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Restraint order against Gupta-owned company extended until 2022

The Free State High Court extended the protection order against Gupta associate Iqbal Sharma and his companies, Nulane Investments 204 (Pty) Ltd, Issar Global Limited, and Islandsite Investments 180 (Pty) Ltd, which belong to Atul and Rajesh Gupta and their spouses. The restraining order has been extended until March 16, 2022, according to Sindisiwe Seboka, spokeswoman for the Investigating Directorate.

According to Seboka, the provisional restriction order was extended based on the parties' agreement. In August, the court decided that without the consent of business rescue practitioners, the directors or shareholders of the Gupta family-owned firm had legal capacity to fight a restriction order. Prior to the judgment, the National Prosecuting Ability questioned Ronica Ragavan, a director of Islandsite Investments, on her authority to represent the Gupta-owned firm, which is in business rescue.

Ragavan filed documents in court as a representative of the corporation opposing the confirmation of the restraining order in July. Ragavan stated that the business rescue practitioners would be unable to represent the corporation in asset-forfeiture restriction petitions. She said that the firm was no longer in business rescue while the result of her leave to appeal before the Constitutional Court was awaited. According to Seboka, the Islandsite business rescue practitioners, Kurt Knoop and Johan Klopper, submitted a notice of intention to contest the restriction order in October and a replying affidavit on November 1.

Seboka continued: Iqbal Sharma, his wife Tarina, and their firm, Issar Global, have filed a joint notice of challenge to the restriction order but have yet to present any affidavits. In June, the high court issued an interim injunction prohibiting dealing with Sharma's and Nulane Investments' realisable property, as well as Islandsite Investments, Issar Global Limited, Issar Capital, Tarina Patel-Sharma, and the business rescue practitioners associated with the firms. According to news repoters, In addition, the court ordered that such property be revealed and relinquished. The order was issued in accordance with the Prevention of Organized Crimes Act.

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source : news24

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Gupta-owned Issar Global Limited Rajesh Gupta Seboka Sindisiwe Seboka


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