• 27 Mar 2024

CCI Approves 100% Acquisition of Lanco Amarkantak Power Limited

Why in News?

Recently, the Competition Commission of India (CCI) has approved 100% acquisition of Lanco Amarkantak Power Limited by Adani Power Limited.

Key Points

• The Adani Power Limited (Acquirer), a part of the Adani Group, is a company incorporated under the laws of India.
  • It is engaged in the business of thermal power generation in India.
  • It operates its thermal power plants across multiple states in India, including Gujarat, Maharashtra, Karnataka, Rajasthan, Chhattisgarh, Jharkhand and Madhya Pradesh.
  • Adani group is a global integrated infrastructure player with businesses in key industry verticals - resources, logistics and energy.
• The Lanco Amarkantak Power Limited (Target), a part of the Lanco Group, is engaged in the business of thermal power generation in India.
  • It is currently undergoing Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code, 2016 (IBC).
  • The proposed combination relates to the acquisition of 100% equity share capital of the Target by the Acquirer.

Competition Commission of India (CCI)

• It is a statutory body of the Government of India responsible for enforcing the Competition Act, 2002, it was duly constituted in March 2009.
• The Monopolies and Restrictive Trade Practices Act, 1969 (MRTP Act) was repealed and replaced by the Competition Act, 2002, on the recommendations of the Raghavan committee.

Insolvency and Bankruptcy Code, 2016

• It is considered as one of the biggest insolvency reforms in the economic history of India.
• This was enacted for reorganization and insolvency resolution of corporate persons, partnership firms and individuals in a time bound manner for maximization of the value of assets of such persons.

Corporate Insolvency Resolution Process (CIRP)

• The CIRP in India, governed by IBC, is a time-bound process aimed at resolving the financial distress of a corporate debtor while maximizing the value of its assets.
• The primary objective of the procedure is to ensure the revival of a financially distressed company.
• And in cases where the revival of the company is not possible it ensures an orderly liquidation of the assets of the distressed company that has been declared as a corporate debtor.

World’s First Om Shaped Temple in Rajasthan

Why in News?

In Pali district of Rajasthan, a beautiful temple shaped like the sacred symbol 'Om' is currently under construction. This temple is poised to become the world's first temple designed in this iconic form.

Key Points

• Known as the 'Om Aakar' temple, this monumental structure spans across a vast expanse of 250 acres in Nagara Style in Jadan village of Pali district.
• According to the sources, the monumental task commenced with the laying of the temple's foundation stone in 1995, with expectations set for its completion by the years 2023-24.
  • It will be able to accommodate 1,008 idols of Lord Mahadev and 12 Jyotirlingas within its sacred precincts.
  • Towering at a height of 135 ft, the temple stands supported by 2,000 pillars, with provisions made for 108 rooms on its premises.
  • The central feature of the temple complex is the tomb of Guru Madhavanand ji.
  • The uppermost segment of the temple houses a sanctum adorned with a shivling crafted from a rhinestone sourced from the Bansi hill of Dholpur.
• The visionary behind this grand project is Vishwa Guru Maha Mandleshwar Paramahansa Swami Maheswara Nanda Puriji Maharaj, the founder of the Om Ashram.
• In Hinduism, the Om mantra holds profound significance as the Mahamantra, recited daily by adherents upon awakening.

Nagara Style Temple

• In North India it is common for an entire temple to be built on a stone platform with steps leading up to it.
• Further, unlike in South India it does not usually have elaborate boundary walls or gateways.
• While the earliest temples had just one tower, or shikhara, later temples had several.
• The garbhagriha is always located directly under the tallest tower.
• There are many subdivisions of nagara temples depending on the shape of the shikhara.
• There are different names for the various parts of the temple in different parts of India; however, the most common name for the simple shikhara which is square at the base and whose walls curve or slope inward to a point on top is called the 'latina' or the rekha-prasada type of shikara.
• The second major type of architectural form in the nagara order is the phamsana, which tends to be broader and shorter than latina ones.
• Their roofs are composed of several slabs that gently rise to a single point over the centre of the building, unlike the latina ones which look like sharply rising tall towers.
• The third main sub-type of the nagara building is generally called the valabhi type.
• These are rectangular buildings with a roof that rises into a vaulted chamber.

World Kabaddi Day

Why in News?

Recently, the World Kabaddi Day was celebrated on 24^th March at Tau Devi Lal Indoor Stadium, Panchkula, Haryana.

Key Points

• HIPSA (Holistic International Pravasi Sports Association), along with an organisation named World Kabaddi, jointly organized this year’s event.
• A Memorandum of Understanding (MoU) recently signed between HIPSA and the Government of Haryana, for globally promoting Kabaddi, was one of the main reasons to choose India as a venue and Haryana for the event.
• The Governor of Haryana, Bandaru Dattatreya was the Chief Guest and the Guinness World Record certificate was presented to the Governor by the Guinness team.
  • The Guinness World Record attempt was for ‘Most players in a Kabaddi exhibition match’.

