SpiceJet To Deposit $5 Million In 2 – Latest news headlines


Madras High Court has ordered winding up of SpiceJet and taking over of its assets over unpaid dues

Madras High Court has ordered winding up of private carrier SpiceJet Limited and directed the official liquidator attached to the High Court to take over its assets, in a plea filed by a Swiss company over unpaid dues.

The airline had failed to make payment of over $24 million to a Swiss company SR Technics for maintenance, repair and overhauling of aircraft engines, modules, components, assemblies and parts.

The order was passed by the high court on December 6, 2021.

However, SpiceJet in a filing to the Bombay Stock Exchange today said, “the Madras High Court through its order dated December 6, 2021 has stayed the earlier order of winding up and appointment of official liquidator for a period of three weeks, subject to the condition that the Company deposits the amount equivalent to $5 million within a period of two weeks.”

The court was allowing a company petition from Credit Suisse AG, a stock corporation registered under the laws of Switzerland, which appealed for winding up of the Indian firm under the provisions of the Companies Act, 1956 and appoint the Official Liquidator of the high court as the Liquidator with all powers under Section 448 of the Companies Act to take charge of SpiceJet’s assets, properties, stock in trade and books of accounts.

The “respondent company (SpiceJet) has miserably failed to satisfy the three pronged test suggested by the Supreme Court in Mathusudan Govardhandas & Co. v. Madhu Woollen Industries (P) Ltd., and hence had rendered itself liable to be wound up for its inability to pay its debts under Section 433 (e) of the Companies Act 1956,” Justice R Subramanian said in his order on Monday and directed the private carrier be wound up and the official liquidator take over its assets.

According to the petitioner, SpiceJet had availed of the services of SR Technics, Switzerland, for maintenance, repair and overhauling of aircraft engines, modules, components, assemblies and parts, which are mandatory for its operations. An agreement for performance of such services for a period of 10 years was entered into between SpiceJet and SR Technics on November 24. 2011.



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India’s First 2 Omicron Cases Detected – Latest news headlines


Bengaluru:

Two COVID-19 cases of the Omicron variant have been detected in India, the Health Ministry said on Thursday, in the first confirmation of the coronavirus strain within the country’s borders that has triggered global alarm.

Both the cases have been reported in Karnataka with the patients being two foreigners aged 66 and 46, the Health Ministry’s Joint Secretary Lav Agarwal told a news briefing, adding that their identities will not be disclosed for now to protect their privacy.

All people who came in contact with the two men have been traced and are being tested, he said, adding that both the cases are mild and there are no severe symptoms so far.

“There is no need to panic about the Omicron detection but awareness is absolutely essential. Follow Coivd-appropriate behaviour, avoid gatherings,” Mr Agarwal said.

Early indications have suggested the heavily-mutated Omicron may be markedly more contagious than previous variants, however, there has been no evidence of the strain any deadlier.

“There will be no drastic curbs any time soon. The situation is well under control,” Dr VK Paul, chief of the centre’s COVID-19 task force, said.

India was set to restart scheduled commercial international flights on Dec 15, but on Wednesday scrapped that plan and said a resumption date would be announced in due course.

The government has advised states to ramp up testing, a week after the health ministry said a recent fall in testing could undermine India’s efforts to contain the pandemic.

After battling a record jump in infections and deaths in April and May, coronavirus cases have come down substantially in India, where the Delta variant is the dominant strain.

The country reported 9,765 new cases on Thursday, taking its total to 34.61 million. Only the United States has reported more.



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Xiaomi to Open Car Plant in Beijing With – Latest news headlines


Chinese smartphone giant Xiaomi will build a plant that can produce 300,000 vehicles annually in Beijing for its electric vehicle unit, authorities in the capital said on Saturday.

The plant will be constructed in two phases and Xiaomi will also built its auto unit’s headquarters, sales, and research offices in the Beijing Economic and Technological Development Zone, the government-backed economic development agency Beijing E-Town said on its official WeChat account.

