Restraint order of Gupta company assets extended until next year

The High Court, Free State Division, Bloemfontein, has ordered that the unlimited restraint order against Iqbal Sharma, Nulane Investments 204 (Pty) Ltd, Issar Global Limited and Islandsite Investments 180 (Pty) Ltd, which belongs to Atul and Rajesh Gupta and their wives, Chetali and Arti Gupta, be extended to 16 March 2022.

In July 2021, a director of Islandsite, Ronica Ragavan, filed an affidavit purportedly as the duly authorised representative of Islandsite, opposing the confirmation of the restraint order against Islandsite.

On 11 August 2021, Musi JP ruled that the company is under business rescue and thus the business rescue practitioners Kurt Knoop and Johan Klopper, not the directors, are the parties with the legal standing to represent Islandsite in the restraint proceedings.

The business rescue practitioners of Islandsite filed a notice of intention to oppose the confirmation of the restraint order in October and an answering affidavit on 01 November 2021.

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Iqbal Sharma, his wife Tarina and their company, Issar Global have filed a joint notice of opposition to the restraint order but have not yet filed any affidavits in the matter.

The provisional restraint order has been extended to 16 March 2022 by agreement between the parties.

In June, the Assets Forfeiture Unit pounced and seized properties belonging to Sharma in Western Cape and Gauteng.

Among some of the more than R47 million’s worth of Gupta-linked assets seized is a plush Sandton mansion valued at R12 million, which belonged to Sharma and was featured on the now-defunct lifestyle show, Top Billing.

Also included in the list was a BMW, several bank accounts and a number of properties his company Nulane Investments 204 (Pty) Ltd and Islandsite Investments 180 (Pty) Ltd which belongs to Atul and Rajesh Gupta and their wives, Chetali and Arti Gupta, in June 2021.