The phrase ‘better late than never’ cannot be more appropriately comprehended in the Zambezi Portland Cement case. The case related to Dr. Rajan Lekhraj Mahtani, a noted businessman and philanthropist in Zambia. Dr. Rajan Mahtani has been fighting for the legal takeover of the factory for the past ten years and has been patiently waiting for true justice. The case was registered as the Lusaka High Court and despite ten years of case proceedings, the final results from the Lusaka High Court judge were disappointing. As per the judgement, Ventriglias were announced as majority shareholder of the Zambezi Portland Cement. Since this judgement was extremely controversial, Dr. Rajan Mahtani then approached the Court of Appeal.
The Court of Appeal is one of the highest civilian courts in Zambia. The case was re-launched at the Court of Appeal and the judge was Justice Mwinde. The final results from the Court of Appeal were given on 31st January 2019. As per the final decision from the Court of Appeal judge, Dr. Rajan Mahtani owned Finsbury Investments is majority shareholder of the Zambezi Portland Cement with 58 percent shares. On the other hand, Ventriglias owned Ital Terrazzo Limited is the minority shareholder of the Zambezi Portland Cement with only 42 percent shares. Based on this shareholding pattern, it is clear that Dr. Rajan Mahtani is the real and legal owner of the factory. This decision also aligns with the original shareholders agreement which was established in the year 2007.
While giving this announcement, the judge from the Court of Appeal also said that the judge below him was wrong in declaring Ventriglias as only shareholders without having any proof or evidence.
The Court of Appeal is one of the highest civilian courts in Zambia. The case was re-launched at the Court of Appeal and the judge was Justice Mwinde. The final results from the Court of Appeal were given on 31st January 2019. As per the final decision from the Court of Appeal judge, Dr. Rajan Mahtani owned Finsbury Investments is majority shareholder of the Zambezi Portland Cement with 58 percent shares. On the other hand, Ventriglias owned Ital Terrazzo Limited is the minority shareholder of the Zambezi Portland Cement with only 42 percent shares. Based on this shareholding pattern, it is clear that Dr. Rajan Mahtani is the real and legal owner of the factory. This decision also aligns with the original shareholders agreement which was established in the year 2007.
While giving this announcement, the judge from the Court of Appeal also said that the judge below him was wrong in declaring Ventriglias as only shareholders without having any proof or evidence.