Govt accepts Sahoo panel report on review of depository receipts scheme

1.    Govt accepts Sahoo panel report on review of depository receipts scheme

i. The Centre has accepted the Sahoo panel report that reviewed the depository receipts scheme framed in the year 1993.

ii. The key recommendations of the committee include allowing issuance of depository receipts against any underlying securities — equity or debt, by any issuer - listed or unlisted.

iii. This committee has submitted its report, and a draft new scheme which is to be notified at an appropriate stage after completion of enabling amendments, a Finance Ministry release issued on Tuesday said. The draft scheme covers depository receipts only and foreign currency convertible bonds have been left out of its ambit (these would continue to be governed by the existing scheme until further notification), the release added.

iv. Depository receipts are receipts denominated in foreign currency created by a depository in the country of listing. There are two popular types of depository receipts — global depository receipts and American depository receipts.

Sahoo panel 2.0

i. In the second phase, the nine-member panel headed by Sahoo, a former whole-time member of SEBI, has been asked to review the framework on external commercial borrowings and FCCBs.

ii. It was to have submitted its report by March-end, but is yet to do so, sources said.

2.    President gives assent to the Whistleblowers Protection Bill, 2011

i. President Pranab Mukherjee has given his assent to Whistleblowers Protection Bill, 2011.
ii. The Bill has provisions for setting up a regular mechanism to encourage persons to disclose information on corruption or wilful misuse of power by public servants, including Ministers.
iii. It also seeks to provide adequate protection to persons reporting corruption or wilful misuse of discretion which causes demonstrable loss to the government.
iv. The Bill was passed by the Parliament in the last Winter session.

3.    Former Israel PM Olmert sentenced to imprisonment in corruption case

i. The Tel Aviv District Court of Israel on 13 May 2014 sentenced former Prime Minister Ehud Olmert to six years in prison for corrupt practices in real estate projects. The court also fined one million shekels (290000 US dollar) to Olmert for his role in the Holyland project.

ii. The Tel Aviv District Court of Israel on 13 May 2014 sentenced former Prime Minister Ehud Olmert to six years in prison. He was sentenced for corrupt practices in real estate projects.