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  • Current Affairs 18th June 2014

    Updated : 18-Jun-2014

    Current Affairs 18th June 2014 - Important Points

    Current Affairs 18th June 2014 - Details

    UNGA approved the name of Zeid al-Hussein to head Office of High Commissioner for Human Rights

     On 16th June 2014, United Nations General Assembly (UNGA) approved the name of Zeid Ra'ad Zeid al-Hussein to be head of Office of High Commissioner for Human Rights (OHCHR) of the UN, which is important news among International Current Affairs. By Appointment of Zeid Ra'ad Zeid al-Hussein for this post, he became the first Muslim and Arab to hold the post.  

    Zeid al-Hussein is a Jordanian Prince and a cousin of Jordanian King Abdullah II. 

    His tenure as UN high Commissioner for human rights will start on 1 September 2014 as the successor of Navi Pillay of South Africa. Zeid al-Hussein, a PhD holder from Cambridge University will hold the position for four-year.

    Union Water Resource Ministry launched nationwide tree plantation drive

    On 17th June 2014, Union Water Resources Minister Ms. Uma Bharti today launched a nationwide tree plantation drive and public awareness programme to save our rivers. 

    The Minister planted saplings on the banks of river Yamuna at Delhi in the memory of victims of Kedarnath tragedy. Speaking on the occasion she said massive tree plantation drive will strengthen our river banks and will reduce the chances of flood and soil erosion. Similar functions were held at Gangotri, Haridwar, Kanpur, Allahabad, Varanasi, Patna, Nabadweep and Ganga Sagar also.

    Apart from this, the Central Water Commission was directed to provide warnings to the concerned states about the increase in water level in lakes of more than 50 hectares in size, which are located at high altitude.

    Co-founder of Infosys N.S.Raghavan, acquired Paladion Networks

    On 17th June 2014,  Nadathur Sarangapani Raghavan, co-founder of Infosys acquired Paladion Networks. Bangalore-based Paladion - founded by IITian Rajat Mohanty and seven others 13 years ago - has an annual revenue run rate of $35 million and hopes to touch $200 million in the next five years. Paladion offers technology platforms on security intelligence and cloud-based security services delivery, integrated with its own products.

    N S Raghavan acquired the controlling stake through his 1 billion US dollar family office Nadathur Holdings. Nadathur Holdings had already made an investment in Paladion in 2001. Nadathur holdings have invested 10 million US dollar for buying additional shares in Paladion which gives it a controlling stake.

    SEBI issued new norms for public issuance of debt securities

    On 17th June 2014, Securities and Exchange Board of India (SEBI) issued new norms for public issuance of debt securities under which such offers have to be of minimum Rs 100 crore, while issuers would need to make additional disclosures and attain atleast 75% subscription. The Securities and Exchange Board of India (Sebi) said that the entities coming out with public issue of NCDs would have to provide granular disclosures in their offer document, with regards to the "object of the issue".

    Following are the detailed guidelines : 

    • The debt securities have to be of minimum of 100 crore rupees for both non-banking finance companies (NBFCs) and non-NBFC issuers. 
    • The issuer need to make additional disclosures and attain atleast 75 percent of the base issue size. 
    • If the issuer does not receive minimum subscription, the entire application money will have to be refunded within 12 days from the date of the closure of the issue along with interest at the rate of 15 per cent per annum for the delayed period.
    • SEBI prescribes a minimum subscription limit of 90 percent in case of an initial public offering. 
    • In case of public issue of non-convertible debentures (NCDs), the issuer can decide the amount of minimum subscription and disclose the same in the offer document. 
    • Foreign Portfolio Investors (FIIs) investment in non-convertible shares or debentures will be included within the 51-billion US dollars limit meant for corporate debts.
    • SEBI exempted the issuers of tax-free bonds from the minimum subscription limit as specified by the Central Board of Direct Taxes.  It also sought to increase the transparency of utilisation of the proceeds.

    MP Government approved Narmada-Malwa-Gambhir Link Project

    After successfully connecting Kshipra river with Narmada, Madhya Pradesh government has approved Narmada-Malwa-Gambhir Link Project with an estimated cost of Rs 2,143 crore. The project was approved during a meeting of Narmada Control Board chaired by Chief Minister Shivraj Singh Chouhan yesterday, an official release said.

    The Board sanctioned Rs 2,143 crore for the  project which will provide irrigation facility in 158 villages covering 50,000 hectares area in Indore and Ujjain districts, it said.

    Indore's Yashwant Sagar lake can also be filled up whenever needed through this project.

    Further, under the Narmada-Malwa-Gambhir Link Project, there is no need for constructing a dam and also there will be no need for resettlement and rehabilitation. Rather, Narmada water will be uplifted to a height of 416 meters.

    The Project has been proposed in light of declining of groundwater level and shortage of drinking water in Malwa region.  Out of total water availability from the project, 12.5 cusecs of water will be used for irrigation, 1.5 cusecs for drinking and 1 cusec water will be used for industries.

    Nita Ambani became first woman director on Reliance board

     On 18th June 2014, Nita Ambani wife of Reliance Industries Chairman Mukesh Ambani, appointed on the board of the nation's largest private firm Reliance Industries. With this appointment she became the first woman to be appointed on the board of the Reliance Industries.

    Nita Ambani, 50-year-old succeeded uncle of Mukesh Ambani, Ramniklal H Ambani, who retired from the board at the age of 90.

    The appointment helps RIL meet a new law requiring listed companies to have at least one woman in the boardroom to boost gender diversity. "Shareholders of RIL approved the appointment of Nita M Ambani, Chairperson of Reliance Foundation, as Director on the Board of RIL in the AGM held today," the company said in a statement here. 

    US President Barack Obama Obama Announces Plan to Create World's Largest Ocean Reserve

    On 17th June 2014, the US President Barack Obama announced the plans of creating the world's biggest Marine Protected Area (MPA) in the middle of Pacific Ocean. Obama used his executive authority for the creation of the protected area. The area will be finalised after consultations with scientists, fishing and conservation organisatons.

    The aim is to further extend the existing zone of protected area of the US known as the Pacific Remote Islands Marine National Monument.

    With this fishing and drilling activities for exploitation would be banned from an area that would eventually cover 2 million square kilometers. The extended zone would double the world's fully protected marine reserves.