Current Affairs India - 27 September 2014

1. A special court in Bangalore sentenced Tamil Nadu chief minister J Jayalalithaa and her three associates, N Sasikalaa, J Elavarasi and VN Sudhakaran, to four years imprisonment and fined Rs 100 crore in a 18-year old Rs 66.65 crore disproportionate assets case. If they fail to pay the fine, they have to spend another one more year in prison.


Post her conviction, she was sent to jail and disqualified as MLA as per Supreme Court verdict. She has to step down as the Chief Minister Tamil Nadu immediately and she will also have to resign as the Member of Legislative Assembly and will be allowed to contest in elections for the next 10 years.


2. Justice Handyala Lakshminarayanaswamy Dattu is the new Chief Justice of India and he will be sworn-in by the President Pranab Mukherjee at Rashtrapati Bhawan tomorrow. He will be 42nd Chief Justice of India and will succeed Chief Justice R M Lodha who retired today (27th September).


He is the senior-most judge of the Supreme Court after Chief Justice Lodha and He will act as CJI of India for 14 months before he retires.


3. The Finance Ministry has set up a 15-member committee in order to examine the financial architecture for Micro, Small and Medium Enterprises (MSME) sector as announced by the Finance Minister Arun Jaitley during his budget speech. The committee will be headed by ICICI Bank Chairman K V Kamath.


The committee will suggest measures to increase the flow of equity support to MSMEs by targeting incubator-based funds, seed funds, impact funds, venture capital fund and private equity funds and it will also look at regional disparities in credit flow to MSMEs.


4. The Government has announced winners of the Shanti Swarup Bhatnagar Awards-2014 in recognition of their work today. 10 scientists have been awarded with the award and all of them will get a cash prize of Rs 5 lakh, a citation and a plaque.


The winners are Roop Malik (biological sciences), Kavirayani Ramakrishna Prasad (chemical sciences), Souvik Maiti of Institute of Genomics and Integrative Biology, Sachchida Nand Tripathi, (earth, atmosphere, ocean and planetary sciences), S Venkata Mohan (engineering sciences),  Soumen Chakrabarti, Kaushal Kumar Verma (mathematical sciences), Anurag Agrawal (medical sciences), Pratap Raychaudhuri (physical sciences) and Sadiqali Abbas Rangwala of Raman Research Institute, Bangalore.


5. Capital market watchdog SEBI has appointed Gyan Bhushan as its chief vigilance officer. He succeeds R K Padmanabhan, against whom CBI launched an inquiry in connection with purported weakening of a case against promoters of Bank of Rajasthan (BoR).


6. After upgrading India-s credit rating outlook from -Negative- to -Stable-, credit rating agency Standard & Poor's has revised the rating outlooks on 11 Indian banks and financial institutions to -Stable- from -Negative-. These banks include ICICI Bank, HDFC Bank, Axis Bank, Kotak Mahindra Bank, State Bank of India, Bank of India, IDBI Bank Ltd, Indian Bank, Union Bank of India, IDFC and Kotak Mahindra Prime.


7. Indian men's squash and archery teams won a historic gold medals at the 17th Asian Games today. With this, India-s position jumped to 11th in the overall standings on the eighth day of competitions.


Young archer Abhishek Verma along with Rajat Chauhan and Sandeep Kumar won the gold medal in the compound team event before picking up the individual silver medal at the Gyeyang Asiad Archery Field.


Men's squash team led by Saurav Ghosal won the gold medal in the team event while the women's team of Dipika Pallikal, Anaka Alankamony and Joshana Chinappa won the silver medal.