RBI permits firms to issue debt to non-residents as bonus

The Reserve Bank of India (RBI) has granted permission to Indian companies to issue non-convertible or redeemable preference shares or debentures to non-resident shareholders from their general reserves as bonus. This facility will also include the depositories that act as trustees for the ADR/GDR holders. The issue of preference shares (excluding non-convertible/redeemable preference shares) and convertible debentures (except optionally convertible or partially convertible debentures) would be subject to Foreign Direct Investment Scheme.

Why has the RBI allowed company to issue non-convertible debentures to non-resident Indians?

As per the notification issued by the RBI, the step has been taken with a view to rationalize and simplify the norms following references from some Indian companies to issue non-convertible or redeemable bonus preference shares or debentures to non-resident shareholders from the general reserve under a scheme of arrangement by a court, under the provisions of the Companies Act.   Until now, RBI was granting permission for such issuances on a case-to-case basis.

Scientists spot rare Indian Pitta after 60 years

Screenshot_2Indian Pitta, a bird endemic to the Himalayan foothills and Western Ghats, was spotted at Aravalli Biodiversity Park near Vasant Kunj in Delhi recently. As per ornithologists, Indian Pitta, a small and colourful bird which is mainly seen in closed-canopy forests, was spotted in Delhi after 60 years.

Why sighting of Indian Pitta is special for scientists?

The sighting of Indian Pitta or ‘Navaratna’ was last reported by ornithologist Usha Ganguli in her book-A Guide to the Birds of Delhi. But for scientists, the spotting of the bird in national capital after 60 years is special because it was seen in the mining pits which they have converted in to moist forests. As an experiment, scientists planted evergreen species in these despoiled pits of Aravalis which was a wasteland earlier. The bird discovered the type of atmosphere it needs at this location.