penal provisions.
• The panel has also recommended the omission of 7 compoundable offenses while retaining the status quo in case of the non-compoundable offenses.
• The committee proposed benches of the National Company Law Tribunal Appellate.
• The committee was formed in September 2019 and was chaired by Injeti Srinivas.  
• National Company Law Tribunal Appellate (NCLAT)- It was formed under the Companies Act, 2013 to hear the appeals against orders of National Company Law Tribunal (NCLT), Insolvency and Bankruptcy Board of India and Competition Commission of India.
• Chairperson of NCLAT- Shri S J Mukhopadhaya

3. Advent International to acquire a majority stake in Bharat Serums & Vaccines

• Advent International, a US-based private equity company, will be acquiring majority stakes in Bharat Serums and Vaccines (BSV).
• OrbiMed and Kotak will be able to fully exit their investment in the company with this decision.
• Bharat Serums and Vaccines Limited:
  • It is one of the fastest-growing biopharmaceutical companies in India and is located in Mumbai.
  • Chairman and Managing Director- Mr. Bharat V. Daftary

4. OPEC’s share of India’s oil imports declined to 73% in October

• For the first time since 2011, the OPEC’s share of India’s oil imports declined to the lowest, i.e. 73%.
• India is the world’s third-biggest oil importer, and it usually imports at 80% of the oil from OPEC members.
• Organization of the Petroleum Exporting Countries (OPEC):
  • It is an intergovernmental organization of oil-exporting countries that was found in 1960 in Baghdad by Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela.
  • Headquarters- Vienna, Austria
  • 14 Members- Iran, Iraq, Kuwait, Saudi Arabia, Venezuela, Libya, the United Arab Emirates, Algeria, Nigeria, Ecuador, Gabon, Angola, Equatorial Guinea, and Congo