Gupta linked companies case against Bank of Baroda dismissed with costs

March 12, 2018 News Room SA Business 0

PRETORIA-  The High Court in Pretoria has ruled to dismiss the application of Gupta owned companies against the Bank of Baroda with costs.

Judge Nteyanda Mavundla ruled that the urgent application by 19 Gupta-linked companies to prevent the Bank of Baroda from closing its South African operations.

He ruled that, “the bank’s right to or not to trade supersedes whatever right, if any, the applicants might have”.

Mavundla added, “the balance of convenience by far outweighs that of the applicants and tilts in favour of the respondent”.

Bank of Baroda confirmed last year that it was leaving South Africa, with the South Africa Reserve Bank saying it would ensure an “orderly” withdrawal.”The Bank of Baroda has notified the Office of the Registrar of Banks of its exit from South Africa. The Registrar‚ which is part of the South African Reserve Bank (SARB)‚ is in discussions with the Bank of Baroda to ensure its orderly withdrawal from South Africa so that no depositor is disadvantaged,”

SARB said last month, “The Bank of Baroda has notified the Office of the Registrar of Banks of its exit from South Africa. The Registrar‚ which is part of the South African Reserve Bank (SARB)‚ is in discussions with the Bank of Baroda to ensure its orderly withdrawal from South Africa so that no depositor is disadvantaged.”

North Gauteng High court ruled that Gupta owned companies could not force Bank of Baroda to stay in South Africa.

Photo Credit-hindutimes

 

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