Beijing E-Town said it anticipated the plant reaching mass production in 2024, a goal announced by Xiaomi’s Chief Executive Lei Jun in October.

In March, Xiaomi said it would commit to investing $10 billion (roughly Rs. 75,000 crores) in a new electric car division over 10 years. The company completed the business registration of its EV unit in late August.

The company has been opening thousands of stores to spur domestic sales growth for its smartphone business but eventually intends to use these shops as a channel for its plans to sell electric vehicles.

© Thomson Reuters 2021


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RBI Prepares Scheme For PMC, Unity Small – Latest news headlines


RBI has prepared a draft plan for PMC Bank’s amalgamation with Unity Small Finance Bank

Reserve Bank of India (RBI) on Monday unveiled a draft scheme for amalgamation of the troubled Punjab and Maharashtra Cooperative Bank (PMC) and Unity Small Finance bank (USFB).

The draft plan proposes USFB taking over the assets and liabilities of PMC Bank including deposits, which would provide a greater degree of protection to depositors.

RBI has sought suggestions or objections, if any, from depositors, members and creditors of PMC Bank as well as of USFB on the scheme by December 10, 2021. After the expiry of the deadline, the central bank will take a final call on the matter.

The plan has been put up on the central bank’s website.

The RBI further said that “USFB is being set up with capital of about Rs 1,100 crore as against a regulatory requirement of Rs 200 crore for setting up of a small finance bank under the guidelines for on-tap licensing of small finance bank in private sector dated December 5, 2019, with provision for further infusion of capital at a future date after amalgamation”.

Maharashtra-based PMC Bank was placed under business restrictions with effect from September 23, 2019, on account of fraud, which led to steep deterioration in the net worth of the bank.

The directions were last extended through a June 25, 2021 directive up to December 31, 2021.

“Given the financial condition of the PMC Bank and in the absence of proposals for capital infusion, the bank was not viable on its own. In that event, the only course of action could have been cancellation of its licence and taking it for liquidation, wherein depositors would have received payment up to the insurance ceiling of Rs 5 lakh,” the RBI said.

Keeping in mind the interest of its depositors, the amalgamation scheme has been unveiled, which would provide them protection, the central bank said.



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Kennedy Centre Comic Vir Das’ ‘I Come – Latest news headlines


Comedian Vir Das urged people to “cheer for the country with hope, not hate”.

New Delhi:

Comic Vir Das’s viral “I come from two Indias” video, furiously debated on social media, has provoked a police complaint by a BJP leader. Aditya Jha, a spokesperson of the BJP in Delhi, has filed a complaint with the Delhi Police accusing Vir Das of belittling the country on foreign soil.

Mr Jha tweeted a video saying he “will not tolerate anyone insulting our nation in another country” and will fight for the arrest of Vir Das.

“I will take this fight to a decisive end. I want Vir Das to be arrested so that no one can malign the nation like this,” Mr Jha says, urging people to support his cause.

Vir Das on Monday posted a video filmed at his show at Washington’s Kennedy Centre. In a six-minute monologue, he describes two contrasting faces of the country and refers to many recent controversial topics in broad strokes.

“I come from an India that has the largest working population under 30 on the planet but still listens to 75-year-old leaders with 150-year-old ideas,” he says in the viral monologue.

Many shared his lines on Twitter. Vir Das was also trolled in equal measure.

As the video racked up tens of thousands of views, a short clip posted on Twitter generated much fire: “I come from an India where we worship women during the day and gang-rape them during the night.”

The 42-year-old stand-up comic last evening put out a clarification that he never intended to insult the nation, that his piece was a satire.

“The video is a satire about the duality of two very separate Indias that do different things. Like any nation has light and dark, good and evil within it. None of this is a secret. The video appeals for us to never forget that we are great. To never stop focusing on what makes us great. It ends in a gigantic patriotic round of applause for a country we all love, believe in, and are proud of. That there is more to our country than the headlines, a deep beauty. That”s the point of the video and the reason for the applause,” Vir Das said in his statement.

