Tegeta withdraws application to liquidate Gupta family’s Oakbay Investment
14 July 2019 - 19:31
Tegeta Exploration and Resources has withdrawn its application to liquidate the Gupta family’s Oakbay Investments, the business rescue practitioners confirmed on Friday.
Tegeta encompasses four of eight Gupta-linked companies which were placed in business rescue in February 2018 after they lost their banking facilities and were unable to transact. Oakbay, a holding company owned and controlled by the Guptas, owns 29% of Tegeta and is not in business rescue — a provision of the Companies Act, which provides for the rehabilitation of a distressed entity...
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