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Competition Commission of India to Soon Introduce New Merger Regulations

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The Competition Commission of India (CCI) will soon release a new set of merger regulations following the amendments to the competition law enacted last year. These regulations are expected after the model code of conduct is lifted post-elections, as certain provisions of the amended law need to be notified by the government. According to the amendments, CCI approval is required for any transaction valued over ₹2,000 crore. CCI Chairperson Ravneet Kaur announced on Monday that the regulatory framework under the Competition (Amendment) Act, 2023, is in the final stages. This framework incorporates global best practices to address emerging market competition challenges. The new regulations will cover negotiated settlements on anti-competitive practices, merger and acquisition regulations based on deal value, and an expanded leniency scheme to encourage cartels to come forward. The upcoming focus is on merger regulations. The new merger regulations will detail how to assess the transaction value for CCI approval and expedite the merger regulation process by reducing the maximum decision time from 210 days to 150 days. These regulations aim to clarify and streamline the merger approval process, particularly for transactions exceeding ₹2,000 crore, even if they do not meet the traditional asset and sales thresholds. Kaur emphasized that the digital economy’s rise has prompted a global revamp of competition laws. The Ministry of Corporate Affairs is working on a Digital Competition Bill to address systemic digital economy firms’ issues. Public consultations on a draft bill are complete, and inter-ministerial consultations will follow before presenting it to parliament. In addition, CCI is initiating a market study on artificial intelligence (AI) to understand its impact on competition. Kaur highlighted the need to regulate digital markets to prevent dominance by a few companies and address data dominance concerns. Attorney General R. Venkataramani, speaking at an event marking CCI’s 15th foundation day, underscored the importance of regulating data as a new currency. He noted the global regulatory actions against data gatekeepers and the ongoing debate in India over the draft Digital Competition Bill, which will determine CCI’s approach to regulating digital markets.  

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Haryana Revises School Timings Amid Heatwave Alert; Announces Summer Vacation

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In response to a heatwave alert issued for several states, the Haryana government has announced revised school timings. Starting immediately, the first shift in all schools will run from 7 am to 12 pm, while the second shift will commence at 12:45 pm. This change applies to both government and private schools across the state. Additionally, the Haryana government has declared summer vacation for all schools, starting June 1 and lasting until June 30, 2024. This decision, based on a press release, aims to protect students from the extreme heat predicted by the Meteorological Department. According to weather forecasts, Haryana will experience intense heat waves in the coming days, with temperatures potentially reaching up to 46 degrees Celsius. In light of these conditions, weather experts have issued yellow and orange alerts for various districts. The revised school timings are expected to provide some relief to students during this period of extreme heat. By adjusting the hours of operation, the government aims to reduce the exposure of children to the harshest parts of the day. Similar measures are being taken in neighboring regions. All government schools in Delhi were closed on May 11, while summer vacations in private schools are expected to start in May. In Uttar Pradesh, summer vacations are set to begin by May 25, 2024, across most schools. Additionally, schools in areas where Lok Sabha voting will take place will also be closed to facilitate the electoral process. These steps reflect a broader effort to ensure the safety and well-being of students amid extreme weather conditions. As temperatures continue to rise, the proactive measures taken by the Haryana government and other states aim to mitigate the risks associated with the heatwave.    

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IDFC First Bank Shareholders Approve Merger with IDFC Ltd

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IDFC First Bank shareholders have approved the merger of IDFC Limited with the bank, marking a significant step in the amalgamation process. The National Company Law Tribunal (NCLT) convened a meeting on May 17, 2024, to consider and approve the composite scheme of amalgamation involving IDFC Financial Holding Company merging into IDFC Limited, and subsequently, IDFC Limited merging into IDFC First Bank. In the approved reverse merger scheme, IDFC shareholders will receive 155 shares of IDFC First Bank for every 100 shares they hold in IDFC Limited. Both IDFC Ltd and IDFC First Bank shares have a face value of ₹10 each. The resolution was passed by the requisite majority, with over three-fourths in value of the equity shareholders voting in favor. Additionally, the scheme received overwhelming support from Non-Convertible Debenture (NCD) holders, with 99.99% voting in favor through remote e-voting and e-voting during the meeting. The Reserve Bank of India (RBI) had already given its nod for the reverse merger in December 2023. The merger was initially approved by the boards of IDFC Financial Holding Co. Ltd, IDFC Ltd, and IDFC First Bank in July 2023. Following the announcement, IDFC First Bank shares ended 0.26% higher at ₹77.44 apiece on the BSE on Saturday. This merger aims to streamline the corporate structure and enhance the operational efficiencies of the entities involved, potentially leading to better value creation for shareholders.

