Indian Oil Corporation withdraws proposed Rs 22,000 crore rights issue
In July 2023, the board of directors of the IOC approved raising capital through the issuance of equity shares on a right basis.
International Olympic Committee (IOC) President Thomas Bach has announced that he will not seek to remain in charge for a third term after his present tenure ends in 2025. Bach informed of his decision on the concluding day of the 142nd IOC Session on the sidelines of the Paris Olympics on Saturday.
The German lawyer, a former Olympian who won a gold medal in fencing in the 1976 Olympics in Montreal, said he would step down at the end of his 12-year tenure in 2025 and will not try and change the IOC’s tenure cap of 12 years to extend his term at the helm.
Bach was urged by some IOC members during the 141st IOC Session in Mumbai in October 2023 to seek a third term by amending the Olympic Charter if needed. Though Bach was non-committal at that time and said he would not think of it till the end of the Paris Olympic Games; the question was posed to him during a press conference in Paris on Friday. Bach again did not commit anything.
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But on Saturday, the IOC president said he would not like to continue after the end of his term.
“As a result of deep deliberations and extensive discussions …I have come to the conclusion that I should not have my mandate extended beyond the limits stipulated in the Olympic Charter,” Bach told the IOC General Assembly on Saturday.
“After 12 years in the office of IOC President our organization is best served with a change in leadership. New times are calling for new leaders,” he said.
If he had to seek re-election, Bach would not only have to get the rules regarding the tenure cap amended but also ask for a relaxation in the age limit. He is already 70 — the upper limit set for an IOC member.
The IOC introduced age and tenure limits for presidents a few years back after facing controversies and criticism. Currently, the IOC president is elected for a term of office of eight years, renewable once for a period of four years.
Earlier, there were no limitations on age and tenure which resulted in there being only nine presidents since the creation of the IOC in 1894.
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