29th January Current Affairs
January 29, 2021
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February 1, 2021
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30th January Current Affairs

Limited Liability Partnership (LLP)

In News:

Govt. to amend LLP Act to spur ease of business.

Details:

Decriminalising various offences and permitting LLPs to issue non-convertible debentures are among the changes being proposed under the Limited Liability Partnership (LLP) Act.

What is a LLP?

A Limited Liability Partnership (LLP) is a partnership in which some or all partners have limited liability. It therefore exhibits elements of partnerships and corporations.

In an LLP, one partner is not responsible or liable for another partner’s misconduct or negligence.

Salient features of an LLP:

An LLP is a body corporate and legal entity separate from its partners. It has perpetual succession.

Being the separate legislation (i.e. LLP Act, 2008), the provisions of Indian Partnership Act, 1932 are not applicable to an LLP and it is regulated by the contractual agreement between the partners.

Every Limited Liability Partnership shall use the words “Limited Liability Partnership” or its acronym “LLP” as the last words of its name.

Composition:

Every LLP shall have at least two designated partners being individuals, at least one of them being resident in India and all the partners shall be the agent of the Limited Liability Partnership but not of other partners.

Need for and significance LLP:

LLP format is an alternative corporate business vehicle that provides the benefits of limited liability of a company but allows its members the flexibility of organizing their internal management on the basis of a mutually arrived agreement, as is the case in a partnership firm.

This format would be quite useful for small and medium enterprises in general and for the enterprises in services sector in particular.

Internationally, LLPs are the preferred vehicle of business particularly for service industry or for activities involving professionals.

GI tag sought for India’s costliest mushroom

In News:

A geographical indication (GI) tag has been sought for one of the costliest mushrooms in the world that grows in Jammu and Kashmir’s Doda district.

Key Points:

Locally called Gucchi, or Morel, the mushroom, priced at over ₹20,000 a kg, is a forest produce collected by local farmers and tribals.

It is said to have medicinal and anti-inflammatory properties.

It is found in the temperate forests.

About GI tag:

A GI is primarily an agricultural, natural or a manufactured product (handicrafts and industrial goods) originating from a definite geographical territory.

Typically, such a name conveys an assurance of quality and distinctiveness, which is essentially attributable to the place of its origin.

Security:

Once the GI protection is granted, no other producer can misuse the name to market similar products. It also provides comfort to customers about the authenticity of that product.

Who is a registered proprietor of a geographical indication?

Any association of persons, producers, organisation or authority established by or under the law can be a registered proprietor.

Their name should be entered in the Register of Geographical Indication as registered proprietor for the Geographical Indication applied for.

How long the registration of Geographical Indication is valid?

The registration of a geographical indication is valid for a period of 10 years.

It can be renewed from time to time for further period of 10 years each.

In India, Geographical Indications registration is administered by the Geographical Indications of Goods (Registration and Protection) Act, 1999 which came into force with effect from September 2003. The first product in India to be accorded with GI tag was Darjeeling tea in the year 2004-05.

Why bird flu virus has so many strains and what it means for humans?

In News:

Two different subtypes of the bird flu virus or avian influenza have been detected in Himachal Pradesh.

How many different subtypes or strains of the flu A virus are out there?

At least 131 different subtypes of influenza A virus have been detected in nature.

The influenza A virus has two proteins on its surface hemagglutinin (H) and neuraminidase (N) both of which have 18 and 11 different subtypes respectively, leading to different combinations such as H3N2 and H7N9.

There are some strains which only infect birds, while others can infect birds as well as mammals such as pigs, dogs, horses and also humans.

How many of these strains can infect humans?

Mostly, humans have only experienced infections by three different H types (H1, H2 and H3), and two different N types (N1 and N2).

Presently, two subtypes, H1N1 and H3N2, circulate among human beings, causing the seasonal flu epidemics. Since these strains are well adapted to humans, they are referred to as human flu rather than bird flu.

Whenever a new flu A virus establishes itself in humans, it can cause a pandemic, and four such pandemics have occurred since 1918, including the Spanish flu (H1N1), the 1957-58 Asian flu (H2N2), the 1968 Hong Kong flu (H3N2) and the 2009 swine flu (caused by a newer version of the H1N1).

Why does the flu A virus have so many strains?

Influenza A virus mutates constantly and this is because:

Firstly, It is an RNA virus with a segmented genome, i.e. it has eight separate strands, which makes its copying prone to errors or mutations. This ‘antigenic drift’ results in slight but continuous mutations in the surface proteins, which is the reason why flu vaccines have to be updated regularly.

Secondly, when a cell happens to be infected with two different flu A viruses, their genes can easily get mixed up. This mixing, known as reassortment, is a viral version of sex.

Military specialists to get S-400 training in Moscow

In News:

The US has yet again warned India that it could face sanctions over it acquiring five Russian Almaz-Antei S-400 Triumf self-propelled surface-to-air (SAM) systems for $5.5 billion.

India is unlikely to get a waiver over Washington invoking its Countering America’s Adversaries Through Sanctions Act (CAATSA) on the Indian Air Force (IAF) for its S-400 buy.

What is CAATSA, and how did the S-400 deal fall foul of this Act?

Countering America’s Adversaries through Sanctions Act (CAATSA)‘s core objective is to counter Iran, Russia and North Korea through punitive measures.

The Act primarily deals with sanctions on Russian interests such as its oil and gas industry, defence and security sector, and financial institutions, in the backdrop of its military intervention in Ukraine and its alleged meddling in the 2016 US Presidential elections.

But why does the US have a law like CAATSA to begin with?

Following the US elections and allegations of Russian meddling some call it collusion in the US elections, the strain between Washington and Moscow has reached a new level.

Angry with Moscow’s actions around the world, US lawmakers are hoping to hit Russia where it hurts most, its defense and energy business, through CAATSA.