Court dismisses Gupta firms' bid to halt Bank of Baroda's SA exit
Nineteen companies linked to the Gupta family tried to prevent the bank from closing its South African operations.
JOHANNESBURG - The high court in Pretoria has dismissed the application of Gupta-linked companies against the Bank of Baroda with costs.
Nineteen companies linked to the Gupta family tried to prevent the bank from closing its South African operations
In his ruling, Judge Ntendeya Mavundla said the bank's right to trade or not to trade supersedes whatever right, if any, the applicants might have.
Companies owned by the Guptas could find themselves in a tight financial position following Monday's ruling.
The companies including Optimum Coal Mines and Sahara Computers approached the High Court last month with an application seeking to interdict the bank from leaving South Africa.
The family's banking woes started last year when four of the country's major banks closed their accounts.
The Bank of Baroda had been accused of turning a blind eye to suspicious transactions through the Gupta accounts.
The bank then decided to cease all operations in the country, saying it had become uneconomical.