Gupta company fails to prevent Bank of Baroda from closing

Bank of Baroda’s South African division was thrust into the spotlight two years ago when it agreed to take on the Guptas after South Africa’s major banks turned their back on the family’s businesses

Judge Ntendeya Mavundla ruled in the High Court in Pretoria yesterday that the Indian state-owned global Bank of Baroda could not be forced to keep its doors open in South Africa to serve 20 Gupta-linked companies.

The scandal-hit Gupta family has been dealt another blow after a court bid to keep an Indian bank in South Africa failed.

Judge Ntendeya Mavundla read only one paragraph of the order on Monday morning in the High Court in Pretoria to say the application has been dismissed with costs.

"In view of the bank's strategic plan for rationalisation of the branches in worldwide markets, the management of the bank has chose to cease the banking operations in South Africa territory", the bank said last month in a statement.

Last month, Bank of Baroda notified the Gupta-linked companies that it would close its South African operations at the end of March following Nedbank's notice terminating their relationship.

Delhi Metro's Pink Line to flag off today
On the recent fare hike, the CM said that the Delhi government and the Centre should "sit together and find out a solution". Passenger services will begin from 6 PM from both Majlis Park and Durgabai Deshmukh South Campus stations simultaneously.

Researchers identify over 500 genes related to intelligence
Genes found to be linked to intelligence also appeared to influence other biological processes, researchers said. They thus identified 538 genes and 187 regions of the genome associated with mental capacity.

Boosts Position in Korea Electric Power Co. (NYSE:KEP)
It offers Glybera, a gene therapy product for the treatment of patients with orphan lipid disorder lipoprotein lipase deficiency. Advantus Capital Management Inc increased American Campus Communities Inc (ACC) stake by 3.91% reported in 2017Q3 SEC filing.

Nineteen Gupta-owned companies, including Optimum Coal Mine, Sahara Computers and Oakbay Investments, approached the High Court with an urgent application in February, seeking to interdict the bank from leaving South Africa.

With the last bank door slammed shut on the Gupta family's crumbling business empire in South Africa, more of their companies are expected to go into business rescue.

South Africa's major banks turned their backs on the businesses two years ago, saying they brought with them too much risk to their reputation. He said the Bank of India, which is the majority shareholder of the Bank of Baroda, took a decision to withdraw from countries where little business is conducted.

He likened the application by the Gupta companies to a failing marriage where one party refuses a divorce due to their own interests.



Latest news

Jayhawks getting no love from bracket experts
All in all, it will probably take something to go wrong in order for Virginia to not make it to the Final Four, but it's possible. The Bulldogs always seem to find a way to go deep in the bracket and have won six straight NCAA Tournament openers.

Here's Why Elon Musk Is Poaching 'The Onion' Staffers
It's believed that the new project is likely going to be another written satirical-news property or website. Musk, the founder of SpaceX and Tesla , met the two editors when he considered buying The Onion in 2014.

Yes Bank acquires 17.31% stock in Fortis Healthcare
Yes Bank has acquired 17.31 percent stake in Fortis Healthcare following invocation of almost 9 crore pledged shares last month. The shares were acquired by Yes Bank on 16 February, consequent upon invocation of pledge on these shares, it added.

TVS Apache RTR 160 4V Launched at Rs. 81490
The chequered flag decal and the new TVS insignia on the fuel tank adds a premium touch to the bike. Since the time of its launch nearly a decade back, TVS hasn't quite updated the Apache RTR 160 .

Minor League Baseball announces new pace-of-play rule changes
With the change, a runner will be placed on second base to start each extra inning , and then the inning will proceed as normal. The announcement says that a 15-day grace period will go into effect from April 5-19 where players will receive warnings.

FirstEnergy Corp. (NYSE:FE) Moving Higher pre-market
Former CEO Jeff Immelt, who stepped down on August 1, received $8.1 million in 2017, down from $21.3 million the year before. Rhumbline Advisers grew its stake in shares of El Paso Electric by 1.9% during the third quarter. (NYSE:C) or 25,743 shares.

Signet Jewelers (SIG) Upgraded at Zacks Investment Research
ValuEngine upgraded shares of Signet Jewelers (NYSE: SIG ) from a hold rating to a buy rating in a report released on Wednesday. Delpha Capital Management LLC acquired a new stake in shares of Signet Jewelers in the fourth quarter valued at about $113,000.

Dog flying from OR mistakenly sent to Japan on United flight
A Kansas family says a mix-up with United Airlines has resulted in their German Shepherd dog being mistakenly flown to Japan . Swindle, of Wichita, Kansas, learned Irgo had been put on a flight to Japan, where the great Dane was supposed to go.

Broncos DT Adam Gotsis arrested on 2013 rape charge
A warrant for Gotsis' arrest was issued on March 7, 2018 and he turned himself in on the same day, according to the release. In her police report, the victim alleges that she met Gotsis through a mutual friend and later attended a party with him.

Dog with human-like face becomes latest internet sensation
Chantal said it was after her friend's girlfriend's brother shared the snap of Yogi on Reddit that it went viral. Eyebrows are actually one of the most identifiable parts of the human face'. "But it's not just his eyes".

Ahead of SVOD launches, Disney consolidates direct-to-consumer, global businesses
Kevin Mayer, who has served as Disney's chief strategy officer since 2015, has been named chairman of the new business segment. That segment will include the new upcoming Disney-branded streaming service and the ESPN+ streaming service.

Potential threat prompted lockdown at Atlantic City High School
A Jersey Shore high school spent part of Wednesday morning on lockdown as police investigated a weapons threat on the campus. Ted Henderson told reporters that no threat was found after a systematic room-by-room search of the large high school.

Sierra Leone: run-off vote set for March 27
Why it matters: Blockchain technology has real potential for elections, since it can be used to create tamper-proof audit trails. The victor of the run-off vote will replace outgoing President Ernest Bai Koroma of APC, as the country's 5th President.

Buys New Stake in MGM Resorts International (NYSE:MGM)
Media headlines about MGM Resorts International (NYSE: MGM ) have trended somewhat positive this week, Accern reports. Since February 21, 2018, it had 0 buys, and 8 sales for $432,628 activity. (NYSE:C) shares were sold by Callahan Don.

Stock futures edge higher ahead of inflation data
Headline US inflation rose 0.2% in February, down from the 0.5% seen in January, but making for an annual rate of 2.2%. However, this story is likely to take a backseat to the USA inflation report.

Other news