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IPO in sight, LIC Chairperson’s tenure extended

LIC IPO, LIC Chairman, India news, Indian express, Indian express news, current affairs

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With the mega initial public offering (IPO) expected in the current fiscal, the government has extended the tenure of LIC Chairperson MR Kumar by one more year.

The extension is for a further period beyond March 13, 2022 or till he attains the age of superannuation, or until further orders, whichever is the earliest, the government said in an order on Sunday. The extension is to facilitate the launch of LIC’s IPO which is expected in March this year. The corporation which is in the final stages of the IPO launch is expected to submit the draft prospectus to market regulator Sebi in the coming weeks.

Kumar’s term as LIC Chairperson was originally supposed to end on June 30, 2021, but the government extended his term by nine months till March 13, 2022. LIC IPO is expected to be the largest in the history of Indian capital market.

The government has also extended the tenure of LIC MD Raj Kumar by one more year beyond the date of his superannuation on January 31, 2022 or until further orders.
The Appointments Committee of the Cabinet (ACC) has cleared the extensions. “These extensions may be treated as a one-time measure which are not to be quoted as a precedent,” the government said in the order.

Earlier this week, LIC reported a profit after tax (PAT) of Rs 1,437 crore for the first half of ongoing fiscal against Rs 6.14 crore in the year-ago period. The insurer said new business premium growth rate stood at 554.1 per cent in H1FY22, against 394.76 per cent during the corresponding period of FY21.



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Appointments of April 2020 | Current Affairs | Static Gk | Hindi and English with PDF

Appointments of April 2020 | Current Affairs | Static Gk | Hindi and English with PDF



Appointments of April 2020 | Current Affairs | Static Gk | Hindi and English with PDF
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Flying home | The Indian Express

Tata group, Tata group Air India, Air India news, Air India sale, Air India takeover, Vistara and AirAsia India, Air India Express, Indian express, Opinion, Editorial, Current Affairs

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Almost seven decades after ceding control of the airline, the Tata group on Thursday regained Air India. Last year, the group had emerged as the winning bidder for the airline, with a bid of Rs 18,000 crore. With this acquisition, the Tatas will gain 100 per cent ownership in Air India, Air India Express, and a 50 per cent stake in the ground handling firm AI-SATS. This sale marks the first major outright privatisation of a public sector entity in recent years. Though there has been criticism of the pace and manner of the government’s privatisation programme, the symbolism of this sale is hard to ignore.

The Tatas will now face the arduous task of turning around the airline. This will be challenging, more so at a time when the aviation industry is grappling with the fallout from the pandemic. It will also have to deal with a plethora of legacy issues, ranging from an ageing fleet to human resources. According to the bidding conditions, the Tatas will have to retain all employees for a one-year period. The group must also contend with claims on international assets of Air India by Devas Multimedia and its investors who are trying to enforce its arbitration awards. Reportedly, Air India is seeking an end to the case on grounds that the ownership change prevents any claims of recovery of arbitration awards. Then there is the issue of the group’s other competing airlines — Vistara and AirAsia India — to contend with. It is possible that the Tatas will at some point consider integrating their aviation ventures under a single entity.

Though this is a milestone, by itself, it does little to shore up the government’s disinvestment proceeds. Of the Rs 18,000 crore winning bid, only Rs 2,700 crore is to be paid to the government, while the group will retain the balance, Rs 15,300 crore, in the form of debt. Data from DIPAM shows that the government’s proceeds from disinvestment remain well short of the target — as against a target of Rs 1.75 lakh crore, collections till now had been only Rs 9,330 crore. On its part, the government is hopeful of the LIC IPO culminating by the end of March, though, considering the intricacies of such a transaction, it is not clear if it can be concluded by then. Similarly, the privatisation process of BPCL as well as that of the public sector banks is also expected to spill over into the next year.



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Privatisation plans lagging target, Air India stake sale a booster shot

Air India, Air India sale, Air India news, Air India stake sale, LIC IPO, Shipping Corporation of India, BEML, Neelachal Ispat Nigam Limited, Container Corporation of India and Pawan Hans, Business news, Indian express business news, Indian express, Indian express news, Current Affairs

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Handover of Air India to the Tata Group will bolster government’s privatisation roadmap, which has been significantly lagging the Budget targets so far. Tata has taken over Rs 15,300 crore worth of Air India debt and paid

Rs 2,700 crore to the government in cash.The government is also hoping to bring the initial public offering (IPO) of Life Insurance Corporation (LIC) before the end of this fiscal year, while privatisation of Neelachal Ispat Nigam is expected to be completed shortly.

Depending upon the size of the offering, LIC’s IPO and other transactions could help the Centre partly bridge its Rs 1.75-lakh-crore FY22 disinvestment target, of which less than 10 per cent has been raised so far. Including funds received from Air India, the government has, so far, raised Rs 12029.90 crore via stake sales.

Other companies in line for privatisation include Shipping Corporation of India, BEML, Neelachal Ispat Nigam Ltd, Container Corporation of India and Pawan Hans. The government has received financial bids for Pawan Hans and Neelachal Ispat Nigam, and privatisation process has moved to its concluding stage. Privatisation and asset monetisation has been the foremost component of this year’s Budget. The Finance Ministry has unveiled a comprehensive  National Monetisation Pipeline, but state-owned banks’ privatisation, a key Budget announcement, is yet to move forward.