He urged people to “cheer for the country with hope, not hate” and asked his followers to not be misled by edited clips.

“Please do not be fooled by edited snippets. People cheer for India with hope, not hate. People clap for India with respect, not malice. I take pride in my country, and I carry that pride across the world,” he said.

Congress leader Kapil Sibal came out in his support on Twitter.

“Vir Das, None can doubt that there are two Indias. Just that we don’t want an Indian to tell the world about it. We are intolerant and hypocritical,” Mr Sibal wrote.





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Brazilian Nationals Get New Visa Crypto – Latest news headlines


Hong Kong-based digital asset exchange crypto.com has begun issuing Visa crypto cards for its users in Brazil. Users applying for and receiving the cards will not be charged any monthly, annual, or ATM withdrawal fees, the company has said. Unlike normal Visa credit cards that offer a line of credit, these crypto Visa cards are prepaid in nature and need to be recharged using fiat or cryptocurrencies. These cards can convert all the tokens of the decentralised finance (DeFi) protocol stored in them into the respective market’s currency, which can then be used for purchases and ATM withdrawals.

“The Crypto.com Visa Card offers up to 8 percent back on spending, LoungeKey airport lounge access, and 100 percent subscription rebates for Spotify, Netflix, and Amazon Prime,” the asset exchange company wrote in a blog post announcing the expansion.

Brazilian nationals will have to clear an approval process after having applied for the card. As soon as the clearance comes through, users will be issued a virtual card that would be usable before the physical card arrives.

The crypto Visa card that is currently available in the US, Europe, the UK, Canada, and Singapore, is entering Brazil perhaps amid crypto adoption picking pace there.

In October, Brazilian cab-hailing major 99 enabled the sale and purchase of Bitcoin via its digital wallet app 99Pay.

In Fact, earlier this week, Brazilian parliamentarian Luizão Goulart proposed a bill to legalise cryptocurrency as a form of payment for workers in the public and private sectors.

If the bill does get cleared, Brazil could become only the second country to approve Bitcoin as legal tender, after El Salvador went through with the process in September.

Earlier this week, the overall valuation of the crypto market reached the $3 trillion (roughly Rs. 2,22,79,296 crore) mark, as per market research tracker, CoinGecko.


Interested in cryptocurrency? We discuss all things crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.



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Government To Soon Appoint Managing – Latest news headlines


Government will soon appoint head of the National Bank for Financing Infrastructure and Development

Finance Ministry will soon start the process for appointing a managing director (MD) and deputy managing directors (DMDs) of the newly set up Rs 20,000 crore development finance institution, namely National Bank for Financing Infrastructure and Development (NaBFID).

Government has envisioned the institution for expediting investment in the fund-starved infrastructure sector.

Last month, the government had appointed veteran banker K V Kamath as the chairperson of NaBFID for three years.

According to sources, the finance ministry will soon intimate the Banks Board Bureau (BBB) about the appointment of MD and DMDs of NaBFID.

The bureau will issue advertisements and undertake a selection process, sources said.

The BBB is the headhunter for state-owned banks and financial institutions.

The MD, DMDs and whole-time directors would not hold office after attaining the age of 65 years and 62 years respectively.

As per the NaBFID Act 2021, the institution would have one managing director and not more than three DMDs.

The government has committed Rs 5,000 crore grant over and above Rs 20,000 crore equity capital.

The central government will provide grants by the end of the first financial year. The government will also provide guarantee at a concessional rate of up to 0.1 per cent for borrowing from multilateral institutions, sovereign wealth funds, and other foreign funds.

The development finance institution (DFI) has been established as a statutory body to address market failures that stem from long-term, low margin and risky nature of infrastructure financing.



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Virat Kohli’s 9-Month-Old Daughter Gets – Latest news headlines


Threats were issued against the daughter of Virat Kohli and Anuskha Sharma

New Delhi:

The Delhi Commission for Women has issued a notice to Delhi Police over online rape threats to the daughter of Indian cricket team captain Virat Kohli and Bollywood actor Anushka Sharma.

