Current Affairs India - 26 February 2014

1. Taking moral responsibility for the submarine accident off the Mumbai coast, Navy Chief Admiral DK Joshi has resigned today. Vice Admiral Robin Dhowan will take over as acting Navy Chief till a new Chief is appointed. He is the first military chief in India to resign before the end of his term.

A fire broke out in the crew accommodation area of the 25-year-old Indian Navy submarine INS Sindhuratna today while left 2 naval officers missing and 7 naval officers injured. All the injured naval officers were air lifted to Navi Mumbai and hospitalized.

2. The Supreme Court issued a non-bailable warrant against Sahara Chief Subrata Roy for his failure to appear in court today. He failed to appear before the SC today in connection with the failure of his companies to refund Rs 20,000 crore to investors.  The bench also said SEBI can put properties of two Sahara companies Sahara India Real Estate Corp Ltd (SIREC) and Sahara India Housing Investment Corp Ltd (SHIC) on auction and get the money after the market regulator had said that let the company itself sell the properties and deposit the money.

3. Dinesh K. Sarraf has been appointed the new head of Oil and Natural Gas Corporation, India-s most profitable firm, on 26th February. The Appointments Committee of the Cabinet (ACC) approved appointment of Mr. Sarraf, who is now managing director of ONGC Videsh.

This move came after rejection of Oil Minister M. Veerappa Moily-s proposal to give incumbent CMD Sudhir Vasudeva a post-retirement extension of 1 year. Mr. Vasudeva took over as chairman of ONGC on October 3, 2011.

4. Hyderabad has become the world's most affordable office locations due to rupee depreciation and fall in rentals amid political instability over Telangana, as per the paper published by the global realty consultant DTZ. While Chennai retains its position as the world-s third least expensive office space market, Pune and Bangalore secured fourth and fifth position respectively.

Delhi and Mumbai placed at 49th and 63rd position globally with Delhi is having the costliest office space in India. As per the same list, London West End and Hong Kong are the most expensive office market space in the world.