IDFC First Bank Shareholders Approve Merger with IDFC Ltd Read More »

Indian Students Facing Deportation in Canada Protest Against Government Over Sudden Policy Change

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Hundreds of Indian students in Canada’s Prince Edward Island (PEI) are protesting against the government for a sudden policy change that denies them work permits and threatens deportation. The students, who graduated and have been in Canada for over a year, allege that the government changed the policy overnight, leaving them in a precarious situation. They have threatened to go on a hunger strike if their demands are not met. Protest leader Rupender Singh expressed frustration to the CBC, stating, “They called us here, now they want us to leave. Our province gave us false hopes.” Singh, who came to Canada in 2019, accused the province of providing misleading information, calling the situation “total exploitation.” Video footage shows large groups of Indian students marching through the streets of Charlottetown, chanting for fairness and protesting the sudden policy changes. One protestor noted the broader impact, suggesting that without international graduates, locals might face delays in services such as coffee at Tim Hortons. “We only get a once-in-a-lifetime chance. We came to PEI because they made these rules that we can apply for PR after six months, one year. Yes, they will be affected, but the people of PEI will also be affected because now they’ll have to wait 20 minutes for a cup of coffee.” What Does Canada’s PEI Law State? Last July, PEI passed a law restricting postgraduate work permits to students with specific qualifications, allowing only those with construction/home-building and healthcare qualifications to obtain permits. This change has left many international students unable to continue working in Canada. Similar restrictions were imposed in Manitoba earlier this year, but after protests, the Trudeau government extended postgraduate work permits by two years. Now, students in PEI are demanding similar treatment. What Are the Protesting Indian Students Demanding? The students are demanding an extension of work permits and a review of the recent immigration policy changes. They seek to be “grandfathered” in, allowing them to be exempt from the new regulations based on their previous status or circumstances. This would enable them to proceed under the previous, less stringent criteria, ensuring stability and fairness in the immigration system. They have set a deadline for action, threatening a hunger strike if their demands are not met by mid-May. As tensions rise, the protests are growing, with hundreds joining in and gaining support from various communities. Employers and minority groups have backed the cause, highlighting the broader impact of these policy changes on the community as a whole.Top of Form

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Singapore Airlines Highlights Strategic Benefits of Pending Air India-Vistara Merger

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Singapore Airlines Group announced on Wednesday that the proposed merger between Air India and Vistara is still awaiting foreign direct investment (FDI) and other regulatory approvals. The group emphasized that this merger will significantly enhance its multi-hub strategy and allow it to maintain a strong presence in the rapidly expanding Indian aviation market. Vistara is a joint venture between Singapore Airlines and the Tata Group, which also owns Air India. The merger, initially announced in November 2022, received approval from the Competition and Consumer Commission of Singapore in March and from the Competition Commission of India (CCI) in September 2023, albeit with some conditions. However, the completion of the merger still hinges on securing FDI and additional regulatory clearances. Once finalized, Singapore Airlines will acquire a 25.1% stake in an enlarged Air India Group. This merger is set to create a significant presence across all key segments of the Indian airline market, including domestic and international flights, as well as full-service and low-cost operations. According to the group, this strategic move will bolster Singapore Airlines’ multi-hub strategy and enable continued direct participation in India’s burgeoning aviation sector. The merger is poised to enhance Singapore Airlines’ competitive edge in the aviation market. In the fiscal year 2023-24, the group reported a 24% rise in net profit, amounting to 2,675 million Singapore dollars. This substantial increase in profitability is attributed to robust air travel demand, which drove record passenger revenue and load factors. The group also achieved the highest full-year operating and net profits in its history. Despite the positive outlook, Singapore Airlines noted several challenges facing the global aviation industry. Rising geopolitical tensions, an uncertain macroeconomic environment, supply chain constraints, and high inflation in many regions pose significant hurdles. Nonetheless, the demand for air travel remains strong in the first quarter of FY2024/25, with forward bookings to North Asia and Southeast Asia showing a marked increase. The anticipated merger between Air India and Vistara is expected to redefine the competitive landscape of the Indian aviation market. By consolidating their operations, the merged entity will be better positioned to leverage the strengths of both airlines, offering a more comprehensive and integrated service portfolio. This move is seen as a strategic effort to capture a larger share of the rapidly growing Indian aviation market, which has been one of the fastest-growing aviation markets in the world. Singapore Airlines’ strategy to maintain a significant stake in the merged entity underscores its commitment to expanding its footprint in India. The partnership with the Tata Group, a major player in the Indian business ecosystem, provides a robust foundation for this expansion. The merger is anticipated to create synergies that will benefit both airlines, enhancing operational efficiency and expanding their market reach. As the aviation industry continues to recover from the impacts of the COVID-19 pandemic, strategic mergers and acquisitions like this one are crucial for airlines looking to strengthen their market positions. For Singapore Airlines and Vistara, the merger represents an opportunity to consolidate resources, optimize operations, and offer a more competitive service to their customers. The pending merger between Air India and Vistara, while awaiting final regulatory approvals, is poised to significantly enhance Singapore Airlines’ strategic positioning in the Indian aviation market. The merger will create a stronger, more competitive airline group capable of capturing a larger share of the market and driving long-term growth. Despite the challenges facing the aviation industry, the outlook remains positive, with strong demand for air travel and strategic initiatives like this merger paving the way for future success.

