Nirav Modi remand extended till Aug 22, extradition trial likely in May 2020
London: Fugitive diamond merchant Nirav Modi, wanted in India in connection with the nearly USD 2 billion Punjab National Bank (PNB) fraud and money laundering case, was on Thursday further remanded to judicial custody until August 22, when he will appear once again via videolink from his London prison cell.
Chief Magistrate Emma Arbuthnot presided over the routine four-week remand appearance via videolink at Westminster Magistrates' Court during which she indicated that a five-day extradition trial will take place in May 2020 after dates are mutually agreed between all sides.
"You would like it to be sooner rather than later, I presume. We will have a date for you by August 22, so you know what you are working towards," Judge Arbuthnot told 48-year-old Modi, who was dressed in a grey T-shirt and appeared quite cheerful.
He has been lodged at Wandsworth prison in south-west London since his arrest in March in connection with the nearly USD 2 billion Punjab National Bank (PNB) fraud and money laundering case.
In light of the UK's current heat wave, the judge said, in a good humoured way, that she hoped it wasn't too hot for him in Wandsworth.
"Fine, thank you mam," responded Modi, amid laughter.
Modi was represented in court by barrister Jessica Jones, who ran through some of the directions agreed between the diamond merchant's defence team and the Crown Prosecution Service (CPS) - arguing on behalf of the Indian government.
As per the timelines discussed during the brief hearing, the judge said she expected to receive all the evidence and skeleton argument bundles in the case by April 8, with a five-day hearing then expected to be slotted in May next year. There are likely to be a number of case management hearings ahead of that but meanwhile a planned case management hearing for next Monday was vacated as not required.
"The Indian government have made arrangements to attend Monday's hearing so we would like it to go ahead," said CPS barrister Hannah Burton, but the judge overruled that saying it would not be necessary in light of the pre-agreed directions and the court has a "lot going on".
Under UK law, Modi is expected to be produced before the court every four weeks, which now falls on August 22.
Modi has had his bail rejected multiple times, the fourth time being by the UK High Court last month.
In her judgment handed down at the Royal Courts of Justice in London, Justice Ingrid Simler had concluded there were substantial grounds to believe that Modi would fail to surrender as he does possess the means to abscond .
Reiterating similar concerns as those previously raised by Westminster Magistrates' Court during earlier bail attempts, Judge Simler ruled that after considering all the material carefully , she had found strong evidence to suggest there had been interference with witnesses and destruction of evidence in the case and concluded it can still occur.
"The applicant has access to considerable financial resources, supported by an increased [bail bond security] offer of 2 million pounds, the judge noted.
The High Court judge stressed that while it was not for her to take a "definitive view" on the evidence, she had proceeded on the basis that the government of India has acted in good faith in what is "undoubtedly" a serious case and a sophisticated international conspiracy to defraud, together with money laundering.
Modi was arrested by uniformed Scotland Yard officers on an extradition warrant on March 19 and has been in prison since. During subsequent hearings, Westminster Magistrates' Court was told that Modi was the "principal beneficiary" of the fraudulent issuance of letters of undertaking (LoUs) as part of a conspiracy to defraud PNB and then laundering the proceeds of crime.
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KERC increases electricity tariffs for commercial, industrial consumers
Bengaluru (PTI): The Karnataka Electricity Regulatory Commission has reduced electricity tariffs for agricultural pump sets for 2025–26 from the earlier uniform rate of Rs 8.30 per unit to a range of Rs 6.57 to Rs 7.79 per unit across the state.
However, the Commission has increased tariffs for select commercial and industrial consumers by 10 paise to a maximum of 95 paise per unit.
As per the Commission’s order, the revised tariffs are as follows: LT-3a (low-tension commercial) consumers will pay a fixed charge of Rs 235 per kW and an energy charge of Rs 7.10 per unit, while LT-5 (industrial) consumers will be charged Rs 165 per HP as fixed charges and Rs 5.20 per unit as energy charges.
In the high-tension segment, HT-2a (industrial) consumers will pay a demand charge of Rs 365 per kVA and an energy charge of Rs 6.70 per unit, while HT-2b (commercial) consumers will pay Rs 390 per kVA as demand charges and Rs 6.90 per unit as energy charges.
The revised tariffs were notified in an order issued on March 3 after the Commission allowed a review petition filed by five state-run electricity supply companies—Bangalore Electricity Supply Company, Mangalore Electricity Supply Company, Chamundeshwari Electricity Supply Corporation, Hubli Electricity Supply Company and Gulbarga Electricity Supply Company.
The order, however, does not specify the date from which the revised tariffs will come into effect.
In its earlier tariff order dated March 27, 2025, the Commission had fixed the LT-4a tariff uniformly at Rs 8.30 per unit across all ESCOMs.
Consumers in the LT-4a category — primarily agricultural pump set users — are provided free power supply, with the state government reimbursing the cost through subsidies.
According to the order, the petitioners informed the Commission that despite the Government of Karnataka allocating Rs 16,021 crore towards subsidies for free power supply to LT-4a consumers, the ESCOMs would not be able to fully recover the cost of electricity supplied under the earlier tariff structure.
The Commission noted that this would leave distribution companies with no option but to demand payment of the balance amount from farmers, leading to “unexpected and undue hardship” for the agricultural community, which it described as the backbone of the state’s agricultural production.
The reduction in the LT-4a tariff would, however, result in a revenue shortfall of Rs 2,362.47 crore compared to the tariffs considered in the order under review.
Observing that it was necessary to safeguard farmers’ interests while ensuring that ESCOMs reasonably recover costs, the Commission said the review petition could be allowed under the provisions of the Code of Civil Procedure, 1908.
The petitioners informed the Commission that the Government of Karnataka has allocated an additional Rs 2,362.47 crore, supplementing the existing budgetary provision of Rs 16,021 crore, recognising that the entire financial burden should not be passed on to consumers and must be partially borne by the government.
The petitioners further stated that they will mobilise Rs 1,107.60 crore through miscellaneous revenue.
“The balance shortfall to be met by increasing tariffs for industrial and commercial consumers, amounting to Rs 1,254.88 crore, appears reasonable and justifiable,” the Commission added.
