Tegeta Exploration and Resources has applied to the Gauteng High Court for the liquidation of its sister company, Oakbay Investments, claiming it owes it R3.8 million in rental and services arrears.
Tegeta business rescue practitioner Kurt Knoop says in an affidavit that Oakbay is unable to pay its debts and is therefore liable to be wound up. Both Tegeta and Oakbay are Gupta-controlled companies, though of the two, only Tegeta is in business rescue.
In 2013 Oakbay rented office space from Tegeta at Grayston Ridge Office Park in Sandton for R150 000 a month, escalating by 10% a year. This included various services such as phone and fax connections. The lease and services agreement was extended in October 2017, but Oakbay was unable to m…
Read the full article at: https://www.moneyweb.co.za/mineweb/one-gupta-company-applies-for-the-liquidation-of-another/