Current Affairs for BANK, IBPS Exams - 18 July 2021

::NATIONAL::

According to an order issued by the Law Ministry on Friday, the "long-winding and cumbersome" name of the "Common High Court of UT of Jammu and Kashmir and UT of Ladakh" is changed to "High Court of Jammu and Kashmir and Ladakh". This came after President Ram NathKovind signed the Jammu and Kashmir Reorganisation (Removal of Difficulties) order, 2021, to effect the change.
It was observed that the previous name of the J&K High Court was too lengthy. In view of this, the government used the Jammu and Kashmir Reorganisation Act 2019, to rename the judicial institute of J&K and Ladakh. The latest order issued by the Law Ministry pointed out that the Act declared that the High Court of Jammu and Kashmir would be the "Common High Court for the Union Territory of Jammu and Kashmir and Union Territory of Ladakh".
"The then chief justice of the common High Court for the Union Territory of Jammu and Kashmir and Union Territory of Ladakh, vide letter dated November 21, 2020, has also conveyed her no objection to the proposed name," said the order.
After the abrogation of Article 370 and the re-organisation of Jammu and Kashmir, the state was officially converted into two union territories, namely Jammu & Kashmir, and Ladakh, on October 31.

The US, Afghanistan, Pakistan and Uzbekistan have agreed in principle to establish a new quadrilateral diplomatic platform focused on enhancing regional connectivity, the Biden administration has said.
“The parties consider long-term peace and stability in Afghanistan critical to regional connectivity and agree that peace and regional connectivity are mutually reinforcing,” the State Department said on Friday.
Recognising the historic opportunity to open flourishing inter-regional trade routes, the parties intend to cooperate to expand trade, build transit links, and strengthen business-to-business ties, it said.
“The parties agreed to meet in the coming months to determine the modalities of this cooperation with mutual consensus,” said the State Department.
Afghanistan’s strategic location has for a long time been touted as a competitive advantage for the country.
The formation of the new quad group is important amid China's desire to extend its Belt Road Initiative (BRI) to Afghanistan.
The BRI, a multi-billion-dollar initiative launched by Chinese President Xi Jinping when he came to power in 2013, aims to link Southeast Asia, Central Asia, the Gulf region, Africa and Europe with a network of land and sea routes.

Reliance Retail Ventures Ltd (RRVL) will acquire 66.95% in Just Dial Ltd for ₹3,497 crore, giving the retail arm of India’s most valuable company access to a database of millions of merchants and other users.
Reliance Retail will be classified as a promoter of Just Dial post this deal, it said on Friday.
Just Dial founder V.S.S. Mani will continue to lead the business-to-business (B2B) search engine as its managing director and chief executive officer.
The transaction will help RRVL leverage Just Dial’s existing database of 30.4 million listings and its existing consumer traffic of 129.1 million quarterly unique users (as of 31 March).
According to the agreement, Just Dial will allot 21.2 million preferential equity shares (equivalent to 25.33% post preferential share capital) at ₹1,022.25 per share to RRVL.
The RIL subsidiary will also acquire 13.1 million equity shares from Just Dial’s founder Mani (equivalent to 15.62% post preferential share capital) at a price per share of ₹1,020. This would give a controlling stake of 40.95% to RRVL in Just Dial.

The change seeks to eliminate a potential conflict of interest that insolvency professionals in charge of steering a company through the bankruptcy process could have if any of their colleagues advise others involved in the case.
Insolvency resolution professionals hired by lenders to rescue bankrupt companies cannot continue in that role if any of their colleagues represent any of the parties in that case, says a new rule brought out by the Insolvency and Bankruptcy Board of India (IBBI).
The change seeks to eliminate a potential conflict of interest that insolvency professionals in charge of steering a company through the bankruptcy process could have if any of their colleagues advise others involved in the case. It is significant because shareholders and creditors of a bankrupt firm would be trying their best to maximize their separate and often conflicting interests during the process.
Once a company enters bankruptcy proceedings either on its own or by a reference made by its lenders or other creditors, shareholders would be trying their best to retain their ownership while lenders would be looking for new investors.

Ordnance Factory Tiruchirappalli hands over Fifteen 12.7 mm M2 NATO Stabilized Remote Control Gun to Indian Navy & 10 to Indian Coast Guard. It is manufactured with transfer of technology agreement from Elbit Systems, Israel.
The gun is meant for marine applications and can remotely engage targets. It is equipped with an inbuilt CCD camera, thermal imager and a laser range finder for observation and tracking of targets through day and night operations.

Reigning world champion Gitika dished out a solid performance to defeat PayalZala in the opening round of women's 48kg events at the youth national boxing championship here on Sunday.
The tournament, being held at Delhi Public School, marked a return of domestic boxing action in the country after a gap of more than a year due to the Covid-19 pandemic.
Haryana's Gitika dominated Zala from Gujarat with some heavy blows right from the start and the referee declared the former as the winner with the RSC (referee stopped contest) verdict in the first round.