From Mallya's troubles to Trump's order on immigrants: 5 key developments

In other news, the Indian Navy is out in the market for a carrier-borne fighter aircraft

Business Standard brings you the key developments from across the nation and the world.

Mallya's troubles continue as Karnataka HC issues bailable arrest warrant

The Karnataka High Court on Friday issued a bailable arrest warrant against beleaguered liquor baron Vijay Mallya for allegedly violating an undertaking given by him and his companies not to transfer their equity shares in United Breweries Holdings Limited to British spirits company Diageo Plc. The warrant has been issued after Mallya failed to appear before the bench. 

Govt steps in to allay GAAR fears for FPIs; grey areas remain

The finance ministry sent positive signals to foreign portfolio investors on Friday by clarifying that the general anti-avoidance rules (GAAR, on taxes) will not override tax treaties with suitable limitation of benefit clauses, but which had certain grey areas to interpret. Experts said it would have been better if these clarifications could have come earlier, as it takes time to wind up some commercial arrangements. The GAAR takes effect from April 1, when the next year begins.

Indian Navy ditches Tejas, seeks new fighter jet for aircraft carrier

The Indian Navy has declared its interest in buying “approximately 57” multi-role carrier borne fighters for its aircraft carrier. The navy’s “request for information”, posted on the web on January 25, does not specify whether it wants a single-engine or a twin-engine fighter. The development comes after the navy declared last month that the indigenous Tejas light combat aircraft was not suitable for operations off an aircraft carrier. 

Apex court favours national policy to prevent farmer suicides

The Supreme Court on Friday favoured a comprehensive national policy to protect farmers, many of whom have committed suicide due to rising debt and crop failures caused by natural calamities. "It is a sensitive matter of larger public interest and human rights which covers the entire country," a bench comprising Chief Justice J S Khehar and Justice N V Ramana said.

Trump signs order suspending US refugee program till tough vetting rules kick in

US President Donald Trump signed an order on Saturday to strengthen the vetting of would-be immigrants or refugees and to keep "radical Islamic terrorists out of the United States of America". At a ceremony at the Pentagon to swear in James Mattis as his secretary of defense, Trump signed a decree entitled: "Protection of the nation from foreign terrorist entry into the United States". According to this unconfirmed order, Trump's decree suspends the entire US refugee resettlement program for at least 120 days while tough new vetting rules are established.