Dec 9, 2021

Mawazo Writing Africa

Writing about the main

High court extends restraint order to freeze assets and belongings of Guptas and Sharma to 2022

The Supreme Court of the Free State in Bloemfontein on Thursday extended the injunction to freeze the assets and possessions of the Guptas and Iqbal Sharma.

The Investigative Directorate (ID) of the National Prosecutor’s Office Spokeswoman Sindisiwe Seboka said the court had extended the injunction until March 16, 2022.

In July, Islandsite director Ronica Ragavan filed her own lawyers and filed a motion against the injunction a.

The court ruled that the directors and shareholders of Gupta-owned Islandsite were not empowered to represent the company in legal proceedings against the investigating directorate.

The In Force This means that business rescue practitioners Kurt Knoop and Johan Kloppers are still responsible for the affairs, business and property of Islandsite.

The Ger icht has this arrangement according to the introductory point of. issued by the National Director of Prosecution, the Directors or Attorney of Islandsite neys have no power to object to an injunction against the company in corporate rescue.

Islandsite became a voluntary corporate rescue in 2018 posed. However, one of its directors, Chetali Gupta, successfully petitioned the Pretoria Supreme Court to remove the two practitioners for business rescue in December 2019.

The practitioners were reinstated after last December Successfully appealed to the Supreme Court of Appeal during the year.

In June, the National Prosecutor’s Directorate of Investigations successfully filed a motion to detain the assets of businessman Iqbal Sharma, his company Nulane Investments 204 (Pty ) Ltd and Islandsite, the Atul and Rajesh. heard restrict Gupta and her wives Chetali and Arti Gupta.

A trustee has been appointed to manage the assets and preserve them until the outcome of the criminal case for fraud and money laundering against members of the family Gupta and Sharma.

The case relates to a failed Estina dairy feasibility case study.