Gupta-linked Vardospan loses bid to speed up bank purchase

Vardospan approached the High Court in Pretoria to compel the SA Reserve Bank and the Finance Minister to make a decision on whether or not to authorise the purchase.

Gavel. Picture: SAPS.

JOHANNESBURG - The case brought by Gupta-linked company Vardospan related to its purchase of the Habib Overseas Bank has been struck from the roll on grounds that it lacked urgency.

Vardospan approached the High Court in Pretoria to compel the South African Reserve Bank and the Finance Minister to make a decision on whether or not to authorise the purchase.

The high court found that the company had left it until the last moment to approach the court and that it appears it can negotiate a further deadline extension with the seller.

Judge Ronel Tolmay says the court was told that the seller declined to disclose its position on the prospect a deadline extension.

"This rather coy attitude leads me to infer there is still room for negotiation pertaining to an extension. The aforesaid led me to the conclusion that any urgency that may exist is self created.