Monday, 12 March 2018

Court dismisses Gupta-linked firms' application to keep relationship with Bank of Baroda.

A man walks past the Bank of Baroda headquarters in Mumbai, India. File photo. 
Image: REUTERS/Danish Siddiqui/File Photo
The urgent application by 20 Gupta-linked companies to prevent the Bank of Baroda from cutting its ties with them has been dismissed with costs.

Judge Ntendeya Mavundla read only one paragraph of the order on Monday morning in the High Court in Pretoria to say the application has been dismissed with costs.

The application started out on behalf of 20 Gupta-linked companies‚ but was reduced to 19. On March 1 it was reduced to 13‚ because six of the applicants are in business rescue.

Nedbank informed Baroda at the end of January that it would be cutting ties with the bank within three months. Baroda in turn said it would not accept any deposits into Baroda accounts from March 1‚ because it wanted to wind down its affairs before the end of its agreement with Nedbank.

By Nico Gous.

Full story at Times Live.

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