Abhishek kumar aashish jindal

Star India is now the official sponsor of Indian cricket team

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Star India is now the official sponsor of Indian cricket team

December 12, 2013

Star India Pvt. Ltd., the television network, bags sponsorship rights of the Indiancricket team covering BCCI events, International Cricket Council (ICC) events and Asian Cricket Council (ACC) events, from January 1, 2014 to March 31, 2017. This brings to an end a 12-year partnership with Sahara, the existing team sponsor, whose contract expires on December 31,2013.

  • The BCCI fixed the base price for India’s international matches at Rs. 1.5 crores per match.

  • Star India bid Rs.1.92 crore per match for bilateral series, and Rs. 61 lakh per match for ICC-sponsored tournaments.

  • Sahara bid Rs. 2.35 crore per BCCI match and Rs. 91 lakh for ICC games. The total amount bid by them stood at Rs. 252 crore in contrast to Rs. 203 crore bid by Star. ( Sahara’s bid rejected on technical grounds)

  • The team sponsorship rights include the right to be called the official team sponsor, and to display a commercial logo on the men’s, women’s, Under-19 and A teams’ kits.

  • Star now holds all three important rights: broadcasting, series title and team sponsorship.

  • Star is also the title sponsor for BCCI’s international and domestic matches till March 31, 2014, and holds the broadcast, internet and mobile rights to Indian cricket until March 2018.

Why Sahara India was disqualified, albeit its bid was higher ?

The  reasons are not known, but there was a bone of contention among the  Sahara Group and the BCCI  on the Indian Premier League Pune franchise. In October 2013, the board terminated Sahara-sponsored IPL team Pune Warriors over franchise fees.

Miss Venezuela, Alyz Henrich crowned Miss Earth 2013

December 10, 2013

Miss Venezuela, Alyz Henrich was crowned Miss Earth 2013 title at a pageant organized at Versailles Palace, Philippines. It is the second beauty pageant title for Venezuela this year. In November 2013, Gabriela Isler, of the same nation was crowned Miss Universe 2013.  India’s contestant Shobita Dhulipala couldn’t make it to the top 16 of the event.

The Top 3 runners-up:

  1. Miss Earth Fire 2013 Catharina Choi of Korea

  2. Miss Earth water 2013 Punika Kulsoontornrut of Thailand

  3. Miss Earth Air 2013 is Katia Wagner of Austria
About Miss Earth:

Miss Earth is an annual international beauty pageant promoting environmental awareness. The contest held its maiden edition in 2001 to promote the preservation of the environmentNicole Faria, who won in 2010, is the first Indian contestant to have won the title.

Oldest known human DNA decoded

December 13, 2013

The researchers at the Max Planck Institute for Evolutionary Anthropology in LeipzigGermany have decoded the oldest DNA ever found. They have almost completely decoded the mitochondrial DNA (mt DNA) taken from four-lakh year old thigh bone of human family representative of the genus Homo. 

The thigh bone was discovered at a burial site Sima de los Huesos (Bone Pit) that was preserved in Spain’s northern Sierra de Atapuerca highlands. The scientists have found that the mitochondrial genome of Denisovans belongs to the extinct relatives of Neanderthals in Asia.  

What did the researchers find after decoding the oldest DNA?

This research has enhanced the knowledge of the human genetics by 300000 years and also tells about the journey of human’s evolution.  After comparing the code with the modern humans, apes, Neanderthals and their sister group, Denisovans, researchers found that the Spanish hominins were more closely related to the geographically more distant Denisovans than to Neanderthals.

India permits unlisted companies to directly raise capital abroad

December 13, 2013

As per the Department of Industrial Policy and Promotion (DIPP), India’s FDI policy has been modified to allow unlisted firms to directly list on stock exchanges abroad to raise capital for acquisitions or retiring overseas debts. This step may help India in controlling high Current Account Deficit (CAD).

Unlisted companies are heretofore not allowed to directly list in overseas markets without prior or subsequent listing in Indian markets. But following the changes made in the ‘Consolidated FDI Policy’ in this regard, they would be allowed to do so.

As per revised FDI Policy:

  • Unlisted firms are allowed to directly list abroad only on exchanges inInternational Organisation of Securities Commissions (IOSCO)/ Financial Action Task Force (FATF) compliant jurisdictions or those jurisdictions with which SEBI has signed bilateral agreements.

  • The companies will be allowed to raise capital abroad and use the same for retiring outstanding overseas debt or for operations abroad including for acquisitions.

  • If the funds raised are not utilised abroad, the company should repatriate the funds to India within 15 days and park it with a scheduled bank and may be used domestically.

  • The listing companies raising funds overseas would have to be fully compliant with the FDI policy.

  • The listing firms would also have to abide by the guidelines on downstream investment and the criteria of eligibility of who can raise funds through ADRs/GDRs would be as prescribed by the government.

  • The scheme will be implemented on a pilot basis for a period of 2 years. 
Why has the government allowed unlisted firms to raise capital abroad?

The government has set a target to slash the CAD to below $56 billion this fiscal (2013-14), as against $88.2 billion in the last financial year. The value of Rupee versus US dollar has declined drastically because of high CAD and other global factors. The government’s step to allow the unlisted companies to raise capital abroad would help in easing the pressure on CAD as the firms would not have to buy or borrow the foreign currency (mainly dollars) from domestic markets which puts strain on CAD. Besides, the step may also improve CAD if the unused capital is sent back home to a scheduled bank or utilized domestically.

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