Current Affairs India - 9 April 2015

1. Former Satyam Chairman B Ramalinga Raju and nine others have been convicted guilty for their involvement in the worst ever corporate fraud of Indian history and given a seven-year jail term by the special court. Ramalinga Raju and his brother Rama Raju have also been slapped with a fine ofRs.5 crore each and others Rs.25 lakh each. B Ramalinga Raju had confessed in a letter to the board and stock exchange in January 2009 that he fudged balance sheet of Satyam Computer Services to report inflated numbers.

The 10 accused who have been convicted are - B ramalinga Raju, B Rama Raju, Srinivas Vadlamani, Talluri Srinivas, Gopalakrishna, Suryanarayana Raju, Ramakrishna, Venkatapathi Raju, Srisailam, and Vsd Gupta.

2. President Pranab Mukherjee has appointed the senior-most Election Commissioner, Dr Nasim Zaidi, as the next Chief Election Commissioner (CEC). He will succeed incumbent Harishankar Brahma who will retire on April 18th and assume charge from 19th April.

3. Chairman & Managing Director of TIL Limited, Sumit Mazumder has been elected as the President of CII for the year 2015-16.  He succeeds Ajay Shriram. He is also the Executive Chairman of Tractors India Pvt. Ltd. which is a distributor for Caterpillar, USA, in India, Nepal and Bhutan for earthmoving, construction, mining equipment and power systems.

4. Hindi poet Gopaldas Neeraj and famous Hindi litterateur Uday Pratap Singh have been awarded with the Sahitya Shiromani Samman by the Uttar Pradesh government. The award carries an award and cash prize of 21 lakh rupees.

5. Famous Tamil writer and novelist Jayakanthan passed away on 8th April in Chennai. He was 81. He authored over 35 novels, many short stories and two autobiographies. He was presented with Padma Bhushan award in 2009, Jnanpith award in 2002 and Sahitya Akademi Award in 1972.

6. Global rating agency Moody's has raised India-s rating outlook from stable to positive with rating affirmed as -Baa3- which is the lowest investment rating. Moody-s said that the actions by policy makers will enhance the India-s economic strength and, in turn, the sovereign's financial strength over coming years and it also expects rating improvement in next 12-18 months.This improvement of outlook has confirmed that India-s macroeconomic prospects are improving.

Another global credit rating agency Fitch has affirmed India's sovereign rating at -BBB-- and has kept the outlook unchanged at -stable-. 'Baa3- and -BBB--are similar rating and indicates last investment grade.

7. The Reserve Bank notified the decision to raise foreign direct investment (FDI) cap in the insurance sector to 49% from existing cap of 26%. As per the notification, FDI up to 26% will be under automatic route and beyond 26% till 49% will be allowed with the approval of Foreign Investment Promotion Board (FIPB).