State-owned banks and downstream oil major BPCL privatisation is expected to stretch into next year. The enabling framework to enable the privatisation of one of the four general insurance companies, another key budget announcement, has been done. The amendments to the General Insurance Business (Nationalisation) Act being cleared in the Monsoon session of Parliament, but the insurer targeted for the stake sale is yet to be finalised.

Even as the government is working on pushing the IDBI Bank stake sale this year, regulatory issues relating to promoter ownership and volatility is markets could stretch it into next year. The Banking Laws (Amendment) Bill, 2021 “regarding privatisation of two Public Sector Banks” was listed for introduction in the Winter Session of Parliament. But it was not taken up by the Cabinet, despite a draft being ready. Pullback on the farm laws, bank unions’ opposition to privatisation and upcoming Assembly elections seems to have had a bearing on privatisation timing.

Apart from privatisation, asset monetisation is the key element of this year’s Budget and the government has put out a four-year National Monetisation Pipeline worth an estimated Rs 6 lakh crore. Roads, railways and power sector assets will comprise over 66 per cent of the total estimated value of the assets to be monetised, with the remaining sectors including telecom, mining, aviation, ports, natural gas and petroleum product pipelines, and warehouses.



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Delhi: Woman held for trying to ‘sell’ her baby

Delhi: Woman held for trying to ‘sell’ her baby

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A 30-year-old woman was arrested from North Delhi’s Sabzi Mandi for allegedly trying to sell her one-month-old child for Rs 30,000. Police said the woman was allegedly in touch with a gang who were trying to find a couple to ‘sell’ the baby to and set a deal of Rs 2 lakh for themselves.

Police said three more persons were arrested in connection with the case. The mother has been sent to Tihar Jail, along with the child, police said.

According to police, they received a tip that a gang was trying to sell an infant and were looking for couples who can “pay well”. Two police personnel posed as a couple and contacted the accused Saturday. “We sent constable Rakesh and constable Anju to meet a woman and her two associates. The accused promised to give them a child for Rs 50,000,” said an officer.

A team led by sub-inspector Lalit Kumar accepted the deal and went to Mangolpuri. One of the accused had called the woman to come with her baby. The deal was finalised and the constables paid Rs 50,000, police said.

DCP (North) Sagar Singh Kalsi, said, “We recovered the cash that was given for the baby. We have seized their phones…”



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Swachh Survekshan: New Delhi Municipal Council tops list, Delhi corporations put up dismal show

NDMC, DMC, Delhi municipal corporation, swachh bharat, Ram nath kovind, indore, Swachh Survekshan Awards, Delhi news, Delhi latest news, Indian express, Indian express news, current affairs

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The New Delhi Municipal Council topped the Swachh Survekshan survey in the category of cities with one to 10 lakh population. The dismal show of the municipal corporations of Delhi, however, continued with the north and east Delhi civic bodies finding themselves in the bottom 10 list of cities with a population above 10 lakh.

President Ram Nath Kovind presented the Swachh Survekshan Awards 2021 at Delhi on Saturday. Indore topped the category of cities with a population above 10 lakh. It is followed by Surat, Vijayawada, Navi Mumbai and Pune, rounding off the top five.

The North Delhi Municipal Corporation ranked 45 among 48 civic bodies having a population above 10 lakh. Only three other cities, Coimbatore, Kota and Madurai have ranked below it.

The East Delhi Municipal Corporation ranked 40 out of 48 cities in this category. Among the three corporations of Delhi, the South Delhi Municipal Corporation secured the highest rank of 31.

Last year, the East Delhi Municipal Corporation had ranked 46 among 47 local bodies in its category in Swachh Survekshan. Whereas, the South and North had ranked 31 and 43, respectively.

The Swachh Survekshan ranks cities and urban local bodies on various parameters like waste segregation and garbage disposal, among others, as part of the Centre’s Swachh Bharat Mission.

A senior New Delhi Municipal Council official said that the result was owing to the council’s efforts to continuously pursue excellence in providing services and civic amenities.

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Delhi: 12-year-old boy dies after fire breaks out at home

Delhi fire, Burari fire, Burari, Delhi news, Delhi latest news, Indian express, Indian express news, current affairs

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A 12-year-old boy died after a fire broke out inside his house on the night of Diwali in North Delhi’s Burari area. The boy was alone at the house while his siblings were playing outside and their parents were at a nearby shop.

Police said the Delhi Fire Services were called to douse the fire at the house, and they found the boy’s burnt body. The deceased allegedly died of asphyxia and burn injuries, said officials.

Atul Garg, DFS Chief said his team received a call around 8.55 pm on Friday from Toman Colony at Burari.

“We rushed to the spot with three fire tenders and found that the fire had spread to the first floor of the house. Our teams went inside and found a boy lying dead. He was burnt to death. Prima facie…the fire started with domestic articles like clothes and drapes,” said Garg.

