• Friday, March 29, 2024

Business

South African Firm Linked With Indian Origin Guta Family Liquidated Over Debt: Report

As many as 800 staff members are expected to lose their jobs and chief executive officer Jagannath Arora is very likely to leave South Africa to return to India following the new development, the sources said (Photo: NASIEF MANIE/AFP/Getty Images).

By: Radhakrishna N S

A mining contractor in South Africa owned by the Indian origin Gupta family has been put into liquidation, said a media report quoting the people with the knowledge of the issue. Westdawn Investments, which is running the business as JIC Mining Services (Pty) Ltd has taken loans almost $1.2 million and the firm received a liquidation communication on Friday (2) from a liquidator sent by the high court. Kal Tire Mining, which JIC owes £48236 brought the application, quoted the people with the knowledge as saying by Bloomberg. As many as 800 staff members are expected to lose their jobs…

You do not have access to this content. You need to subscribe.

Related Stories

Videos

Mrunal Thakur on Dhamaka, experience of working with Kartik Aaryan,…
Nushrratt Bharuccha on Chhorii, pressure of comparison with Lapachhapi, upcoming…
Abhimanyu Dassani on Meenakshi Sundareshwar, how his mom Bhagyashree reacted…