March 07, 2018
Supreme Court on Compensation
The Supreme Court in Jagdish v Mohan, observed that the measure of compensation must reflect a genuine attempt of the law to restore the dignity of the individual, that is it must to the extent possible make good the loss and suffering of the individual. This case dealt with the computation of disability and the corresponding compensation awarded to a man who had lost both arms, and it was held therein that compensation is not a favour but an entitlement that must be rightfully asserted for by the aggrieved person.
Delhi High Court Upholds INR 2,950 crore Arbitration Award in Delhi Metro Case
The Delhi High Court upheld a 2007 award of INR 2950 crore in favour of Reliance Infra’s subsidiary Delhi Airport Metro Express Private Limited (“DAMEPL”) against Delhi Metro Rail Corporation Limited (“DMRC”). This award referred to the payment of the monies for the construction of the Airport Express metro line that was undertaken by DAEMPL as per a concession agreement entered into with DMRC.
Andhra Government Pioneers Blockchain Development
Taking stock of the current climate and future considerations and use-cases of the emerging technology ‘blockchain’, the Government of Andhra Pradesh has entered into a Memorandum of Understanding with technology major and blockchain leader ConsenSys for the purpose of incubating (fostering, financing, stabilizing and scaling) blockchain based companies in the state. ConsenSys has been roped in to provide its technical expertise in implementing practical use-cases of blockchain technology in the state machinery.
Department of Economic Affairs Sets Up Fintech Committee
In pursuance to the Budget Speech 2018-19 delivered by the Union Minister of Finance, a Steering Committee for fintech or Financial Technology has been constituted under the Chairmanship of Secretary, Department of Economic Affairs (DEA), Ministry of Finance. The committee will be headed by Economic Affairs Secretary
The objective of this committee is to consider various issues relating to development, advise on the framing of regulations and lead pan-India fintech entrepreneurship. The Steering Committee will also focus on how fintech can be leveraged to enhance financial inclusion of medium and small scale enterprises.