Police said while the family was outside, neighbours and other people called police and fire teams to the spot after they saw blazes of the fire coming from the house.

According to senior police officers, the deceased was unwell, his parents gave him medicines and he was resting in his room. An oil lamp in the hallway caused the fire and the child was trapped inside his room. He studied at a Delhi government school in Burari.

His father works as a painter and was at a shop with his mother for some work. Police said an inquiry has been initiated in the case to ascertain the cause behind the fire.

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Delhi HC directs MCDs to expedite appointment of special educators in its schools

Delhi, Delhi HC, MCD, MCD schools, special educators, vaccancies in MCD schools, Delhi L-G, Delhi news, Delhi latest news, Indian express, Indian express news, current affairs

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The Delhi High Court has directed the municipal corporations to identify vacancies of Special Educators (Primary) in their schools at the earliest, after the Lieutenant Governor granted a one-time age relaxation of 10 years to fill vacant posts till December 2022.

The court had earlier expressed concern over the large number of vacancies of special educators in MCD schools and termed it ironic that while authorities are not getting candidates to fill posts, they have created “an impediment” for those interested by insisting on the age criteria.

There are more than 1,126 vacancies of Special Educator (Primary) in MCD schools. The court had said that authorities need to view the matter from “the perspective of underprivileged children and, then, perhaps, tweak the policy to cater to their needs”.

The L-G has now granted one-time age relaxation of 10 years, beyond the age limit prescribed for the same post in MCD schools, for the vacancies till December 2022. The government has, however, said the relaxations would not be applicable for the posts advertised previously.

The counsel representing the East, South and North Delhi municipal corporations assured the court that once the results are declared for the posts, vacancies shall be identified and duly advertised.

The court in the order has directed the municipal corporations “to identify leftover vacancies and expected slots/vacancies qua the post of Special Educator (Primary), which would be available till December 2022, at the earliest, though not later than four weeks from the date of the declaration of result”.

The order has been passed in a petition challenging the Central Administrative Tribunal’s decision not to interfere with the authorities’ March 2020 decision of providing the age relaxation only in respect of those posts advertised in 2017. The CAT in July 2020 said the candidates cannot insist on the relaxation being made a permanent measure.

However, the division bench last month noted that the authorities in December 2019 in respect of government-run schools had provided a one-time age relaxation of 10 years for all Special Education Teacher posts but in respect of Special Educator (Primary) posts of municipal schools limited such benefit to only posts advertised in 2017.

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Government likely to block Chinese investment in insurance giant LIC’s IPO: Report

Government likely to block Chinese investment in insurance giant LIC’s IPO: Report

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New Delhi wants to block Chinese investors from buying shares in Indian insurance giant Life Insurance Corp (LIC) which is due to go public, four senior government officials and a banker told Reuters, underscoring tensions between the two nations.

State-owned LIC is considered a strategic asset, commanding more than 60% of India’s life insurance market with assets of more than $500 billion. While the government is planning to allow foreign investors to participate in what is likely to be the country’s biggest-ever IPO worth a potential $12.2 billion, it is leery of Chinese ownership, the sources said.

Political tensions between the countries rocketed last year after their soldiers clashed on the disputed Himalayan border and since then, India has sought to limit Chinese investment in sensitive companies and sectors, banned a raft of Chinese mobile apps and subjected imports of Chinese goods to extra scrutiny.

“With China after the border clashes it cannot be business as usual. The trust deficit has significantly widen(ed),” said one of the government officials, adding that Chinese investment in companies like LIC could pose risks.

The sources declined to be identified as discussions on how Chinese investment might be blocked are ongoing and as no final decisions have been made.India’s finance ministry and LIC did not respond to Reuters emailed requests for comment. China’s foreign ministry and commerce ministry did not immediately respond to requests for comment.

Aiming to solve budget constraints, Prime Minister Narendra Modi’s administration is hoping to raise 900 billion rupees through selling 5% to 10% of LIC this financial year which ends in March. The government has yet to decide on whether it will sell one tranche of shares seeking to raise the full amount or choose to seek the funds in two tranches, sources have said.

Under current law, no overseas investors can invest in LIC but the government is considering allowing foreign institutional investors to buy up to 20% of LIC’s offering.

Options to prevent Chinese investment in LIC include amending the current law on foreign direct investment with a clause that relates to LIC or creating a new law specific to LIC, two of the government officials said.

They added that the government was conscious of the difficulty in checking on Chinese investments that could come indirectly and would attempt to craft a policy that would protect India’s security but not deter overseas investors.

A third option being explored is barring Chinese investors from becoming cornerstone investors in the IPO, said one government official and the banker, although that would not prevent Chinese investors from buying shares in the secondary market.

Ten investment banks including Goldman Sachs, Citigroup and SBI Capital Market have been chosen to handle the offering.

($1 = 73.8200 Indian rupees)

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LIC के नीजी करण का रास्ता साफ, PSU के Privatisation का पूरा process समझ लीजिए | LIC | FDI #LIC #FDI

LIC के नीजी करण का रास्ता साफ, PSU के Privatisation का पूरा process समझ लीजिए | LIC | FDI #LIC #FDI



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