Banking, Financial and Economic Awareness

Main Headlines:

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.

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.

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.

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.

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.

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.