DAILY CURRENT AFFAIRS (8 JUNE 2024)

by | Jun 8, 2024

LAW AND GOVERNANCE 

SUPREME COURT DEMANDS REPORT ON STOCK MARKET CRASH AFTER ELECTIONS

Vishal Tiwari vs. Union of India

An application by Advocate Vishal Tiwari seeks the Supreme Court’s direction for SEBI and the Union government to report on the stock market crash following the 2024 Lok Sabha results. Highlighting investor losses and pending investigations from the Adani-Hindenburg case, Tiwari calls for transparency and accountability.

Legal Provisions and Framework:
  1. Securities and Exchange Board of India (SEBI) Act, 1992: SEBI’s mandate includes protecting investors’ interests and regulating the securities market. The Act empowers SEBI to investigate market irregularities and enforce compliance.
  2. Securities Contracts (Regulation) Act, 1956: This Act regulates stock exchanges and securities transactions. It ensures fair trading practices and protects investor interests.
  3. Companies Act, 2013: This Act includes provisions for corporate governance and accountability, crucial for maintaining market integrity.
  4. Right to Information Act, 2005: This Act allows citizens to request information from public authorities, supporting the transparency called for by Advocate Vishal Tiwari.
  5. Constitution of India – Article 32: This provision allows individuals to approach the Supreme Court for enforcement of their fundamental rights, underpinning Tiwari’s application.

 

CJI CALLS FOR ENHANCED COMMERCIAL ARBITRATION FRAMEWORK

Speech by Chief Justice of India DY Chandrachud

In a speech at the UK Supreme Court, Chief Justice DY Chandrachud urged India to bolster its commercial arbitration framework. Highlighting the India International Arbitration Centre, he stressed the importance of professionalism and transparency in arbitration institutions to relieve the overburdened judiciary and improve dispute resolution efficiency.

Legal Provisions and Framework:
  1. Arbitration and Conciliation Act, 1996: This Act provides a legal framework for arbitration in India, aligning with international practices such as the UNCITRAL Model Law on International Commercial Arbitration.
  2. India International Arbitration Centre Act, 2019: Establishes the India International Arbitration Centre to facilitate institutional arbitration.
  3. UNCITRAL Model Law on International Commercial Arbitration: Adopted by many countries, including India, it sets out procedural frameworks for arbitration.
  4. Section 12 of the Indian Arbitration Act: Mandates arbitrators to disclose any circumstances that may affect their independence or impartiality.
  5. Group of Companies Doctrine: Although not a codified law, it is a judicially recognized principle in Indian arbitration that binds non-signatories under certain conditions, promoting comprehensive resolution in complex transactions.

 

SUPREME COURT REINSTATES BAIL IN MONEY-LAUNDERING CASE

Parvinder Singh Khurana vs Directorate of Enforcement

The Supreme Court reinstated bail for Parvinder Singh Khurana, questioning the Delhi High Court’s prolonged stay on his bail. Emphasizing the importance of personal liberty, the court mandated the enforcement of the original bail order. The case will be reviewed again on July 11, with responses sought from  Enforcement Directorate.

Legal Provisions and Framework:
  1. Prevention of Money Laundering Act (PMLA), 2002: This Act outlines the legal framework for investigating and prosecuting money laundering offenses. It includes provisions for attachment, seizure, and confiscation of property involved in money laundering.
  2. Code of Criminal Procedure (CrPC), 1973 – Section 439: Governs the powers of High Courts and Sessions Courts to grant bail. The Supreme Court’s intervention highlights the balance between enforcement and personal liberty.
  3. Constitution of India – Article 21: Guarantees the right to life and personal liberty, which includes the right to seek bail and avoid prolonged pre-trial detention.
  4. Enforcement Directorate (ED) guidelines: Regulate the conduct and procedures followed by the ED in investigating and prosecuting money laundering cases.
  5. Supreme Court Guidelines on Bail: The Supreme Court has established various guidelines to ensure that bail is not arbitrarily denied, reinforcing the principles of justice and liberty.

 

Source- Supreme Court of India 

GOVERNMENT SCHEME 

PRIME MINISTER’S SCHOLARSHIP SCHEME FOR RAILWAY PROTECTION FORCE (PMSS)

(Ministry of Railways)

OBJECTIVES: The Prime Minister’s Scholarship Scheme for RPF aims to empower dependents of Ex/Serving RPF/RPSF personnel and widows by facilitating access to higher technical and professional education. Initiated in 2008-09, the scheme encourages academic excellence and supports deserving candidates in pursuing recognized professional degree courses.

BENEFITS:

  • Generous Scholarship Amount: ₹2500/- per month for male students and ₹3000/- per month for female students.
  • Personal Recognition: Each selected applicant receives a personal letter from the Hon’ble Prime Minister, acknowledging their academic achievements and dedication.
  • Extended Duration: Scholarships are granted for the entire duration of the chosen course, ranging from two to five years, ensuring continuous support towards academic pursuits.

ELIGIBILITY:

  • Dependents of Ex/Serving RPF/RPSF personnel and widows below the Rank of Gazetted officer are eligible.
  • Minimum 60% marks in Minimum Entry Qualification (MEQ) i.e., 12th Std., Diploma/Graduation is required.
  • Limitation: Only two wards per family can avail of the scholarship, ensuring equitable distribution.
  • Approved Courses: Only courses recognized by regulatory bodies such as AICTE, MCI, UGC, NCTE, etc., are permissible under the scheme.

SCHEME FOR GOOD SAMARITAN

(Ministry of Road Transport & Highways)

OBJECTIVES: The Scheme for Good Samaritan, launched by the Ministry of Road Transport & Highways, aims to instill a sense of responsibility and humanity among citizens by encouraging immediate assistance to road accident victims. The scheme seeks to reduce fatalities by facilitating prompt medical aid during the critical Golden Hour.

BENEFITS:

  • Financial Reward: Good Samaritans receive a commendable award of ₹5000/- per incident, recognizing their prompt action in saving lives.
  • National Recognition: Outstanding contributors are eligible for prestigious National Level Awards, further motivating individuals to proactively assist in emergency situations.
  • Appreciation Certificate: Each cash award is accompanied by a Certification of Appreciation, acknowledging the noble act of saving lives.
  • Legal Protection: Good Samaritans assisting accident victims are exempted from any further obligations by the police or hospitals, ensuring their immediate release after rendering assistance.

ELIGIBILITY:

  • Eligible candidates include individuals who provide immediate assistance to victims of fatal accidents involving motor vehicles, ensuring prompt transportation to Hospital/Trauma Care Centre within the Golden Hour.
  • Good Samaritans willing to disclose their details are eligible for consideration under the scheme, promoting transparency and accountability.

Source- myScheme

Also read- DAILY CURRENT AFFAIRS (7 JUNE 2024)

 

Written By Vishakha Khatri

My name is Vishakha Khatri. I am an engineering graduate and a civil service aspirant with a passion for spreading knowledge about Indian polity. I believe that understanding our political system is crucial for every citizen, and I am committed to making this information accessible to everyone in my own easy way. Through my experiences in civil service preparation and my unique perspective as an engineering graduate, I hope to inspire and educate others on the importance of Indian polity.

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