The Supreme Court of Appeal on Friday rejected an attempt by Gupta-owned Oakbay Investments to have the business rescue practitioners of another of the family's companies, Tegeta, removed.
Read the full judgment on Saflii In February 2018, eight companies in the Oakbay Group were placed in voluntary business rescue after the four major South African banks decided to terminate their banking facilities, rendering them commercially insolvent.[1] Among the companies were the first respondent, Tegeta Exploration and Resources (Pty) Ltd (Tegeta), and its three wholly-owned subsidiaries, Optimum Coal Mine (Pty) Ltd (OCM), Koornfontein Mines (Pty) Ltd (Koornfontein) and Optimum Coal .
Gupta company s attempt to remove Tegeta business rescue practitioners shot down by Supreme Court 21 May 2021 - 18:41 By TimesLIVE An attempt by Gupta-owned Oakbay Investments to have the business rescue practitioners of Tegeta removed was rejected by the Supreme Court of Appeal.. Image: SIPHIWE SIBEKO/ File Photo
The Supreme Court of Appeal on Friday rejected an attempt by Gupta-owned Oakbay Investments to have the business rescue practitioners of another of the family s companies, Tegeta, removed.
Oakbay had gone to the Supreme Court after it unsuccessfully went to the high court in Pretoria in 2019, where it argued that the BRPs were conflicted and biased. After argument heard on May 11, the Supreme Court agreed with the high court s assessment, and dismissed Oakbay s appeal.