Banking, Financial and Economic Awareness of 9 and 10 June 2020

1. Indian Depository Receipts (IDRs) are being delisted by StanChart

• Indian Depository Receipts (IDRs) are being delisted by Standard Chartered Bank (StanChart) Plc.
• StanChart's IDR had been the first IDR that was listed on Indian stock exchanges since 2010.
• 10 IDRs were equal to one share of Standard Chartered Bank (StanChart) Plc.
• On May 27, StanChart announced its decision to redeem (repay) outstanding (unpaid) securities on July 14.  
• In 2010, SEBI has allowed overseas listed companies to issue tradable certificates to Indian shareholders. These certificates are called IDRs. They are tradable on BSE and NSE.
• SEBI had allowed IDRs to attract overseas companies for raising money in India.
• Standard Chartered Bank (StanChart) Plc. is a London-based company providing banking and financial services.

2. UVARCL to acquire Aircel

• NCLT, Mumbai has allowed UV Asset Reconstruction Company Ltd (UVARCL) to acquire Aircel.
• NCLT has approved take over on 09 June. UVARCL will need approvals of Department of Telecommunications and Supreme Court.
• Aircel's debt is Rs 20,000 crore. It owes the amount to 12 different financial institutions and a Resolution Professional (RP) was managing it.
• Aircel's partial liquidation was approved by the Committee of Creditors in May 2019.
• Aircel had filed bankruptcy protection on 27 February, 2018 and NCLT accepted the application on 12 March 2018. Resolution Professional (RP) was also appointed on 12 March.
• UVARCL is an Asset Reconstruction Company. It is a bidder in Insolvency and Bankruptcy Code application of RCom. NCLT is hearing this application also.

3. High-powered Committee to examine the report of Anupam Varma Committee

• Pesticides Manufacturers & Formulators Association of India (PMFAI) has said that the government should form a High-powered Committee to examine the report of Anupam Varma Committee.
• On 14 May, a draft notification was issued by Agriculture Ministry. The notification was aimed at banning certain harmful chemicals.
• The ministry has given 27 June as deadline for submission of objections and suggestion by stakeholders. PMFAI is against the government’s move.
• On 18 July 2013, government had formed Anupam Varma Committee to study 3 pesticides.
• Later, government allowed the committee to review 66 pesticides. The committee reviewed pesticides without participation from the agrochemical industry.

4.  Fire at Baghjan oil well of Oil India Ltd 

• A massive fire started suddenly at Baghjan oil well of Oil India Ltd in Tinsukia district of Assam.
• The oil well is located near to the Dibru-Saikhowa National Park.
• Oil India Ltd is second largest public sector company in the field of hydrocarbon exploration and production.
• It comes under Ministry of Petroleum and Natural Gas. 
• Its corporate office is in Noida and operational headquarters are in Duliajan, Assam.
• Sushil Chandra Mishra is its Chairman and MD.

5. AGEL wins manufacturing-linked solar agreement

• Adani Green Energy Limited (AGEL) has won contract for solar cell manufacturing-linked solar projects from Solar Energy Corporation of India (SECI).
• Under the contract, 8GW of solar projects will be developed by AGEL and 2GW solar cell manufacturing capacity will be added by Adani solar.
• AGEL aims to become world's largest renewable energy company by 2025.
• Out of the 8GW solar projects, first 2GW will be developed by 2022 and next 6GW in three annual instalments till 2025.
• Adani solar will add 2GW solar cell manufacturing capacity by 2022.
• Solar Energy Corporation of India (SECI):
  • It was formed in 2011.
  • It comes under Ministry of New and Renewable Energy.

6. Affle acquires Appnext Pte. Ltd and Appnext app

• Affle (India) Ltd has acquired Appnext Pte. Ltd and Appnext app in a deal of 17.25 million dollars.
• Initially, 66.67% equity will be acquired in app next, which is a Singapore based company.
• Affle (India) Ltd provides mobile commerce and marketing solutions. Anuj Khanna Sohum is its MD and CEO.
• Appnext uses its timeline technology and recommends the apps, which are likely to be used by users.

Read Banking Awareness PDF - 9 and 10 June 2020