News in Numbers: SBI-led consortium can levy11.5% interest on Mallya, firms2 min read . Updated: 20 Jan 2017, 12:12 PM IST
In other news, China's National Energy Administration suspended 100 coal-fired power projects across 11 of its provinces
What is it? The estimated death toll of a head-on collision between a truck and school bus, including 18 children, in Uttar Pradesh’s Etah district.
Why is it important? It is a grim reminder of India’s unsafe roads which claimed 5% more lives in 2015 in accidents with 148,707 deaths than in 2014. UP’s deadly roads accounted for 12% of the fatalities. School buses are no exceptions to rash driving, with schoolchildren bearing the brunt. In this accident, most of the children were less than 10 years of age.
Tell me more: The school running the bus was open despite the district magistrate’s order of shutting schools for three days due to severe fog.
What is it? The interest the Debt Recovery Tribunal (DRT) in Bengaluru directed the group of lenders led by State Bank of India to levy on Vijay Mallya and his companies.
Why is it important? The directive for the consortium of 17 banks, which had moved the DRT in 2013, may signal an end to the legal battle with the absconding businessman, but actual recovery might prove tricky. Attempts to recover dues by selling Mallya’s or his businesses’ properties have not found buyers so far. Recovery of his $40 million severance pay from Diageo, too, remains elusive.
Tell me more: The DRT included assets of all of Mallya’s companies like UBHL, Kingfisher Airlines and Kingfisher Finvest and is likely to attach his private properties for recovery as well. DRT said the 11.5% interest rate is to be charged from 26 July 2013, and be recovered along with Rs6,203 crore.
What is it? The number of coal-fired power projects China’s National Energy Administration suspended across 11 of its provinces
Why is it important? These constitute over 66% of the coal-fired power projects capacity (150 GW) China was targeting to stop or delay between 2016 and 2020. Severe air pollution, given its voracious appetite for coal, has led China to try and limit use of fossil fuels.
Tell me more: Such measures will be accompanied by a focus on renewables such as 130 GW of solar and wind power slated for instalment by 2020.
What is it? The change in Axis Bank’s share price in early trade on Friday, as it reported lower-than-expected quarterly earnings.
Why is it important? The third-largest private bank in India has come under fire for monitoring of its asset quality which has dragged earnings down 73% to Rs579.57 crore. As much as 43.4% of its slippages or Rs1,980 crore in the third quarter was from outside its watchlist. It has been unable to effectively identify defaulting accounts leading to larger-than-expected slippage and impact on earnings.
Tell me more: 70% of the slippages were in sectors like iron and steel, infra-construction and textiles, both on its watchlist and outside it.
What is it? The drop in automobile crash rate after installation of Tesla’s semi-autonomous Autopilot, according to an investigation by US National Highway Traffic Safety Administration.
Why is it important? This is a big boost for Elon Musk-led Tesla as the finding indicates that driving its cars is a safer option. The study found there was a drop in crash rates from 1.3 per million miles in 2014 to 0.8 in 2016, post installation of the autopilot feature. US average crash rate is about 1.85 crashes per million miles.
Tell me more: The investigation followed a fatal crash involving a Tesla autopilot feature last year. A negative ruling—such as demanding Tesla to recall the vehicles—would have hurt the company considerably.
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