https://www.polity.org.za
Deepening Democracy through Access to Information
Home / News / All News RSS ← Back
Business
Business
business
Close

Email this article

separate emails by commas, maximum limit of 4 addresses

Sponsored by

Close

Article Enquiry

Gupta-owned company directors lose bid for postponement of restraint proceedings

Close

Embed Video

Gupta-owned company directors lose bid for postponement of restraint proceedings

Atul Gupta
Photo by Creamer Media
Atul Gupta

13th May 2022

By: News24Wire

SAVE THIS ARTICLE      EMAIL THIS ARTICLE

Font size: -+

The Free State High Court in Bloemfontein has refused to postpone proceedings for the confirmation of an interim restraint order that was granted against a Gupta-owned company in business rescue.

The interim restraint order was granted against Islandsite Investments - which is owned by the Gupta family - in the same court in June 2021 in favour of the National Prosecuting Authority (NPA) and Investigating Directorate (ID). It allowed them to restrain assets belonging to alleged Gupta associate Iqbal Sharma, his company Nulane Investments 204 (Pty) Ltd, and Islandsite Investments 180 (Pty) Ltd.

Advertisement

According to the ID, Islandsite belongs to Atul and Rajesh Gupta and their wives, Chetali and Arti Gupta.

Although the Islandsite directors wanted to oppose the application for the interim restraint order, the High Court found that they had "no standing" to do so without the approval of the company's business rescue practitioners. 

Advertisement

It said that business rescue practitioners Kurt Knoop and Johan Kloppers were the only ones who could represent the group. 

The directors approached the Supreme Court of Appeal (SCA) for leave to appeal to challenge this finding.

The matter is supposed to return to the High Court for confirmation of the restraint order but the directors asked for a postponement, pending the outcome in the SCA.

Advocate Mike Hellens, SC, asked the court for a four-week postponement but on Friday, the application was dismissed. 

However, it wasn't a loss for the company directors because the interim restraint order was extended until October anyway.

Arguments on the confirmation of the restraint order will now be heard on 20 and 21 October 2022.

 

EMAIL THIS ARTICLE      SAVE THIS ARTICLE

To subscribe email subscriptions@creamermedia.co.za or click here
To advertise email advertising@creamermedia.co.za or click here

Comment Guidelines

About

Polity.org.za is a product of Creamer Media.
www.creamermedia.co.za

Other Creamer Media Products include:
Engineering News
Mining Weekly
Research Channel Africa

Read more

Subscriptions

We offer a variety of subscriptions to our Magazine, Website, PDF Reports and our photo library.

Subscriptions are available via the Creamer Media Store.

View store

Advertise

Advertising on Polity.org.za is an effective way to build and consolidate a company's profile among clients and prospective clients. Email advertising@creamermedia.co.za

View options
Free daily email newsletter Register Now