HIGH COURT
Reprieve for Gupta companies over Baroda bank accounts
Judge orders 20 applicants’ accounts to remain ‘open and operational’ pending the handing down of judgment in the matter
Gupta-owned companies have been given a reprieve as the closure of their Bank of Baroda accounts has been postponed. The Bank of Baroda was set to close the business and loan accounts of 20 companies on September 30. The companies approached the High Court in Pretoria last week to have the main application, meant to be heard in December interdicting the bank from closing their accounts, heard before the deadline for the closure of the accounts. Judge Tati Makgoka reserved judgment in the matter on Friday but with conditions. Makgoka ordered the Bank of Baroda to keep the 20 applicants’ accounts "open and operational" pending the handing down of the judgment. Makgoka said he would hand down judgment no later than October 9. The Gupta companies argue that if the main application is heard only in December, after the accounts have already been closed, it is clear the court will not be in a position to grant an effective remedy, or any at all. They are also arguing that they have a righ...
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