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Bank of Baroda vs Guptas

Family and friends: Ajay and Atul Gupta (seated) with Duduzane Zuma (back left). Photo: Gallo Images/City Press/Muntu Vilakazi

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