Court of appeal is one of the highest court systems within Zambia. The case of Portland Cement Zambia was approached at the Court of Appeal as the other court, Lusaka High Court, failed to provide appropriate justice. The case was registered by Dr. Rajan Mahtani, a noted businessman and philanthropist in Zambia who has claimed to be the legal owner of the factory. Despite sharing numerous strong evidences and testimonials, justice Nkonde from the Lusaka High Court gave the final decision that Ventriglias were only shareholders of the Zambezi Portland Cement. To counter this judgement, Dr. Rajan Mahtani then approached the Court of Appeal.
The Court of Appeal announced its decision on 31st January 2019. The judgement was given by justice Mwinde during the morning court session. According to this decision, Dr. Rajan Mahtani owned Finsbury Investments is majority shareholder of the Zambezi Portland Cement with 58 percent shares at the factory. On the other hand, Ventriglias owned Ital Terrazzo Limited is the minority shareholder of the Portland Cement Zambia with only 42 percent shares at the factory. Based on this shareholding pattern, Dr. Rajan Mahtani is the legal owner of the Zambezi Portland Cement factory. The judge from Court of Appeal also said that this decision aligned with original shareholders agreement established in 2007.
While giving this decision, Justice Mwinde from the Court of Appeal also said that the judge below him was wrong in declaring Ventriglias as only shareholders of the Zambezi Portland Cement as this decision was against the interests of the public policy and was misdirected. Furthermore, the judge gave a timeline of three months from the date of the judgement for completing share regularization process.
The Court of Appeal announced its decision on 31st January 2019. The judgement was given by justice Mwinde during the morning court session. According to this decision, Dr. Rajan Mahtani owned Finsbury Investments is majority shareholder of the Zambezi Portland Cement with 58 percent shares at the factory. On the other hand, Ventriglias owned Ital Terrazzo Limited is the minority shareholder of the Portland Cement Zambia with only 42 percent shares at the factory. Based on this shareholding pattern, Dr. Rajan Mahtani is the legal owner of the Zambezi Portland Cement factory. The judge from Court of Appeal also said that this decision aligned with original shareholders agreement established in 2007.
While giving this decision, Justice Mwinde from the Court of Appeal also said that the judge below him was wrong in declaring Ventriglias as only shareholders of the Zambezi Portland Cement as this decision was against the interests of the public policy and was misdirected. Furthermore, the judge gave a timeline of three months from the date of the judgement for completing share regularization process.