Persons in News
Krishnamurthy Subramanian, Chief Economic Adviser (CEA) and B. Sriram, former managing director (MD) and chief executive officer (CEO) of Industrial Development Bank of India (IDBI Bank) were appointed part-time members of Insolvency and Bankruptcy Board of India (IBBI).
K Subramanian, an Indian School of Business (ISB) Hyderabad professor was appointed chief economic adviser for a period of 3 years in December 2018.
Their appointment was approved by Appointments Committee of the Cabinet (ACC), which is composed of Prime Minister of India (who is Chairman), Union Minister of Home Affairs and the order for appointment was issued by Department of Personnel and Training (DoPT).
About Insolvency and Bankruptcy Board of India
- IBBI, an insolvency regulatory agency was established on 1 October 2016. It was given statutory powers by Insolvency and Bankruptcy Code (IBC), the bankruptcy law of India which was passed by Lok Sabha on 5 May 2016.
- The IBC 2016 established Insolvency and Bankruptcy Board of India (IBBI), to oversee insolvency proceedings in India and to regulate entities registered under it.
- The IBBI Governing Board consists of 10 members, including representatives from the Ministry of Finance (MoF), Ministry of Law and Justice, Ministry of corporate affairs (MCA), and Reserve Bank of India (RBI).
- IBBI act as a regulator for overseeing insolvency proceedings and entities such as Insolvency Professionals (IP), Insolvency Professional Agencies (IPA) and Information Utilities (IU) in India.
- IBC covers Individuals, Companies, Partnership firms and Limited Liability Partnerships and handles cases under it using tribunals namely National company law tribunal (NCLT) and Debt recovery tribunal (DRT).
Tags: Appointments Committee of the Cabinet • B. Sriram • Cabinet (ACC) • Chief Economic Advise • Debt recovery tribunal
Zonel Sougaijam, a civil engineer from Manipur was included in Facebook Hall of Fame 2019, for detecting a WhatsApp bug that violated privacy of a user.
- Facebook, the social media giant honoured 22-year-old Mr. Sougaijam, by including him in Facebook Hall of Fame 2019 and also awarded $5000.
- His name is currently at 16th position in a list of 94 people who are included in Facebook Hall of Fame for this year.
- WhatsApp Bug: During a voice call via WhatsApp, the bug instilled used to allow caller to upgrade it to a video call even without the authorisation and knowledge of receiver. The WhatsApp caller was then able to see what other person on receiving end is doing, thus violating the privacy of receiver.
- Sougaijam discovered this bug and reported the matter in March 2019 to Bug Bounty Program of Facebook, which deals with matters of violation privacy. The Facebook Security team acknowledged his report and its technical department fixed the bug within 15-20 days.
- Facebook, the social media giant is owned by Mark Zuckerberg, who purchased WhatsApp messaging service in February 2014 for a staggerring $19 billion.