Noncompliance with a basic requirement of the Companies Act is an extremely serious issue for a company looking for billions of rand of backing from investors. For this reason it’s important we get clarity on whether Sagarmatha Technologies submitted its financial statements to the Companies and Intellectual Property Commission (CIPC) as required by section 33 of the act. Late on Wednesday, Sagarmatha issued a statement saying the JSE had withdrawn approval of the listing because Sagarmatha had not been compliant with the requirements of the act on March 28, the date approval had been granted. Sagarmatha says this is not so and that on March 11 it received confirmation from the CIPC indicating it was compliant and had provided the required financial statements. Not only that but, said Sagarmatha, CIPC confirmed that at no stage was Sagarmatha not compliant. This is a major claim and presumably is quite easy to confirm one way or another. The act requires Sagarmatha, whether listed o...
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