The way the nine-month-old was threatened on Twitter is “very shameful”, DCW Chairperson Swati Maliwal tweeted, urging the police to share information regarding the investigation in the case.

“The team has made us proud thousands of times, why this silliness in defeat,” Ms Maliwal said.

The DCW has sought information, including a copy of the FIR (first information report), details of the accused identified and arrested, and also a detailed “action taken report”, in the matter.

“If no accused has been arrested, please provide the details of steps taken by Delhi Police to arrest the accused,” the notice – sent today – said.

The police have been asked to provide the requested information by November 8.

Hateful comments against Virat Kohli’s daughter started appearing on social media after India’s loss to Pakistan in the T20 World Cup in Dubai. Mr Kohli was also attacked after he spoke against the incessant trolling of his teammate, Mohammed Shami, who was targeted over his religion after the loss.

Attacking someone over their religion is the most pathetic thing one can do as a human. That is a very sacred and personal thing. People take out their frustration because they have no understanding of what we do,” Virat Kohli told reporters during a pre-match press conference on the eve of the Super 12 encounter against New Zealand.





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Intel ‘Alder Lake’ 12th Gen Core i9, – Latest news headlines


Intel ‘Alder Lake’ 12th Gen Core i9, Core i7, and Core i5 CPUs for gaming, workstation and enthusiast desktop PCs have been launched, following several months of teasers and architecture-level disclosures. Six new models have been launched, all of which are unlocked and overclockable. These new CPUs are the first of the ‘Alder Lake’ family, and introduce a mix of heterogenous Performance and Efficiency cores for the first time in consumer X86 PCs. This also marks the advent of DDR5 RAM and the PCIe 5.0 interconnect standard. Intel has not yet announced the availability of 12th Gen CPUs for other segments such as laptops, however the company has said that additional desktop CPU models will follow in early 2022.

New 12th Gen ‘Alder Lake‘ CPUs will have a mix of two different core types, which Intel is calling ‘Performance Hybrid Architecture’. This works in much the same way that ARM-based smartphone processors have been developed for several years now. This single architecture will serve all Intel’s consumer CPU categories, with different mixes of cores types. All 12th Gen Core CPUs will be manufactured on the newly renamed 10m ‘Intel 7’ process.

Prices in the US range from $589 (approximately Rs. 43,380 before taxes) for the top-end Core i9-12900K to $264 (approximately Rs. 19,445 before taxes) for the Core i5-12600KF. Models without graphics capabilities are priced slightly lower than their counterparts with integrated GPUs. These are prices per 1000 units, and might not reflect retail prices. Intel has said it expects robust retail availability despite the global semiconductor shortage, and multiple PC OEMs are also on board to ship pre-built desktops. Official prices in India are yet to be confirmed but some retail listings without prices appeared online as early as last week.

The new ‘Golden Cove’ Performance (P) cores succeed the ‘Willow Cove’ cores in the current ‘Tiger Lake’ architecture, while the ‘Gracemont’ Efficiency (E) core architecture can be considered a descendant of the erstwhile Intel Atom CPU range. Intel’s first hybrid CPU, codenamed ‘Lakefield‘, was launched in 2020 but has been seen in very few actual shipping devices. The 12th Gen desktop Core i9 CPUs announced so far feature 16 cores (8 P + 8 E), while Core i7 models get 12 cores (8 P + 4 E) and Core i5 models have 10 cores (6 P + 4 E).

While P cores are intended to handle high-impact lightly threaded workloads, background tasks and more multi-threaded tasks can be delegated to E cores. Also, P cores continue to benefit from Hyper-Threading, allowing two threads to run simultaneously, but E cores do not, so 12th Gen Core CPUs will have non-linear core/thread counts. To balance workloads and ensure that the optimal tasks are assigned to each type of core, Intel has developed a new dynamic scheduler that it calls Thread Director. This requires Windows 11, and Intel says that performance will not be as optimised on Windows 10 or other operating systems. Thread Director will first favour the P cores, then the E cores, and only once those are saturated will threads be assigned to the Hyper-Threading capacity of the P cores.

