Legal Ownership Of Portland Cement Zambia Given To Dr. Rajan Mahtani, Court Of Appeal Confirms


Dr. Rajan Lekhraj Mahtani finally received joy of relief and his patience was rewarded with the judge from the Court of Appeal effectively reversed the judgement of Lusaka High Court. This historic announcement was given on 31st January 2019 during the morning hours of the court session. This judgement was for Portland Cement Zambia, a noted cement-manufacturing factory in Zambia which has been begging for justice from the government of Zambia for the past ten years. The case was first registered at the Lusaka High Court by Dr. Rajan Mahtani himself, claiming that the factory was illegally taken away from him. After registering the case, Dr. Mahtani had to wait for more than a decade for any update on the case. The final decision on the Portland Cement Zambia case at the Lusaka High Court was announced during May 2018. Sadly, this decision coming after one decade of wait was too controversial to accept. According to this decision, the Ventriglias were announced as only shareholders of the Zambezi Portland Cement.
After this controversial decision, Dr. Mahtani took the case to Court of Appeal where the case was approached to Justice Mwinde. The Court of Appeal announced its final decision on 31st January 2019. As per this judgement, Dr. Rajan Mahtani owned Finsbury Investments is majority shareholder of the Zambezi Portland Cement with 58 percent shares. On the other hand, the Ventriglias owned Ital Terrazzo Limited owns 42 percent shares at the factory and are the minority shareholders of the Zambezi Portland Cement. Based on this shareholding pattern, Dr. Rajan Mahtani is the legal owner of the factory.

Location: Zambia

Comments

Post a Comment

Popular posts from this blog

The Court of Appeal Declared Its Final Judgment On Zambezi Portland Cement, Dr. Mahtani Relieved

Image
Portland Cement Zambia is a noted cement manufacturing factory in Zambia. This cement factory is being contested by Dr. Rajan Mahtani and the Ventriglias at the Lusaka High Court. In the month of May 2018, the judge from the Lusaka High Court announced that Ventriglias were only shareholders of the Zambezi Portland Cement. After this, the case was taken to the Court of Appeal wherein the final judgment and the fate of the Zambezi Portland Cement were announced. As per this judgment, Finsbury Investments is majority shareholder of Zambezi Portland with 58 percent shares and Ventriglias are minority shareholders with 42 percent shares. With this decision, Dr. Rajan Mahtani owned Finsbury Investments automatically becomes the legal owner of the Zambezi Portland Cement. Also, this decision aligns with the original Shareholders Agreement which was established in the year 2005 between the original members. Unlike Lusaka High Court, the judgment by the Court of Appeal was abs
Read more

New Judge at the Lusaka HC Makes New Announcement, Dr. Mahtani Rejoiced

Image
It seems like after more than ten years of long wait, Dr. Rajan Mahtani and his teams might get some relief. This is regarding the ongoing Portland Cement Zambia case between Dr. Rajan Lekhraj Mahtani and the Ventriglias. The case can be easily considered as among the longest running high-profile cases across the Zambian corporate environment. The case was first registered by Dr. Rajan Mahtani when the Ventriglias illegally took over the factory. The Ventriglias then defended themselves by saying that the shares owned by Dr. Rajan Mahtani are not paid for.  During the event, Dr. Mahtani and his lawyers have submitted sufficient evidences that establish Dr. Rajan Mahtani as the real and legal owner of the factory. Some of these evidences include signed shareholder’s agreement, financial exhibits and independent audit report. This independent audit report clearly states that the factory was established as joint venture with Dr. Mahtani as the sole joint venture owner and the r
Read more