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Centre brings ordinance for e-auctioning of all the coal blocs (214) whose allocation was recently cancelled by the Supreme Court.
- The first part of the ordinance is for reacquisition of all coal blocs by the government.
- Supreme Court had earlier declared all allocation of captive mines since 1993 illegal.
- Coal mining was nationalized in the early 1970s and private mining is allowed only for captive use by power, steel and cement plants.
- Public entities like NTPC, state electricity boards will get priorities in the initial phase of bidding.
- Private companies in power, cement and steel will be allowed to acquire their own coal mines in later phases.
- The entire revenue from the auction would be pocketed by the states where these mines are situated.
Login To Save for Revision- Government set up TK Vishwanathan Committee to frame a bankruptcy law.
- The new legislation will make it easy for entrepreneurs, primarily of small and medium enterprises, to exit unprofitable businesses.
- The committee is expected to submit the report by February 2015.
- Surprisingly, there is no bankruptcy law in the country at present.
- Micro, small and medium enterprises (MSMEs) contribute about 8% to India's GDP.
Login To Save for Revision- Mohammedan Sporting, one of the oldest football club in India, decides to shut down due to bankruptcy.
- The Kolkata-based club, founded in 1891, is considered one of the 'Big Three' in national football together with the East Bengal and Mohun Bagan.
Login To Save for Revision- Nigeria, with no new Ebola case for 42 days, is declared "Ebola free" by the World Health Organisation (WHO).
Login To Save for Revision- 'INS Teg' sets out for South Africa to participate in the joint naval exercise 'IBSAMAR' among India, Brazil and South Africa.
- INS Teg, 9th Indian Naval ship to participate in this drill, will stay there from October 20 to November 7.
- The manoeuvre is taking place in the international waters off Simon's town - the main base of the South African Navy near Cape Town.
- The warship, built at Kaliningrad (Russia), was commissioned into the Indian Navy on 27th April 2012.
Login To Save for Revision- Narinder Batra is elected as the President of the Hockey India, unopposed.
Login To Save for Revision- Madhya Pradesh declares 2015 as the 'Tourism Year' in the State.
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