Each P core has its own L2 cache, while clusters of four E cores share their L2 caches. These feed in to a common L3 cache, allowing for quick transfers of data and low latency in workloads optimal for each core type. CPUs without the -F suffix will also feature integrated Intel UHD 770 graphics, based on the Xe LP architecture.

The new Z690 platform controller has been introduced, and 12th Gen Core desktop CPUs use a new, larger LGA1700 socket. Platform-level features for this generation include the first use of DDR5 RAM, with official support going up to 128GB (dual-channel) at 4800MT/s wit h XMP 3.0 profiles. DDR4-3200 RAM is also supported, and motherboard manufacturers will decide which standard to go with on each model. Alder Lake CPUs support up to 16 lanes of PCIe 5.0, doubling the bandwidth of PCIe 4.0. New CPU and RAM overclocking controls have also been introduced.

intel alderlake skus intel

The Core i9-1200K is described as “the world’s best gaming processor” and Intel says it delivers significant gains in gaming as well as content creation workloads compared to the octa-core Core i9-11900K. It can run at up to 5.2GHz. The two different core types run at different Base and Turbo speeds: 2.4-3.9GHz for the E cores and 3.2-5.1GHz for the P cores. Base and peak power ratings are 125W and 241W respectively.

Intel claims 19 percent gen-on-gen performance improvements for the P cores. The Core i9-12900K is said to deliver 50 percent higher multi-threaded performance than the Core i9-11900K at a slightly lower 241W peak power consumption compared to 250W. At the rated 125W stock TDP, performance is up to 30 percent better, while the same level of performance can be achieved within a 65W power limit. When gaming and streaming simultaneously, Intel claims up to 84 percent better frame rates. When exporting edited video while processing RAW images, that figure is said to be 47 percent. Even running these tasks sequentially rather than simultaneously is said to be faster.

The rest of the lineup includes the Core i9-12900KF with nearly identical specifications; as well as the Core i7-12700K, Core i7-12700KF, Core i5-12600K, and Core i5-12600KF. The -F suffix indicates a lack of integrated graphics capabilities, while the -K suffix indicates that these are all unlocked and overclockable models. Lower-end versions of these CPUs should be launched in Q1 next year, potentially as early as CES 2022.



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Private Oil Refiners To Work With – Latest news headlines


India is forming a group bringing together state and private refiners to seek better crude import deals

Private oil refiners are willing to work with state-run peers to bargain collectively for better oil import deals, oil minister Hardeep Singh Puri said on Friday, as the nation looks to cut its import bill.

India is forming a group bringing together state and private refiners to seek better crude import deals, Reuters reported on Monday.

“The outcome of the meeting between private and state-run (refiners on a joint oil procurement plan) was very encouraging,” Puri said in a news conference at the India Energy Forum industry event.

He said the private companies are “enthused” by the plan.

India is the world’s third-largest oil importer and consumer, reliant on imports for about 85 per cent of its crude and buying most of that from Middle East producers.

Private companies including Reliance Industries, operator of the world’s biggest refining complex, and Nayara Energy, partly owned by Russian oil major Rosneft, control about 40 per cent of India’s 5 million barrel per day (bpd) refining capacity.

With local gasoline and gasoil prices rising to record highs in India’s worst power crisis for years, the nation wants to redouble efforts to buy wisely.

The country’s trade deficit last month surged to a record $22.6 billion, its highest in at least 14 years, driven by expensive imports.

India has repeatedly asked the Organization of the Petroleum Exporting Countries (OPEC) and its allies, together known as OPEC+, to boost output to bring down global oil prices.

“Cost of energy should not be allowed to outstrip paying capacity of consumers and this imperative needs to be configured by the consuming countries in planning their production profile for the future,” Puri said.



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