Gupta company directors lose court bid as assets remain under restraint

Ajay Gupta and his younger brother Atul. The high court in Bloemfontein on Friday dismissed an application by directors of a company they own which is under business rescue. File photo: MARTIN RHODES

The directors had sought to postpone the return date of the provisional restraint order granted in June last year against Islandsite as well as alleged Gupta associateThey were seeking a postponement pending their application to the Supreme Court of Appeal against the August 2021 ruling by Free State judge president Cagney Musi.

The directors had sought to represent the company in the legal proceedings, despite the fact that Islandsite was placed under voluntary business rescue in 2018 and two business rescue practitioners represented its interests. The matter was set to be heard on Thursday for the business rescue practitioners for Islandsite, Sharma and his company Nulane Investments to show cause why the provisional restraint order should not be confirmed pending the criminalOn Friday, acting judge Neil Snellenburg said he would provide written reasons for dismissing the postponement application on Monday.

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Gupta company directors lose court bid – assets remain under restraintThe high court in Bloemfontein on Friday dismissed a last-minute application by the directors of Gupta-owned company Islandsite Investments 180 (Pty) Ltd in the restraint application brought by the Investigating Directorate.
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