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BCCI Uses Google Form to Invite Applications for Indian Cricket Team’s Head Coach

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The Board of Control for Cricket in India (BCCI) has officially opened applications for the position of head coach of the senior men’s cricket team. With current coach Rahul Dravid’s tenure ending after the T20 World Cup in the Americas this June, the BCCI has shared the announcement on social media platform X, providing a link to the detailed qualifications required for the role. What has caught the public’s attention is the BCCI’s use of a Google Form for the application process, a tool widely known for its simplicity and efficiency. The application form can be accessed at Google Form link. Google Forms, part of the Google Suite, is a free online tool that allows users to create and share forms, quizzes, surveys, and other web forms. It enables real-time collaboration and analysis, making it a practical choice for collecting applications and responses efficiently. Applicants can easily add, edit, or format text, images, and videos in the form, streamlining the submission process. The BCCI has set a deadline of May 27 for submitting applications for the prestigious coaching position. This innovative approach using Google Forms has gone viral, showcasing how modern technology can simplify and enhance traditional processes.

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Indian Telecom Companies and VoICE Group Push for Government Action Against Chinese Imports

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Indian telecom companies, along with the Voice of Indian Communication Technology Enterprises (VoICE) group, are urging the government to take action against imports from China in the telecom equipment sector. This initiative aligns with the goal of promoting self-reliance in India and supporting domestic manufacturers like TCS, Tejas Networks, and STL. Key Points: Lobbying for Curbing Chinese Imports: Indian telecom equipment manufacturers argue that imports from China contradict the spirit of the “Atmanirbhar Bharat” initiative and hinder their growth. VoICE highlights that despite government guidelines, Chinese imports persist, raising concerns for domestic manufacturers. Import Volume and Concerns: Chinese imports account for nearly 40% of India’s total telecom sector imports, including crucial components like optical fiber cables. VoICE emphasizes that Indian companies have the capacity to fulfill India’s telecom equipment needs entirely. Companies Importing from China: VoICE identifies top companies importing equipment from China, including Cisco, D-Link, TP-Link, Hikvision, Netgear, Hewlett Packard, and Juniper. These imports cover access points, switches, and radio equipment. Call for Stricter Enforcement: VoICE advocates for stricter enforcement of border policies and action against officials overlooking violations. They propose a review of the Government e-Marketplace (GeM) procurement process to prevent Chinese products from entering government orders. Measures Against Shell Companies: VoICE suggests implementing stricter controls on traders who import or reroute equipment through shell companies to evade customs checks. They propose a centralized system to blacklist such companies across all government departments. By implementing these measures, the Indian government can support domestic manufacturers and promote self-reliance in the critical telecom sector.

