Bank of Baroda vs Guptas

Bank of Baroda is an Indian state-owned International banking and financial services company headquartered in Vadodara in Gujarat, India. It has a corporate office in Mumbai.

Bank of Baroda, the last resort for a group of Gupta-owned firms to stay afloat, has told the North Gauteng High Court that it wanted to cut ties with the controversial family’s group of companies, as it feared reputational damage from conducting continued business with the firms.

Twenty Gupta-owned companies on Friday sought an urgent interdict to prevent the Indian-based bank from closing their bank accounts.

The court application was a last-ditched attempt by the companies to stay in business, after four of South Africa’s biggest banks – Absa, Nedbank, Standard Bank and First National Bank – closed their Gupta-related accounts amid allegations of state capture.

Here’s a quick explanation on the Bank of Baroda vs The Guptas

Source: TimesLIVE


About Indianspice Staff Reporter

Report and write stories for Indianspice.co.za. It is our ambitious goal to cover issues/events/news concerning South Africa and the diaspora.

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.