World Kabaddi Day

• It has been celebrated every year on March 24, since 2019.
• Theme: Created by Men, Perfected by Women.
  • The theme was chosen to promote the game among the women and in line with the recent MoU with the HIPSA to develop and promote the sport of kabaddi globally.

HIPSA (Holistic International Pravasi Sports Association)

• It is a Not for Profit Company, registered under Section 8 of the Companies Act 2013, headquartered in India.
• It aims to promote and ‘Integrate’ Pravasi Bhartiya youth into India through the medium of Sports with a special focus on those Sports that India is proud of.
• Cricket, Kabaddi, Chess, Kho-Kho, Mallakhamb, Kusti, Archery are some of the Sports that our country has grown to become Internationally renowned.
• Sports, along with ‘Yoga as a Practice’ & ‘Culture for Knowledge’ are the Holistic objectives laid down in HIPSA’S vision for the future.

Palwal: Top Spot in Child Birth Sex Ratio

Why in News?

According to a report of the Health Department, Palwal district ranked first in having the best child birth sex ratio of 946 girls against 1,000 boys in the state for the year 2023.

• 25 villages in the district have achieved 1,000 or higher child birth sex ratio.

Key Points

• The district was ranked at 12^th position in 2022. Deputy Commissioner received the cash reward of Rs 5 lakh at a function held in Panchkula under the Beti Bachao Beti Padhao campaign.
• The district recorded a total of 28,989 births between January and December 2023.
• The number of girl children born during this period was 14,090 against the birth of 14,899 boys making the average sex ratio touch the figure of 946 for the first time.
• Panchkula and Fatehabad got the second and third position, respectively, with a ratio of 942 and 934.
• While Nuh and Gurugram remained at fourth and fifth position, Rohtak was placed at the bottom with a figure of just 883 in 2023.
• Palwal’s neighbouring district of Faridabad got the 16^th spot with a ratio of 906 in 2023.
• The state average child sex ratio was 906 in 2023.
  • The child sex ratio is calculated as the number of girls per 1000 boys in the 0-6 years age group.

Beti Bachao Beti Padhao Campaign

• It was launched in January 2015 with the aim to address sex selective abortion and the declining child sex ratio which was at 918 girls for every 1,000 boys in 2011.
• This is a joint initiative of the Ministry of Women and Child Development, Ministry of Health and Family Welfare and Ministry of Human Resource Development.
• The programme is being implemented across 405 districts in the country.

Prominent Indian-Americans Honoured on ‘Bihar Diwas’ in New York

Why in News?

Recently, four prominent members of the Indian-American diaspora hailing from Bihar were honoured here on the occasion of ‘Bihar Diwas’ for their outstanding achievements and contributions.

Key Points

• Founder and CEO of Holtec International Dr Kris Singh, Wipro’s Chief Operating Officer Amit Choudhary, founder of PRAN Medical Group Dr Dinesh Ranjan, and Director at Nutrivet Farmcare Abhinave Atul were honoured.
• They were honoured with the ‘Bihar Vishwa Gaurav Samman’ at a special event hosted by the Consulate General of India in New York in partnership with the Bihar Foundation USA, East Coast Chapter and the Bihar Jharkhand Association of North America (BJANA).
• The event included messages from Bihar Governor Rajendra Vishwanath Arlekar as well as from Chief Minister Nitish Kumar and was attended by several members of the diaspora hailing from Bihar and the region.
  • It highlighted the state’s development, tourism, cultural heritage, the famed Madhubani art form and popular culinary delights.

Bihar Jharkhand Association of North America (BJANA)

• It was established in 1976 to bring the people from Bihar to a common platform and facilitate a social and cultural binding between the people of Bihar and Jharkhand in the tri-state area (New York, New Jersey and Connecticut) in the USA

Uttar Pradesh: First State to Issue 5 Crore Ayushman Cards

Why in News?

Recently, Uttar Pradesh has achieved a significant milestone by becoming the first state in India to issue five crore Ayushman cards.

Key Points

• The Ayushman Bharat Scheme, aimed at providing financial protection to economically disadvantaged individuals against healthcare costs, has seen remarkable progress in Uttar Pradesh.
  • With a total of 50,017,920 Ayushman cards issued, benefiting 74,382,304 individuals, the state has emerged as a frontrunner in implementing this crucial initiative.
• The process of issuing Ayushman cards has been streamlined, with panchayat assistants, Kotedars, and Asha workers conducting door-to-door visits to facilitate card creation for residents.
  • Eligible beneficiaries can also obtain their cards at the Gram Panchayat Bhawan within their respective villages.
• Under the Ayushman Bharat Scheme, Uttar Pradesh has seen a total of 3,481,252 health claims filed, with an impressive settlement rate of 92.48%.
  • This indicates the scheme's effectiveness in providing timely assistance to those in need.

Ayushman Bharat Scheme

• It is the world’s largest health insurance scheme fully financed by the government.
• Launched in 2018, it offers a sum insured of Rs.5 lakh per family for secondary care and tertiary care.
  • Health Benefit Packages covers surgery, medical and day care treatments, cost of medicines and diagnostics.