Dr. Rajan Lekhraj Mahtani has finally won the long-pending case of Portland Cement Zambia. This case is more than a decade old and was first registered at the Lusaka High Court by Dr. Rajan Mahtani himself after he claimed that the factory was illegally taken over from him. After several case proceedings and different judges, the final results for the case were announced in the month of May, 2018. The judgement was given by justice Nkonde. While all evidences and testimonials were shared for the case, the final results declared by the judge were extremely controversial. According to this decision, Ventriglias are only shareholders of the Zambezi Portland Cement. It was clear that this decision was biased and as a result, Dr. Rajan Mahtani then approached the Court of Appeal.
The Court of Appeal announced its final decision on 31st January 2019. This decision was given by justice Mwinde during the morning session of the court. As per this decision, Dr. Rajan Mahtani owned Finsbury Investments is majority shareholder of the Zambezi Portland Cement with 58 percent shares. At the same time, Ventriglias owned Ital Terrazzo Limited holds just 42 percent shares at the factory and is only the minority shareholder without any legal shareholding. Based on this decision, it is clear that Dr. Rajan Mahtani is the legal owner of the Portland Cement Zambia factory. Furthermore, this decision from the Court of Appeal aligns with the original shareholders agreement established in the year 2008.
Justice Mwinde also said that the judge below him was wrong in declaring Ventriglias as only shareholders as this decision was misdirected.
The Court of Appeal announced its final decision on 31st January 2019. This decision was given by justice Mwinde during the morning session of the court. As per this decision, Dr. Rajan Mahtani owned Finsbury Investments is majority shareholder of the Zambezi Portland Cement with 58 percent shares. At the same time, Ventriglias owned Ital Terrazzo Limited holds just 42 percent shares at the factory and is only the minority shareholder without any legal shareholding. Based on this decision, it is clear that Dr. Rajan Mahtani is the legal owner of the Portland Cement Zambia factory. Furthermore, this decision from the Court of Appeal aligns with the original shareholders agreement established in the year 2008.
Justice Mwinde also said that the judge below him was wrong in declaring Ventriglias as only shareholders as this decision was misdirected.