Business, Economy & Banking Current Affairs - 2019

Business, Economy and Banking in Current Affairs 2019 with latest news and current affairs in Agriculture, Industry, Banking, Capital Markets, Import and Export and Government schemes in commercial sector.

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2nd UDAY Express to run between Visakhapatnam, Vijayawada

Indian Railways’ 2nd UDAY (Utkrisht Double Decker Air Conditioned Yatri) Express will run between Visakhapatnam and Vijayawada to cater to busy route in East Coast Railway zone (ECoR), one of 18 railway zones of Indian Railways. The 1st double-decker UDAY Express started service between Coimbatore and Bangalore in June 2018. Another Uday Express is proposed between Bangalore City and Chennai Central.

About UDAY Express

It is a specially-designed double decker air conditioned train with chair car coaches which is primarily allocated to routes with heavy passenger traffic. It is equipped with WiFi facility, have striking interiors, cushioned seating, and display screens.

2nd Uday Express:

Train consists of 9 double-decker coaches and 2 power cars.

This new UDAY Express will boast several modern features such as cushioned seating, LED screen in pantry-cum-dining area for entertainment of passengers, automatic food and beverages vending machine, smoke detection alarm system, modular bio-toilets among others.

Passenger Capacity– It will have a carrying capacity of 50 passengers on upper deck, 48 on lower deck and 22 on ends.

Coaches: Out of 8 coaches, 3 coaches will have dining facilities with a seating capacity of 104 passengers each and other 5 coaches will be without dining area with seating capacity of 120 passengers.

Schedule: Departure time of train number 22701 Visakhapatnam-Vijayawada Uday Express from Visakhapatnam is 05:45 am and it will reach Vijayawada at 11:15 am. On its return journey, train number 22702 will leave Vijayawada at 5:30 pm and reach Visakhapatnam at 10:55 pm.

Train Stoppages between Visakhapatnam and Vijayawada: Duvvada, Anakapalle, Tuni, Samarlakota, Rajamahendravaram, and Eluru.

Date of introduction of train has not been decide yet.

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Government relaxes norms for shares with differential voting rights

Union Ministry of Corporate Affairs (MCA) has amended provisions relating to issue of shares with Differential Voting Rights (DVRs) provisions under Companies Act. This move is aimed at enabling promoters of Indian companies to retain control of their companies in their pursuit for growth and creation of long-term value for shareholders, even as they raise equity capital from global investors.

Key changes made are

The existing cap of 26 % of total post issue paid up equity share capital raised to 74 % of total voting power in respect of shares with DVRs of a company.

The earlier requirement of distributable profits for 3 years for a company to be eligible to issue shares with DVR now has been removed.

Alongside above two changes, time period within which Employee Stock Options (ESOPs) can be issued by Startups recognized by Department for Promotion of Industry & Internal Trade (DPIIT) to promoters or Directors holding more than 10% of equity shares, has been increased from current 5 years to 10 years from date of their incorporation.

Background

Promoters/founders who are instrumental in starting up company often lose control of firm when they dilute their stakes to raise multiple rounds of funding. Differential Voting Rights do not follow common rule of one share-one vote. DVRs enable promoters to retain control over company even after many new investors come in, by allowing shares with superior voting rights or lower or fractional voting rights to public investors.

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