THE GUPTA YEARS (Part Two)
Five must-reads for a recap of Regiments Capital’s journey in the courts
On Wednesday, the Supreme Court of Appeal was set to hear an application by the South African Revenue Service in its attempt to keep Regiments in liquidation.
First, read our article on the extraordinary letter from the Supreme Court of Appeal relating to Regiments Capital lawyers and its senior advocate, ahead of today’s hearing:
Then, there are these five must-reads:
The SARS appeal in a nutshell
Regiments Capital was liquidated by Vantage Mezzanine Fund with a final winding up order granted in September 2020. The company rushed to court saying there is more than enough money in the kitty to settle its overall debt and in February 2021, the High Court in Johannesburg set aside the liquidation. SARS failed in an initial bid for leave to appeal that order but later successfully petitioned the Supreme Court. This case is being heard on Wednesday, March 8 2023.
In addition to its appeal, SARS is also applying to submit an extensive list of additional documents into the appeal record.
It includes Regiments Capital tax assessments covering the period 2014 to 2016, the NPA’s application for a restraint order.
The outcome of this appeal holds important implications and significantly, it has a bearing on a R1-billion restraint order that the NPA currently has in place over various Regiments companies, its owners and their family trusts. DM