Home' Trinidad and Tobago Guardian : March 2nd 2014 Contents A38
March 2, 2014 www.guardian.co.tt Sunday Guardian
TRINIDAD & TOBAGO
PClosure of Supreme Court
The public is advised that the Supreme Court of Trinidad and Tobago will be
closed for regular services, sittings and filings, on Carnival Monday and
Tuesday, March 3rd and 4th 2014 respectively. This includes the Hall of Justice
in Port of Spain, and both sub-registries located in San Fernando and Tobago,
as well as the Family Court in Port of Spain.
The public is invited to be guided accordingly.
Jones P. Madeira
Court Protocol and Information Manager
One of India s most flamboyant tycoons, Subrata
Roy, has been taken into police custody after sur-
rendering himself for arrest in a fraud case. The
Supreme Court ordered the arrest of the Sahara
group chief when he failed to appear before judges
Roy is a household name in India. His group, worth
US$11bn, has businesses ranging from finance, hous-
ing, manufacturing, aviation and the media. It also
has interests overseas---it owns New York s landmark
Plaza Hotel and London s iconic Grosvenor House.
Sahara also sponsors the Indian hockey team and
owns a stake in Formula One racing team, Force
India. With more than 1.1 million workers, the group
is India s biggest private sector employer.
Two Sahara firms are accused of raising 240bn
rupees (US$3.9bn) through illegal bonds. Market reg-
ulators say Roy failed to refund money to millions
of investors despite a court order. He was remanded
to police custody until March 4 when it is expected
the Supreme Court will hear the case.
Indian media reports say he has requested to be
kept under house arrest.
Earlier on Friday, Roy issued a statement denying
he was trying to avoid arrest, after police in Lucknow
said they had raided his house on Thursday but failed
to find him. Roy said he was in Lucknow but had
left his home to consult doctors about his mother s
On Wednesday, judges ordered the businessman s
arrest after his lawyer said the Sahara chief had been
unable to appear in court because his 92-year-old
mother was unwell.
The case stretches back to August 2012, when the
court ordered the two Sahara firms implicated to
NEW DELHI---For six years in a row,
India s monopoly coal producer has
missed its production targets, leading
to chronic electricity shortages and
sending power producers scrambling
for pricier imports. But what looks
like a looming crisis could turn out
to be an almost accidental energy
Like many developing nations, India
has relied for decades on cheap coal to
provide electricity for burgeoning indus-
try and fast-expanding cities, putting
aside worries about pollution and global
But from three years ago when solar
capacity was almost zero, two GW this
year, toward a total 15 GW addition by
2017. Individual states plan even more.
India has also added about 26 GW in
coal-fired capacity since 2011, but
already plants are sitting idle for lack
of cheap supply.
"I ve stopped developing coal plants,"
said Ratul Puri, chairman of Hindustan
Power Projects Ltd. "There s not enough
coal, and I m not going to rely on
imported coal. It s too risky."
After building two coal-fired plants
due to start generating this year, Hin-
dustan Power plans to invest nearly
US$3 billion to expand its 350
megawatts of solar generation to 1 GW
Decisions like Hindustan Power s are
more pragmatism than idealism as the
coal industry trips up on its own dys-
function. Coal India, the monopoly
producer, is too large and unwieldy to
do any better. Much of the country s
easy-to-access surface coal has been
extracted, with the remaining reserves
harder to reach: underground, beneath
cities or within national parks and tiger
New projects can take almost a
decade to get going thanks to village
protests, bureaucratic entanglements
and trouble securing fuel. Meanwhile,
more than 300 million people still have
no electricity, while hundreds of millions
more are lucky to have a few hours a
Coal-fired thermal power remains
the bulwark of India s energy supply,
accounting for 59 per cent of the
nation s 234 GW generation capacity.
India still has ambitions for another
70 GW in coal capacity by 2017 if it
can find the investors.
But there s an additional crucial factor
that is making solar a viable alternative:
For the first time, solar electricity prices
have fallen to near parity with India s
coal-generated power prices. Subsidies
at about a third of cost put solar prices
at about seven rupees (11 US cents) per
kilowatt/hour, versus coal s five-six
rupees per kilowatt/hour.
Solar projects also need fewer clear-
ances and take just six to 12 months
to develop, versus about eight years for
a coal plant.
Analysts say India is set to surpass
its target of having 15 per cent of its
energy produced by the sun and other
minimally polluting sources by 2022.
Coal crunch gives impetus
to India's solar switch
• Chairman of Sahara, a US$11bn business
• Business empire spans finance, housing,
manufacturing, aviation and media
• Owns New York's Plaza Hotel and London's
• Employs 1.1 million workers, India's biggest
• Sponsors India hockey team, owns a stake in
F1 racing team Force India
• Owns a fleet of private jets, helicopters, Rolls-
Royces, Bentleys and BMWs.
refund money to 22 million small investors within
90 days and with 15 per cent interest.
In December 2012, the court gave the firms more
time to repay.
In February last year, market regulators froze the
firms bank accounts saying they had failed to refund
But Sahara disputes the amount it should pay back,
saying its liability should be no more than the 51.2bn
rupees it has already paid back. (BBC)
detained for fraud
WHO IS SUBRATA ROY?
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