The Companies Tribunal has ordered the Companies and Intellectual Property Commission (CIPC) to process the appointment of a business rescue practitioner for the Guptas’ embattled Shiva Uranium. It also ordered the CIPC to withdraw a filing for two other practitioners, citing a clear misunderstanding of the commission’s own functions and powers. The tribunal’s decision on a dispute over the appointments of rescue practitioners at Shiva was handed down on Tuesday. The conclusion of the process means the business rescue — a provision in the Companies Act for the rehabilitation of distressed entities — can now continue. As reported by Business Day last week, delays in proceeding with the rescue process have frustrated critical Shiva suppliers, such as the security services, as well as the workers who have not received any income from the mine since July 2018 when operations stopped. In February 2018 Shiva and eight other Gupta-linked companies were placed under business rescue. Two res...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Times Select.

Already subscribed? Simply sign in below.

Questions or problems? Email or call 0860 52 52 00. Got a subscription voucher? Redeem it now