The Free State High Court on Friday dismissed a last-minute application brought by the directors of the Gupta-owned slandsite Investments 180 (Pty) to postpone the return day of the provisional restraint order against company, Iqbal Sharma and others.
Acting Judge Neil Snellenburg will provide a written judgment for dismissing the postponement application on Monday.
The directors sought a postponement pending their application to the Supreme Court of Appeal where they are appealing against a High Court ruling passed in August 2021 that said the business rescue practitioners of Islandsite, not the directors, have the authority to represent the company in the restraint proceedings.
Investigating Directorate spokesperson Sindisiwe Seboka said in a statement the interim restraint order will remain in force until the next court hearing on 20 and 21 October, when the confirmation hearing is expected to be heard.
The assets under restraint include properties of Iqbal Sharma and his wife, his UAE-registered company, Issar Global, his wife Tarina Patel-Sharma, as well as all property of Islandsite, which is owned by Atul and Rajesh Gupta and their respective wives, Chetali and Arti Gupta.
The interim restraint order was granted in June 2021, in terms of the Prevention of Organised Crimes Act (POCA).
Sharma’s assets that form part of the curator’s inventory include his Sandton home valued at over R12-million.
The property was featured on the lifestyle television programme, Top Billing, and is owned by Issar Global.
Other assets include movable property valued at R500 000, a Porsche and a R1.3 million sectional title home in Sandton.
Properties owned by Gupta family company Islandsite that form part of the inventory include a house worth R21-million in Constantia, Cape Town, and a R12-million house in Saxonwold, Johannesburg.
Said Seboka: “The interim restraint order continues to run . . . that means the curator that is looking after the assets remains in place, meaning there is no chance for those assets being disseminated.
“The state is quite comfortable that the assets will not be taken abroad or be given to other people, in terms of the shares.
“They continue to be in safekeeping.
“For us that is pivotal and the court has found enough evidence in that respect.” – Staff Reporter