The North Gauteng High Court in Pretoria on Monday dismissed the application of Gupta-linked companies against Bank of Baroda with costs.
Judge Ntendeya Mavundla ruled on an urgent application by 19 Gupta-linked companies to prevent the Bank of Baroda from closing its South African operations.
In his ruling, Mavundla said “the bank’s right to trade or not to trade supersedes whatever right, if any, the applicants might have”. He further concluded that “the balance of convenience by far outweighs that of the applicants and tilts in favour of the respondent”.
The Bank of Baroda confirmed last month it was leaving South Africa, with the South African Reserve Bank (SARB) saying it would ensure an “orderly” withdrawal.
“The Bank of Baroda has notified the Office of the Registrar of Banks of its exit from South Africa. The registrar‚ which is part of the South African Reserve Bank‚ is in discussions with the Bank of Baroda to ensure its orderly withdrawal from South Africa so that no depositor is disadvantaged,” the SARB said last month.In the North Gauteng High Court last month, the Bank of Baroda said the Gupta-owned companies couldn’t force it to stay in South Africa