Atul Gupta in a file photo. The high court in Bloemfontein held that the business rescue practitioners of the company he co-owns, and not his directors, have the legal standing to represent the company.The high court in Bloemfontein on Wednesday ruled that the directors and shareholders of Gupta-owned company Islandsite have no standing to represent the company in legal proceedings against the Investigating Directorate.
Islandsite was placed under voluntary business rescue in 2018. However, one of its directors, Chetali Gupta, successfully sought the removal of the two business rescue practitioners in the high court in Pretoria in December 2019. Gupta filed a late application for leave to appeal to the Constitutional Court out of time in January this year. That application has not yet been considered by the Constitutional Court.
The provisional restraint order passed in June was returnable last week where the defendants were called upon to show cause why the provisional order should not be confirmed pending the outcome of the trial of the defendants.
Eskom/SAA killers aka Gupta's