Application by Gupta-linked company struck off the roll with costs

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Application by Gupta-linked company struck off the roll with costs

Ernest Mabuza | 2017-03-31 11:50:24.0

Ajay and Atul Gupta

Image by: MARTIN RHODES

The high court in Pretoria on Friday morning struck off the roll with costs an urgent application by a Gupta-linked company which wants to buy an overseas bank.

Judge Ronel Tolamy held that the matter was not urgent and that the urgency by Vardospan was self-created.

Vardospan launched an urgent application on Monday afternoon seeking an order compelling the minister of finance‚ the Reserve Bank and the Registrar of Banks to decide on its application to buy Habib Overseas Bank.

In August last year‚ Vardospan made an application before the authorities to be the controlling shareholder of Habib Bank after acquiring Pitcairn’s shares in Habib Bank.

The acquisition was conditional on Vardospan obtaining necessary permissions from the Registrar of Banks‚ National Treasury and the Reserve Bank by March 31.

On Monday‚ Vardospan launched its urgent application‚ worried about the imminent deadline on its deal with Pitcairn.

It also bemoaned the fact that the authorities had not approved the transaction.

The minister of finance opposed this application and said it was not urgent.



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