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Study Reveals Adverse Effects of Bharat Biotech’s Covaxin Vaccine

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A study conducted by researchers at BHU examining the long-term effects of Bharat Biotech’s Covaxin vaccine revealed concerning findings. Out of 926 participants examined, nearly one-third reported adverse events of special interest (AESI), with viral upper respiratory tract infections being the most common complaint. Serious AESI such as stroke and Guillain-Barre syndrome were reported in one percent of individuals. The study, conducted from January 2022 to August 2023, involved 635 adolescents and 291 adults who received the Covaxin vaccine. Common AESI observed in adolescents included skin and subcutaneous disorders, general disorders, and nervous system disorders. In adults, general disorders, musculoskeletal disorders, and nervous system disorders were prevalent. The study highlighted that certain demographics faced higher risks of persistent AESIs. Females, adolescents with pre-vaccination Covid-19, people with underlying health conditions, and those who developed typhoid after vaccination had significantly higher odds of experiencing persistent AESIs. Moreover, adults with pre-existing health conditions had more than double the odds of experiencing AESIs and persistent AESIs, according to the study. Additionally, adults who received three doses of the vaccine and those who received only one dose had higher risks of AESIs compared to those who received two doses of Covaxin. These findings underscore the importance of continued monitoring and assessment of vaccine safety, particularly regarding long-term effects. Further research is needed to better understand the underlying mechanisms and risk factors associated with adverse events following Covaxin vaccination.

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IIT Madras places over 80% of BTech/Dual Degree students and more than 75% of Master’s students

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In the last two years, 90% of IIT Madras BTech and Dual-Degree graduates found career opportunities by the time of their convocation. With more than two months left for 2024 convocation, IIT Madras is on track again this year to hit this milestone. As on 30th April 2024, IIT Madras has placed more than 80% of BTech/Dual Degree students and more than 75% of Master’s students this year.  During the year 2023-24 Phase I and Phase II of campus placements, 1,091 students were placed in 256 companies. In addition, out of 300 pre-placement offers 235 were accepted. Companies from Japan, Europe and other countries made 44 international offers. Further, 85 start-ups made as many as 183 offers during this Phases I and II of campus placement. Of the placed students, 43% are in the core sector, followed by 20% in software, and less than 10% each in analytics/finance/consulting and data science. Regarding placement of PhD research scholars, unlike a coursework-based study, the PhD program, is a non-time bound program, and thus their placement timeline may not match with course-based programs.  Many PhD students complete their PhD thesis Defence very close to the convocation. Many of them get placed within a few months after the convocation. A majority of the PhD students prefer post-doctoral or faculty positions. In addition, the PhD graduates being specialized in certain core domains, their placement would involve customized connect to specific companies. A research scholar placement cell is planned from the coming academic year that will comprehensively address the issues stated above. This year median and average salary is ₹19.6 Lakhs and ₹ 22 Lakhs respectively. Speaking about the placements, Prof. V. Kamakoti, Director, IIT Madras, “I am happy to see that past year trends are continuing this year in placements. So, parents need not worry about the career path of their children at IIT Madras. While job placements are an important career path to take, we would like more of our students to take up entrepreneurship and provide jobs to others. This is in line with our target of 100 tech startups next year.” Further, Prof. Satyanarayana Gummadi, Dean (Students), IIT Madras, said, “The Career Pathway Centre at IIT Madras helps students explore all career pathways and identifies varied employment opportunities. I am happy to see that despite a tough year, our students are in demand.”   *2023-24 data will be updated during July convocation.

IIT Madras places over 80% of BTech/Dual Degree students and more than 75% of Master’s students Read More »

Tamil Nadu Government Set to Release Draft of State Education Policy After Model Code of Conduct is Lifted

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The Tamil Nadu government is poised to release the draft of the State Education Policy after the Model Code of Conduct (MCC) is lifted, according to sources. The MCC is expected to be lifted after the announcement of Lok Sabha election results on June 4. In 2021, the Tamil Nadu government announced its intention to introduce an exclusive State Education Policy during the Assembly session. A panel, headed by retired High Court judge Justice D Murugesan, was constituted in May 2022 to oversee this initiative, comprising educationists and experts from various fields. Sources within the Tamil Nadu Education Department revealed that the draft of the State Education Policy was already prepared in November 2023. However, the process faced delays due to unforeseen circumstances, including the resignation of the state minister for higher education, K Ponmudi, following a conviction in a legal case. Although the minister was reinstated following a favorable court order, the implementation of the Model Code of Conduct ahead of Lok Sabha polls halted the release of the draft. Officials from the school education department indicated that after the release of the draft policy, the final document would take over three months to be finalized and implemented. Dr. Mohammed Rashid, a retired professor from Madras University, emphasized the urgency of releasing the State Education Policy, particularly after the announcement of the National Education Policy. Educational institutions’ management has been anticipating the new policy for some time, he noted, underlining the importance of expediting its release to address evolving educational needs effectively.  

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