June 22: Leadership does not depend on being right.

On this day, 22 Jun...

1555 - Humayun crossed the Indus and captured Lahore and ousted Sikandar Suri of Delhi throne.

1633 - Galileo Galilei was forced to recant his Copernican views that the Earth orbits the Sun by the Pope. He was forced to “abjure, curse, and detest” his Copernican heliocentric views. “I, Galileo...do swear that I have always believed, do now believe and, with God's aid shall believe hereafter, all that which is taught and preached by the ... church. I must wholly forsake the false opinion that the sun is the center of the world and moves not and that the earth is not the center of the world and moves....”.  

1675 - The Royal Greenwich Observatory was created by Royal Warrant in England by Charles II. Apart from other contributions, it established the longitude of Greenwich as a baseline for time calculations.

1815 - the 2nd abdication of Napoleon (after Waterloo).

1832 - A pin manufacturing machine was patented by John Ireland Howe.  He also invented the machine to stick the pins in paper packets.

1841 - The first U.S. patent for a typesetting machine was issued to Frenchman Adrien Delcambre and Englishman James Hadden Young.

1897 - The Chafekar brothers, Damodar and Balkrishna, shot British Officer Rand in Pune. This event played a very important role in the revolutionary freedom struggle. (In late 1896, Pune was hit by the bubonic plague. By the end of February 1897, the epidemic was raging, with a mortality rate double the norm. Half the population of the city left. A Special Plague Committee was formed, under the chairmanship of W. C. Rand, an Indian Civil Services officer. Troops were brought in to deal with the emergency. The measures employed included forced entry into private houses, forced stripping and examination of occupants - including women - by British officers in public. These measures were considered oppressive by the populace of Pune and complaints were ignored by Rand. On 22 June 1897, the Diamond Jubilee of the coronation of Queen Victoria, Rand, and his military escort Lt. Ayerst were shot while returning from the celebrations at Government House. Both died. The three Chafekar brothers, including Vasudev, were found guilty and hanged).

1940 - Netaji Subhashchandra Bose established the 'Forward Block' after differences with Congress leaders. 

1944 - British 14th Army frees Imphal, Assam (now Manipur).

1946 - Speaking at a prayer meeting in New Delhi, Gandhi calls on the South African government to stop 'hooliganism' by Whites.

1962 - 1st test flight of a Hovercraft.

1973 - The first Skylab crew of astronauts splashed down safely after a then-record 28 days in space.

1990 - Nelson Mandela addresses the United Nations Special Committee against Apartheid in New York, saying that nothing, which has happened in South Africa, calls for a revision of the position that the Organisation has taken in its struggle against apartheid; he adds that a democratic, non-racial SA is within reach.

1996 - Saurav Ganguly scores 131 at Lord's on Test debut.

2004 - A  report, based on a 50-year study of a group of almost 35,000 British doctors who smoked, found that almost half of persistent cigarette smokers were killed by their habit, and a quarter died before age 70. Further, those who quit by age 30 had the same life expectancy as a nonsmoker. Even quitting at age 50 saved six more years of life over those who continued smoking. At age 80, 65% of non-smokers were still alive, but only 32% of smokers.  

Born

1932 - Amrish Puri, film actor. 

RIP

1994 - L. V. Prasad, father of South Indian film industry. A Dadasaheb Phalke awardee, he had the unique distinction of acting in the first talkies of three different languages of Indian cinema; Alam Ara (Hindi), Bhakta Prahlada (Telugu) and Kalidas(Tamil).

Titbits

1981 - Tennis player John McEnroe exhibits a disgraceful act of misbehavior at Wimbledon.

You may have known...

A sneeze travels out your mouth and nose at 100 MPH.

Business News

• GST: CBIC modifies Procedure for Interception of Conveyance and clarifies that only Such Goods or Conveyances should be detained in respect of which the Violation of the GST provisions has been made vide Circular No. 49/23/2018- GST, Dated 21-06-2018.

• Kerala Abolishes Plantation Tax and Announces Moratorium on Agriculture Income Tax.

• Enforcement Directorate (ED) has sought information on Offshore Investments by Directors of RNT Associates, a Closely Held Firm which functions as a Family Office and Investment Vehicle of Ratan Tata.

• Bank of Baroda goes to CBI with Loan Fraud Charges Against Bankrupt Pipes Maker “PSL Ltd”, for siphoning off about Rs 700 crore from a Dedicated Account Linked to GAIL Projects, the payments from which were due to the Lender and not the Insolvent Company.

• SEBI announces a new set of IPO reforms, reducing the timeline for announcement of IPO Price Band, a Recast of the Share Buyback Regulations and revamp of the Governance Framework for Stock Exchanges and Depositories. It also signals to move to bring CAs & CS under its ambit. 

• RBI asks Banks to Upgrade Software at ATMs for Greater Security by June 2019 or Face Penalty.

• Punjab National Bank names 54 Officers in its Internal Investigation Report on the Nirav Modi Scam.

• Serious Fraud Investigation Office (SFIO) is looking into an Rs 1420-crore transaction carried out by Ruchi Soya with a Singapore-based company on the suspicion that the latter was a related party and that the nature of the transaction was irregular.