JOHANNESBURG (miningweekly.com) – Gupta-owned investment holding company Oakbay Resources and Energy is facing a possible suspension in the trading of its shares on the JSE, owing to the resignation of an independent nonexecutive director and audit committee chairperson, as well as the resignation of its sponsor and transfer secretary.
The JSE requires a company to have a sponsor and a transfer secretary.
Oakbay also noted that the resignations had compromised the composition of various board committees.
It added that the lack of an audit committee chairperson could further lead to the company not having a functioning audit committee in future, if a replacement is not appointed in due course.
Oakbay was, therefore, considering various alternatives available to it.
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